Episode 12 | Efficient Expenses

In this episode, Eric and David discuss basic concepts for small business finance management. Key points include:

• Closely monitor variable expenses.
• Keep your expenses in-line with growth (% of sales, etc.).
• Tightly control inventory and asset management.
• Automate and digitize to reduce growth related expenses.
• Regularly re-negotiate terms with suppliers (or lineup alternate suppliers).
• Regularly evaluate fixed costs.
• Look for opportunities to reward your team.

Action items include:

• Determine what KPI’s your business will use to gauge expense efficiency.
• Benchmark your expense management against similar businesses.
• Leverage digital tools to streamline expense and inventory management.
• Setup a regular rhythm for evaluating variable and fixed costs..

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