Struggling with High Expenses? Here’s Your Practical Guide to Cost-Cutting and Business Growth - Dr. Javnyuy Joybert

Few weeks ago, I asked people to send key career and business questions they would like me to address. 

50+ people sent in questions. 

I have had 2 live sessions to answer some. 

Today, I want to answer one. 

Here is the question that was asked:

"Sir, What do I do to save a little from this my small business couple with too much expenditure that depends solely on it. Is there hope it will expand?"

My response:

From my experience and observation as a business consultant, starting and running a small business is challenging, especially when there are many expenses. But every Cameroonian business owner, like you, can reduce costs and grow their business with dedication, resilience, right information, knowledge and some simple consistent steps.

Let me talk about them briefly...

1. Review Your Expenses:

Look at all your costs every month. 

Are there services you don't use? Perhaps there's cheaper equipment or suppliers out there. Your focus should always be to spend less and still achieve more. That is what managerial skills will help you. You can be a business owner but a bad manager. Take my business management course. Whatsapp 674949153.

Write down every expense. It helps to see the big picture and identify unnecessary costs. 

2. Prioritize Needs Over Wants:

Do you need the latest iphone or just a working phone? Always think of what the business needs, not what you want. Stop feeding your ego and feed your business.

3. Negotiate with Suppliers:

Always talk to your suppliers. Sometimes, they can offer discounts if you buy in bulk or if you have a good relationship with them. Ask for discounts, build strong relationships. You need it. 

4. Use What You Have Efficiently and Effectively:

Many people focus on complaining about what they do not have to make their business succeed and forget to make maximum use of what they already have to achieve more in business. How can you use your time better? How can you use your phone better? How can you use that laptop better? How can you use the internet better? How can you use whatever you have to make more money?

5. Invest in Training:

Train yourself more and train your team if you have one. Over time, this will reduce costs. How is this possible? Well, as you become more skillful, you make more money.

6. Use Technology:

There are many free or affordable apps that can help with tasks. They can reduce errors and save time. They can help you create more value and make more money. Use google and research for tools and apps. I have a training tagged "40 Online Tools Entrepreneurs and Professionals Must Know and Use" Interested? Whatsapp 674949153

7. Save & Reinvest:

When you save money, don’t spend it immediately. Think about how it can be used to grow your business. Maybe open a new location or add new products. Start saving. Even if it is 500 FCFA daily or weekly. Start small. Challenge yourself.

I always recommend my clients to channel savings into a separate account, earmarked for expansion only. Without intentionality you will never expand.  

8.  Master Marketing:

Oh yes. This is critical. A strong online and offline presence like local outreach can significantly boost your visibility. More visibility means you will sell what you have faster. More leads often equate to more sales. Faster sales means you make profit faster. More profit means reinvestment into the business leading to growth. 

9. Review & Adjust:

Every 3 months, look at your plan. Is it working? If not, adjust. The business world changes, and so should you. Do not assume it is a small business. Treat it like a future large company. Everything starts small and grows. 

I believe if you implement these, in 8 to 12 months, you'll notice a significant improvement and you will be on the right track to expanding your business. Like I said one time on this page, success in business requires patience and consistent application of the right knowledge. 

I hope you found some value

Cheers

Dr. Javnyuy Joybert