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There's Money to be Found in the Differences

Jul 11, 2019

There’s money to be found in the unnecessary costs of your business.

Checking and reviewing your numbers is key to making decisions, but there are also benefits to looking at the numbers from the viewpoint of seeking out the differences.   

Differences can be found in several ways:

1. COMPARE THE LAST MONTHS’ PROFIT AND LOSS STATEMENT TO THE MONTH BEFORE.

What numbers look the same, and what numbers look different? For those that are different, do you know why they’re different? If you can provide an explanation, that’s great, but if not, delve deeper into the numbers to see what caused the difference.

THERE’S MONEY TO BE FOUND.

I was talking to the co-owner of several tourist accommodation properties, and she told me the story about when they’d bought a new property and got the first energy bill.

The energy bill was ten times the amount they were paying for another existing larger property they owned. Something was definitely...

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