Maintaining a healthy, efficient, and profitable business requires attentive and proactive financial management, regardless of the industry, so understanding in detail the unnecessary expenses is an essential action for the company to continue to function well.
According to Reinaldo Boesso, a financial specialist and CEO of TMB Educação, a fintech that offers the possibility of installment payments through bank slips, it is very common in the digital market that companies want to grow and profit quickly, while forgetting about the small financial details that can make a difference. “If you do not understand well how to manage your company, you risk losing control and eventually the business,” he warns.
According to the executive, it is possible to draw a parallel between a company’s costs and a tree. “In both cases, you need to constantly prune so that they continue to grow. This is a lesson every manager and entrepreneur should know,” he states.
The CEO of TMB Educação explains that, just as it is common for individuals to accumulate senseless expenses, the same can happen in a business entity. “Just as you subscribe to four or five streaming services without using them and realize you are spending unnecessarily, it is very common for a company to accumulate expenses that do not make sense, from subscribing to tools that no employee uses to forgotten expenses. These costs will eat away at the company’s profit if there is not a manager carefully looking at them,” he advises.
Reinaldo Boesso explains that, as the business grows, it is natural for some areas to become bloated, so the manager’s role is to identify such areas to work more efficiently and profitably. “It is essential to consider that some things that were done in a certain way can now be done in a more efficient and economical way. Success definitely lies in the hands of those who know how to manage!” he concludes.
Check out some guidelines from Ricardo Boesso to reduce expenses in your company:
- Renegotiate contracts and rental expenses
- Automate processes to reduce the need for labor
- Review internal processes and seek to reduce waste
- Adopt practices to reduce energy consumption
- Choose suppliers with more advantageous fees
- Establish partnerships with other companies to reduce marketing costs
- Review the portfolio of products and services
- Offer new payment methods
