TaxEsq
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You need to determine whether your expenses are too high or your gross income is too low. This requires an analysis of your P&L for the past few years. Cutting expenses many times is the wrong action. You may need to increase advertising and marketing activities and expenses and check your legal and business structure. You business' growth may be hampered by the lack of capital. I suggest you speak with a good business and tax lawyer.
I hope this helps!
Ronald J. Cappuccio, J.D., LL.M.(Tax)
Counsellor at Law |
fudope_7
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Well, you can cut expenditures but you have to be careful. If you cut the wrong things, your business will fail. It wont have enough support to keep running. The key is advertising where you could have customers. Find out what your business is useful for. Then hit them where it hurts. Because without exposure to the public, you really have no business. Advertising in new avenues may help you in the long run. Um, other then that, you can give gift certificates to existing customers who give you new customers. Figure out how much money you make off of every dollar that comes in. Then figure out what the average customer shells out to you. Now, if the average customer shells out $300, and you make $100 dollars per customer on average. Then, you know that if someone refers you, then you can still give a $200 dollar gift certificate. Because it only costs you $67 dollars. But, you will make $100 dollars off of the new customer. So, you still make out since you will come ahead $33 dollars. You get the idea. You can send out sales people and give them a low starting pay with moderate commissions. Or, you can also try going to those colleges that require their business students to do an intern before they graduate. Just fetch up some of those students and have them working for you. Most wont even care about pay since they know they can graduate. But do stipend them so that they have the money to keep helping you. Other then that, you can try some free ways to expose yourself. You can go to stop and shop and post your ads for free. Or you throw your business cards everywhere. It still costs money for the business cards, but its cheap. You can also go to a business lunch. Check the local newspaper to see if there is a business lunch where you can network. Or, you can ask your bank if there is anyone around. It might cost you 10 buxx, but it might be worth it. Without telling us what your line of work is, its kinda hard to help you. Best of luck in the future though. |
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