I bet that got your attention!  Reducing costs to maximize profit is something that every business owner knows, but it seems to get lost in the busyness of our day-to-day running of the business.

Here is a list of some savvy ways to reduce the cost of doing business:

1.  Barter – You could barter goods or services with other businesses.  Try to trade for something before you buy it.
2.  Borrow/Rent – Have you purchased a piece of business equipment and only needed it for a short period of time?  You could have borrowed the equipment from someone else or rented it from a rental store instead of buying it.
3. Free Stuff – Try visiting the thousands of “freebie” sites on the Internet before buying business supplies. You can find free software, graphics, legal forms, online business services, etc.
4. Search – You could always be on the lookout for new suppliers for your needs.  You will never know when you meet another supplier with lower prices and better quality.  When you find one, try pointing the difference to your current supplier. You may be able to get a better deal from him and not have to change.  Do not be satisfied with just a few.  You never know when your favorite supplier may decide to go out of business.
5. Network – Could you trade leads or mailing lists with another business similar to yours?  This will cut down on your marketing/advertising costs. If you do not have a leads list, try bartering your goods/services for their leads.
6. Plan Ahead – Make a list of supplies or equipment that you will need in the future.  Watch for stores that have big sales, and purchase your items when they go on sale before you need them.
7. Used but Not Spolit – If your equipment and supplies need not to be new, buy a second hand or used one. Cars, desks, file cabinets, etc. can be found at garage sales, used stores, on message boards, and free publications.  Some excellent items are sometimes offered when a business decides to relocate or is closing.
8. Negotiate, negotiate, negotiate!  This has become a lost art.  You should always try to negotiate a lower price for any business equipment or      supplies.  It does not hurt try to save some costs by bargaining with a supplier.

 You might find these things mentioned above hard to do but with a little practice, you may find some of them very effective when it comes to reducing costs on your balance sheet.  It certainly takes some determination to acquire a good habit of saving costs!

Setting clearly defined short term and long term goals will enable you to measure your progress and achieve personal satisfaction once you have successfully met your goals. Charting your progress will also enable you to actually see the stages of completion leading to the actual realization of your goals. This eliminates the feeling of a long and pointless grind towards achieving your goal. Your self-confidence and level of competence will also improve as you will be more aware of your capabilities as you complete or achieve your business goals.

Goal setting will involve deciding what you really want to do and what short term and long term goals you need to achieve it. Then you have to break down these goals into the smaller and manageable targets that you must complete in order to achieving your business success. Once you have your list of targets to achieve, waste no time in tackling your goals.

A good way to have a manageable list is to have a daily and weekly set of goals. By doing this you will be always in the position of going towards your goals. Everyday will be an opportunity for you to fulfill a certain goal giving you the feeling of accomplishment.

Here are some pointers that should be taken into consideration in setting goals and achieving them.

Attitude plays a very big role in setting and achieving your business goals. You must ask yourself whether you have the right mindset or state of mind towards completing your simplest goals? What about your behaviour? Is there any part of your behavior that is a hindrance which would put your plans into disarray? If you do have problems in these areas then the immediate thing to do is to address this problem. Solutions may include a getting a business coach to help you.

Continual self improvement is also important in achieving your goals. If your goals require you to have a certain kind of knowledge or certain specialization or demand a certain skill to be developed, make plans in getting the appropriate education.

To start achieving your business goals, set a 5 year plan, then break it down to 1 year plans, then 6 month plans then monthly plans, then weekly, then daily.

Then create a things-to-do list for the day.

Always review your plans and prepare for contingencies.

Goal setting should not be so difficult once you get to be familiar with them. It is important that you master it so that you can achieve good success with your business plan.

Achieving a double-figure growth is possible with planning and discipline. Most entrepreneurial business owners need a guide to chart their way toward substantial, sustainable growth.

Here are 5 disciplines of growing a business:

1. Retain Your Customer Base:  Keep the growth that you have already earned by nurturing your existing customers into relationships that make it a hassle for them to switch to your competitor.  Tailor your products/services using data gleaned from your customers to give you an advantage against your competitors. Proactively managing customer defections will help you anticipate and pre-empt them. Spending time and effort to bonding with customers and hearing their needs is another great way to retain them.

2. Gain Market Share at the Expense of Your Rivals: Give customers a reason to abandon a competitor’s product/service for yours.  Do what it takes to lower the switching costs.  Pulling customers away from a competitor can be difficult, so you must devote many resources to raiding their customer base. Offering higher value and quality are crucial to this end.

3. Exploit Market Position:  Show up where growth is going to happen by spotting it early.  This can be done by watching the industry for shifts in buying criteria, product or service innovations, and population trends.  You must be able to spot positioning opportunities in order to make the most of them by continually using a systematic approach to the process.

4. Invade Adjacent Markets: Before moving into a nearby market, decide whether it offers significant long-term growth and profitability.  Determine whether you have an advantage over a competitor, and ensure you can match its standards of quality and value.

 5. Invest In New Lines of Business:  If you take this approach, never overpay for a new line.  You must find simple strategies instead of complex ones, and partner with the new business by assessing its leadership team and balance sheet.

Although a successful growth portfolio might not include all five of these disciplines, it must contain more than one.  Having a balanced growth portfolio can keep an organization growing when the market shifts dramatically.

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