Many small and medium business owners are constantly juggling sales, staffing, customer service, and supplier demands, only to find there is little profit left after all the bills are paid.
If that sounds familiar, this profitability checklist is for you.
Even better, each step includes how Built Financial Technologies can help simplify the process and amplify your results.
1. Review Your Pricing
When was the last time you raised your prices?
Underpricing is one of the most common but silent threats to profitability. You may be doing brisk business, but if your prices do not reflect your value or rising costs, profits will remain flat.
How Built Helps
Built’s income tracking and financial dashboards show trends in customer behavior and sales performance. This helps you identify where prices can be adjusted based on real data.
2. Eliminate Unused Subscriptions
Recurring expenses like software and services can quietly drain your business finances if they are no longer needed or delivering value.
How Built Helps
- Automatically categorizes your recurring expenses
- Provides a monthly overview of software and vendor costs
- Flags outdated or underperforming subscriptions for easy review
You can reduce waste and recover cash without guesswork.
3. Identify High-Margin Products or Services
Not all revenue is created equal. Focus on what brings in strong profits, not just high sales volume.
How Built Helps
- Tracks performance across product or service lines
- Compares gross margin performance
- Highlights top earners based on real-time data
This allows you to allocate resources to your most profitable offerings.
4. Streamline Your Cost of Goods Sold
Every cedi spent on sourcing, production, or delivery directly impacts your bottom line. Monitoring and optimizing these costs is critical.
How Built Helps
- Separates cost of goods sold from general expenses
- Tracks supplier and material costs
- Integrates with inventory tools to manage stock and reduce waste
You gain better control over inputs and purchasing decisions.
5. Improve How Fast You Get Paid
Slow payments affect your ability to operate and grow. Chasing invoices costs time and cash flow.
How Built Helps
- Sends branded invoices instantly
- Enables automatic reminders to clients
- Tracks payments in real time
- Offers mobile wallet and bank transfer payment options
Faster collections mean stronger cash flow and reduced need for loans.
6. Reduce Manual Workflows
Manual payroll, tax filings, or monthly reporting slow you down and increase the risk of error.
How Built Helps
- Automates payroll and staff payments
- Calculates tax deductions and handles compliance filings
- Generates accounting reports and bank reconciliations
Let Built handle the admin while you focus on growing your business.
7. Outsource Non-Core Work
You do not need to hire full-time for every business function. Expert help can be flexible and cost-effective.
How Built Helps
- Connects you with trusted accountants and finance consultants
- Provides secure, easy collaboration tools for working with outsourced teams
- Makes expert support available when you need it, without added overhead
Get the help you need without the cost of permanent staff.
8. Watch Your Overhead Carefully
Overhead costs like rent, utilities, and admin expenses often rise gradually until they become a burden.
How Built Helps
- Tags and tracks overhead separately from operational costs
- Alerts you to sudden spikes or ongoing increases
- Allows you to set spending limits for different categories
This enables early intervention and smarter budgeting.
9. Use Live Financial Dashboards
Spreadsheets are outdated by the time you open them. You need a real-time view of your business health.
How Built Helps
- Provides a live snapshot of cash flow, income, expenses, and margins
- Shows outstanding invoices and vendor payables in one place
- Gives you full visibility at a glance, anytime
It is like having a financial manager available at all times.
10. Set Clear Profit Targets
Many businesses track revenue, but few set specific profit goals. Without targets, it is hard to improve results.
How Built Helps
- Allows you to set monthly or quarterly profit goals
- Monitors progress and sends alerts if you fall behind
- Helps you adjust expenses or collections in real time
- Enables you to share goals with your team to keep everyone aligned
Profit becomes a shared and trackable objective, not a vague hope.