17. Every pound is not
equal. A pound earned
is worth a lot less than a
pound saved
Getting new customers and creating extra sales is the exciting and
sexy part of running a business but if ultimately you just want to
make more money (and you do – don’t you? See Number One)
then you need to look at saving costs.
A pound earned needs to have the physical cost of the food or
drink removed. It also requires input from a paid employee to
produce it. Ultimately a pound earned is little more than ten or
twenty pence (if you’re lucky) in your back pocket.
But a pound saved is a full pound in your back pocket. A
spoon, costing a pound that is saved from the bin is a full pound
you will have left at the end of the year. Keep this in mind – and in
the mind of your staff. Make sure you devote at least as much time
to keeping costs down as you do to driving new customers through
the door or selling more to your existing ones.
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