Recession? IT’S GO TIME!!!

How to Manage the Rising Costs of Doing Business

The best way to prepare for rising costs is to manage what you can control.

Charge for fuel

Don’t just stand by and let higher fuel prices eat away at your profits. Charge a fuel surcharge to cover the added expense. This is an easy way to help cover those rising prices.

Know your numbers

After each job you complete, do a job cost evaluation on it to see if you made money or lost money. This lets you know if you’re charging enough to avoid an unpleasant surprise at year-end. Also, you can adjust on the next estimate you send so you can thrive instead of repeating the same mistake all year long.

Get your accounts in line

You can’t know where to cut costs if you don’t know what you’re spending. Get your accounts organized. Track your expenses to see where you can make easy cuts. You may not even know what is coming out of your business account that is a subscription or something else that’s just wasting your capital.

Grow your cash reserve

Every business needs cash to function. Pad your cash reserves to prepare for the unexpected. Apply for those lines of credit before you ever need them.

Get yourself out there

Make sure people can find you online. At a minimum, you need a website and a Facebook page. These low-cost solutions will help you reach more people and grow your client list.

With everything you are already doing, we understand that this seems like a lot of work for you to take on and make adjustments. That’s why we are here. PCS can set everything up for you and streamline these small changes to clean up your business and help you thrive.
Don’t stress about a recession. Instead, get to work!

Be smart about where you spend your time and money, so your business is ready for whatever comes next.
Contact Precision Contractor Solutions to learn how we can recession-proof your business.

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