Key to Small Business Profitability Improvement: “Create a Budget and Use it Effectively”
On July 9th, I conducted a seminar – Small Business Profitability Makeover – for 25 exhibitors at the Fancy Food Show, in Washington, DC. Attendees learned how to:
- refine their pricing tactics by checking out the competition
- determine which product lines are profitable and which aren’t
- save on purchasing by adopting tactics used by larger companies
- determine when you need outside experts to cut costs, such as insurance, rent and utilities
- tighten up their accounts payable process to improve cash flow
- create an annual budget and use it effectively
- manage expenses through accountability
When asked which item they thought had the most potential for their business, the majority voted for: “create an annual budget and use it effectively.” Determining product line profitability, and saving on purchasing also were seen as valuable techniques by the Fancy Food Show attendees.
Does any of this sound like it would be valuable in helping you improve your business? Much of this same material is now available on line as an archived webinar at the Ventureneer website.
