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Want to cut your expenses and costs? I show you 8 ways small businesses and restaurants can keep more money in their pockets... I know I know - everyone wants to reduce costs for their small business. And if you're in the restaurant business, you're already running in super-slim mar
Want to cut your expenses and costs? I show you 8 ways small businesses and restaurants can keep more money in their pockets... I know I know - everyone wants to reduce costs for their small business. And if you're in the restaurant business, you're already running in super-slim margins. But how exactly do you shave off some expenses? In this video I walk you through how to properly reduce your costs in a smart way - not a dumb way where you cut something and it ends up hurting your business. It all starts off with a roadmap. That way you have a clear idea HOW you're going to go about cutting the costs, rather than just dreaming about it. It is about action! Next is all about knowing your numbers. Specifically tracking your KPIs and metrics of your business. Once you do that, you can then compare how your small business or restaurant business is doing versus the industry benchmarks. For instance, if you find that your labour costs are higher than the industry standard, you can NOW play detective and see what is the reason and make the changes. But you need to be tracking your numbers first to know that there is a problem and inefficiency in your business. You'd be walking blind if you didn't. Next is to understand the difference between Fixed and Variable expenses. It will give you a better understanding of what has little to no room for change - meaning you need to makeover that 100% of the time. And what has variance and can be adjusted depending on the circumstances. This gives you more clarity in what you could do. The other ways I suggest are ones that many people forget about. Like upgrading your technology so you can track your metrics better or be more efficient. Yes it may cost a large amount upfront but the trade off long-term could be massive. You need to do your own research on that. Exchanges and buying at a discount are strategic ways to also reduce your expenses. You probably are doing it in some manner but are not aware of it. So if you're a restaurant owner, restaurant manager, food entrepreneur, small business owner, someone looking to start a restaurant, how to reduce business costs, cut costs and save money, improve your small business finances, then keep watching!