To stay on top of your spending, it's important to regularly analyse your expenses
As your business grows and achieves new milestones, don't forget to negotiate better payment terms and rates with your suppliers
Here are some other lessons to elevate your strategies to help lead to big breakthroughs
Have you ever felt that a small shift in perspective can lead to big changes? Today, let’s explore a few insights that have the potential to revolutionise the way we do business.
I was inspired by a conversation with a founder who has built a $500 Mn empire. He shared with me the importance of monthly audits, meticulous financial vigilance, and leveraging milestones.
These practical revelations, along with several others, can help us enrich our business strategies and foster growth.
Now, I’d love to share these gems with you – personalised and distilled for your consideration:
Monthly Audits, Massive Impact
A founder of a company with an impressive $500 Mn annual revenue stressed the importance of monthly audits.
They said that regularly reviewing every aspect of your business ensures that no detail goes unnoticed.
Trimming Needless Expenses
Managing a tight cash flow takes vigilance. To stay on top of your spending, it’s important to regularly analyse your expenses. This includes reviewing your recurring subscriptions, which can add up quickly.
Consider cancelling any subscriptions that you no longer use or need. A simple quarterly review of your subscriptions could save you 15-20% on needless expenses.
Leveraging Milestones For Bargaining Power
As your business grows and achieves new milestones, don’t forget to negotiate better payment terms and rates with your suppliers. This is an opportunity to improve your cash flow and save money.
Whether you’re working with contract manufacturers, shipping companies, or payment processors, take the time to negotiate and get the best deal possible.
Connecting Through Weekly Calls
Keeping your team in sync and hurdle-free doesn’t have to be complicated. A simple 4-minute weekly call with your direct reports can make a big difference.
Beyond Revenue: The True Metric
Don’t just focus on how much money you’re bringing in. Look at the impact of every dollar you earn. Understand how much it costs to fulfil each order, from labour to shipping.
This will help you make better financial decisions for your business.
The Art of Remote Hiring
Hiring remote talent for routine tasks can free up your internal team to focus on strategic thinking, delegation, and innovation.
Profitability First, Retail Second
Don’t get into retail just to make a profit. Going omnichannel requires a strong foundation that supports your business. Retail should enhance a successful company, not save a failing one.
Selling A Business: Synergies And Angles
When selling, don’t just focus on your customer list. Look for ways to save your customers money, offer them unique benefits, and understand the value you bring to them beyond the obvious.
Building Your Factory For Savings
If you’ve reached $20 Mn in sales, it might be time to consider building your own manufacturing unit. One entrepreneur made this move and invested $2 Mn, but he’s now saving 35-50% on his lifetime costs. That’s a significant investment that’s paying off handsomely.
Shared Struggles, Shared Solutions
Everyone faces challenges in their journey. Don’t see them as hurdles, but as opportunities for growth. Create forums to exchange solutions and connect with other founders. A simple lunch with a fellow founder could spark ideas worth six figures.
As we navigate the ever-changing world of entrepreneurship, let’s take these lessons to heart and elevate our strategies. Remember, it’s often the small changes in our thinking that can lead to big breakthroughs.
Cheers to a future filled with wise choices and amazing accomplishments!