By Jerry Bellune
A business broker friend congratulated us on our financial management during the 2020 pandemic. He said we did not lose near as much money as many other small businesses. We appreciate his compliment but it was OUR money we were losing.
What we did was not brain surgery.
We looked at what we were doing that was profitable and asked how we could use it to maintain or increase revenues.
We looked at what we were doing that cost us money and decided which we could cut back on or cut out.
We did it in two stages.
We cut what did not produce enough revenue to at least pay for itself.
For example, with so many locked down businesses where we distributed our newspapers, we cut out delivering to those locations to cut printing and delivery costs.
As they began to reopen, we began delivering to them again. That increased costs but was offset by sales revenue.
We’ve since asked many of our writers to take a break for a few months to save space and cut printing and delivery costs.
With far higher web site traffic, we invite business owners to advertise online.
Take care of your dollars in 2021.
We share such ideas in “Maverick Entrepreneurs’ Million Dollar Strategies.”
For a $20 personally autographed copy, contact us at 803-359-7633.
Copyright 2020, The Bellune Co., Inc.