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7. Manage Expenses in a Spreadsheet Wrap-Up

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In this activity, you used Google Sheets to track your business inventory and expenses.

You added formulas and functions to calculate totals and assess the health of your online business.

You checked whether your costs exceeded your profits.

Now that you have the skills to adjust your business based on costs, consider different ways to decrease expenses.

For example, you could find a new supplier that charges less for the materials you need.

Or you could put your products on sale.

Maybe you are already keep your costs low and sell a lot of products, but your retail prices aren’t high enough.

Compare your prices with other businesses offering similar items.

If your prices are much lower, you may want to increase the retail price.

Every company is different, so your business expenses may be different than the ones covered in this video.

For example, if you provided a service, such as lawn care or web design, you may not have many items to keep in stock, and your inventory list might be less extensive.

You may also have additional expenses you need to include, such as renting an office or a kiosk, membership fees for a resale website, or shipping costs to mail your products to customers.

These expenses are part of your Out-of-Pocket costs.

Your time spent making each product might also be something to track as an hourly rate.

As you become more comfortable with Google Sheets, use the “help” function to look up specific formulas and other ways to make your inventory and expense sheet work for you.

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