At every point in time or the other, your business would have to convincingly make returns that outrun the costs it incurs for operations among other things. This is what profit means and it is a guiding principle for growth as it enables you to reinvest in your own business. It would be very silly to have to commence a fruitless adventure. Even sillier would be deciding to operate without a direct and known revenue source. The truth is even NGOs make some profits at the end of the day. The motivation and use of those profits is what differs from mainstream profit-focused companies. You are no Santa Claus. Determine a profit making strategy. At KCC, we believe the key is in reducing your costs. As much as possible, reduce cost.
In the course of your operations, you would incur costs on labor, equipment, maintenance, software, insurance, legal, rent on office etc. These are unavoidable costs you must factor as operational costs, if you want to keep the sanity of your books. The truth is these are essentially the elements whose combined efforts would keep you out of making profits. In the short term, the situation is even terrible if you do not have a strategic plan to effectively combat these costs while the long term may be guaranteed some sustenance from your earlier purchases you may make. That notwithstanding, you are not altogether absolved from the realities of huge spending to keep your business operational and your investments secured.
Hence, we recommend a deliberate resort to reducing these costs. If the cost of labor is expensive, consider automation or any other mechanism that ensures you reduce your cost of labor significantly. Endeavor to find cheaper equipment but still keep an eye for quality, keep a relationship with maintenance in order to guarantee you don’t embarrass your funds with continuous purchase of materials you have already purchased. Among others, keep your business low on spending but increase your brand visibility with the huge social media market space and let the qualitative service you are offering work a tremendous dose of smile on your fortune.
Your business would keep that smile as would you. Talk to us today on doing more. Click here