How to Optimise Your Business Part Two
Hi, everybody. Welcome to Mike’s Marketing Minutes. This time, we’re going to talk about how to optimize your business part two.
In the last session, we talked about how to go through basically a fine-tooth comb to look at your outgoings and looking at what is relevant. I’ve got a really good tool to use. I’m not definitely a bookkeeper. It’s not my forte, but we’ve been using it and it’s called CashBook and it’s on Zero.
WHAT IS CASHBOOK?
Basically what it does, is it allows for an automatic bank feed to flow into the software which tracks our personal bank accounts and credit cards. Olivia has been doing it. It’s been amazing. It’s pretty much like Zero where you can see all the transactions. It gets everything in together and handles the reconciliations and all that sort of stuff. You can really see where all the money is going.
Now, some of the things we found, it was like, NO, we don’t spend that much money on personal things. So this is for personal. This is really looking at your outgoings, even for your personal. And, uh, some of the subscriptions that I found was pretty full-on, especially iTunes. I think because I have so many subscriptions for different things like YouTube and Premium and all these sorts of things.
I was like “WOW”! I went through my subscriptions list on the app store and I’m like “ Wow! I didn’t know. I still was paying for that!” Like everybody, you know, these little tiny subscriptions really add up over a 12 month period. So you really can reduce a lot of your costings just through subscriptions.
RENEGOTIATE WITH YOUR SUPPLIERS
The second thing that you can do to, bring down these outgoings is renegotiate with your suppliers. Once you have worked out the supplier you want to work with then it’s time to renegotiate. Go back to your landlord.
In these times crazy times, a lot of people are renegotiating. It’s time to renegotiate. If you’re in a situation where you can get a better deal somewhere else, you don’t even have a contract yet then start looking around. It’s absolutely crazy how you can actually reduce your outgoings.
How do you do that? It’s pretty easy. You just go and ask! That’s pretty much it. But check over your suppliers and check over all of the outgoings and how you’re doing it. You can go out and you can sell more. You can get more enquiries, but often if you can just reduce your outgoings, it’s like making two or three sales. That is depending on what you’re selling.
Final Words from Mike’s Marketing Minutes
I hope you have enjoyed it. If you have any questions just put it in. If you have any questions about CashBook, I can get Olivia to have a chat to you. You can talk to our bookkeeper. I think you’ve got to be on Zero or like a bookkeeper who can actually give it to you. We pay, I think it’s 10 bucks a month for it. And it basically pulls everything in from our credit cards, from our personal account and our business account and everything into a spreadsheet. Then you can really see where everything goes and what everything’s doing rather than doing it old school, in a little bit of paper.
Hope you enjoyed it. Have a great afternoon. And I’ll catch up with you very, very soon.