Founded by Charlotte Howard Collins, Wealthy Women Inner Circle is a company that teaches women how to create their own dream multi-million-dollar business that feeds their passion to achieve personal, financial, and professional freedom.
There have been countless successful women businesses that have failed because they let the costs of operating their business spiral out of control. Some of the biggest global corporate companies collapse for this very reason.
So, if it can happen to billion-dollar corporate giants it can happen to your business too. It is by far one of the main reasons why 80% of all businesses fail, said Charlotte.
Cost cutting can be a very quick way to increase your bottom line in the short term. By minimizing staff and improving the systems in your business you can immediately impact your profitability. Constant focus on cutting costs will encourage you to review your policies and practices more often than you otherwise might consider doing.
Another key advantage is that it can improve your ability to raise capital. If you are approaching a bank, angel investor, venture capitalist or even your next-door neighbor, showing that you are constantly focused on cutting costs will be seen very favorable.
Being an effective cost cutter can also help you from a downturn in demand for your product or service. It is extremely easy to live the good life when your business is making good profits. It is simply good business sense to reduce costs at every available opportunity. Last, but certainly not least, is that it keeps you in control. Isn't that what it is all about, being in control of your business and not the other way around?
3 Tips for Improving Your Spending Habits As a Female Business Owner
- Review Your Finances
The best place to start is to look at how your business is currently being financed. If you have an overdraft, when was the last time you seriously shopped your business around to different banks? Too many business owners fail to recognize that the banks are now becoming more and more competitive. This means that if you approach a few different banks (preferably with an up-to-date business plan) and ask them for the best rates they can offer, you will often find that you can secure cheaper interest rates on your overdraft.
2. Get Virtual Support
Go with virtual contractors for your administrative staff and other staff if possible. With virtual assistants you do not have to pay for extra space, buy or upkeep equipment or software, you can skip payroll expenses and benefits, and you pay for only what you need.
3. Switch to VOIP
Switch to VOIP for your phone system. We got rid of our expensive phone service. The upfront costs were minimal. We set up service and purchased phones and now have a low monthly cost and free calling. The system paid for itself ten times over.
Charlotte Howard Collins is known as the Business Breakthrough Strategist. She is an Award Winning Publisher, Best Selling Author, Book Publicist, Speaker and Serial Entrepreneur. She is a world class business growth expert who helps WOMEN build successful and profitable businesses doing what they love. She teaches things that are beyond college education. Her journey from working as a full-time licensed hairstylist employee to becoming a successful female entrepreneur has inspired more than 5000 women globally to build their own businesses through her Heart Centered Women Publishing, Wealthy Women Enterprises, Wealthy Women Inner Circle, Hair Artist Association and Wealthy Women Entrepreneurs Network. She has received numerous awards during her entrepreneurial career, including the Top Transformational Women Leader Award, Best Entrepreneur Award and ICONIC Writer Influencer Award. She is a loving wife and mom to four beautiful children. Get Free Business Breakthrough resources at www.iamcharlottehoward.com