Expenses are one of the big two drivers of the profitability of a business (revenue is the other). Joshua Lee shares insights on reviewing expenses to increase profitability.
Austin, TX – The co-founder of Stand Out Authority, Joshua B. Lee, was recently featured in an article in the Small Business Trends publication.
The article helps small business owners reevaluate their expenses. It helps them decide which expenses are worthwhile. Just the act of taking a second look over expenses allows some of those expenses to jump out as unnecessary. Cutting wasteful expenses is one of the fastest ways for business owners to increase their bottom line profits.
Joshua has been part of many business start-up successes.
He’s also seen his share of businesses fail. This has given him valuable insights into the factors that cause a business to succeed. It has also showed when critical pieces are missing there is very little chance a business will survive. Bloated expenses are one critical piece that often leads a business to failure.
This was happening long before Obamacare and the 30 hours per week rule. Obamacare has simply forced business owners to adapt. The trend is for more business owners to hire outside businesses and service providers. Previously, they might have hired in-house employees with these skills.
Joshua says, “Employees can be very productive and are often a necessary part of any business. But as a business owner you have to look at all your expenses. You have to constantly ask yourself questions about where you’re investing your money. Could I invest this better somewhere else? Effective and knowledgeable entrepreneurs are the hallmark of a healthy functioning economy.”
Lee continues, “I’ve consulted many businesses who’ve seen their expenses balloon. In a lot of cases they have multiple employees doing duplicate work. I help them see ways to be more efficient with those tasks or hire outside service providers. This is not always a more cost-effective solution. But many times it is.”
The economy is shifting for a multitude of reasons. Government policy and Obamacare is just one of those reasons.
There’s lots of disruption and innovation in many industries. And shifting technologies challenge entrepreneurs to adapt with new solutions at a rate the world has never previously seen.
Joshua is excited about the possibilities for the near and long-term future. As long as business owners adapt they won’t go the way of the dinosaur.
To learn more about Joshua Lee look him up on Facebook at http://www.facebook.com/joshuablee78.
To learn how the Stand Out Authority team helps experts and executives attract their audience visit http://www.standoutauthority.com/about-us/
Organization: Stand Out Authority
Name: Clint Evans or Joshua Lee
Phone: 866-966-9968 ext 200