Trade Secrets to Help Boost Your Bottom Line

Cut Cautiously

1. Improve your margins. The No. 1 expense line on your profit-and-loss statement (P&L) most likely is cost of goods. Small improvements here can yield substantial overall results.

Improvements in your product margins can come in many ways:
- reducing vendor costs per unit;
- getting vendors to pay for some advertising allowances or co-op advertising;
- negotiating rebates from suppliers when certain purchase thresholds are met; and
- increasing your product prices.