A Lean Business
Is it possible to run a business with no monthly expenses?
I’m not sure this is actually possible, and I understand how absurd the question is if you have a business that is growing or has employees. But it is a good thought exercise to do every so often with your business.
Recently I asked myself this question in regards to a consulting company. the expenses of the company had grown and it was time to re-evaluate. Something everything every business owner should do, no matter the size of their company.
I removed expenses that were no longer necessary, downgraded some subscriptions to meet their actual use, and consolidated things that may have overlapped. Overall, it considerably cut the month expense of running the business.
With so much of what we buy now on a subscription basis, it’s easy for these “small monthly fees” to add up over time. It’s good to weed through the mess and get rid of the excess. You also don’t want that month subscription to renew and possibly lock you in for another year.
Remember when you used to just buy a piece of software or equipment and that was it?
Go and look at the expenses in your own company and see how much you can actively cut or cut back on. You’d be surprised how much you can save. And when you multiply the monthly savings over the year, the amount you save adds up quick. Freeing up capital for better investments.