Small Business Advice
I’ve recently seen a lot of small businesses in the area that is foreclosing and I felt that this advice could be useful towards pizza shop owners or any small businesses. When I look around the Delaware County area I notice a lot of pizza shops that lease out these large areas, where they spend a fortune on their rent every month. For example Pat’s pizza shop right across from Barnaby’s leases out a massive area that is barely being utilized by the shop. When small businesses downsize, they reduce their overhead cost tremendously and allows for a higher profit margin. Johnny’s pizza does a great job at this since they lease out a space that is a perfect size for their customer demand. Small businesses must be smart about where they decide to lease since overhead costs are the highest expense for most small businesses.
Another tip I can offer to small businesses is that you must utilize technology to your businesses advantage! Technology has evolved before eyes and has made businesses more cost-efficient. By increasing workers productivity or using a CRM system to take advantage of new potential customers. There are many options for businesses to consider and they reduce overhead and increase profits tremendously. Small businesses usually do not have the capital to afford these systems, but if owners are smart they will re-invest earnings into this technology in order to be more competitive in the market. These types of technology can elevate businesses to another height similar to how corporations ustilize technology and development.
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