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This compensation may impact how and where products appear on this site, including, for example, the order in which they appear on category pages. Join 102,863 SubscribersGET THE FREE MONEY CRASHERS EMAIL NEWSLETTER! According to Bloomberg, 8 out of 10 small businesses fail within the first 18 months. While most entrepreneurs focus on increasing sales, lowering expenses is equally important when trying to achieve or maintain profitability. I’ll show you 26 straightforward ways to cut costs and increase the success of your small business. But what is your ideal profit margin?
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Many business owners have no idea what their profitability should be. That’s partly because profit margins come in multiple flavors and are often presented in overly complex ways. Which margin is the most relevant to your needs? Expenses are arguably the easiest of the three: While you can’t force your customers to spend more of their hard-earned money, you can trim unnecessary costs. The trick is knowing which costs are safe to cut, and by how much. Even small changes in your facility’s ambient temperature can adversely impact your customers’ comfort and employees’ productivity, threatening your top and bottom lines. But that doesn’t mean you can’t do everything in your power to save money on air conditioning.