Many SME owners are juggling sales, staff, customers, and suppliers, only to realize there’s little profit left after 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 make it easier and more effective.
1. Review Your Pricing
When was the last time you raised your prices?
Underpricing is a silent profit killer. You might be busy, but if your pricing doesn’t reflect your value or costs, your profits will always stay low.
How Built Helps:
With Built’s income tracking and financial dashboards, you can spot patterns in customer behavior and sales performance, helping you identify pricing opportunities based on real data .
2. Eliminate Unused Subscriptions
Your business may be leaking money through software and services you no longer use.
Built’s expense tracking feature categorizes your recurring costs automatically, making it easy to spot what’s being paid for but not used.
How Built Helps:
-Get a clear monthly overview of your software and vendor expenses
-Flag subscriptions that haven’t changed or delivered value over time
-Make clean, confident cuts
3. Identify High-Margin Products or Services
Not all sales are good sales. Focus your energy on what actually delivers strong profit margins.
Built’s performance tracking helps you see not just what’s selling, but what’s profitable by tracking revenue against direct costs.
How Built Helps:
-Drill down into your product or service categories
-Compare gross margin performance
-Focus your marketing and operations on the most profitable offerings
Data-driven focus leads to higher efficiency and fewer wasted resources.
4. Streamline Cost of Goods Sold (COGS)
Every cedi spent sourcing, producing, or delivering eats into your profits.
How Built Helps:
Built makes it easy to isolate your COGS from total expenses so you can monitor material, supplier, and production costs separately. This allows for smarter negotiations and purchasing decisions.
Built also integrates with inventory tools to help you monitor supply levels and reduce excess stock or waste.
5. Improve Invoice Collection Speed
Waiting weeks to get paid? That delay is costing you money.
How Built Helps:
Built’s invoicing tool allows you to:
-Send branded invoices instantly
-Set automatic payment reminders
-Track payment status in real time
-Offer multiple payment options (including mobile wallets)
Faster payment = better cash flow = fewer loan dependencies.
6. Reduce Manual Processes
If you’re still doing payroll or monthly reports manually, you’re losing valuable time and risking costly errors.
How Built Helps:
With Built, SMEs can automate:
-Payroll calculations and disbursement
-Tax deductions and compliance filing
-Accounting reports and reconciliation
Let Built handle the admin so you can focus on growing your business.
7. Outsource Non-Core Work
You don’t have to do it all yourself and you don’t need to hire full-time for every function.
How Built Helps:
Built partners with vetted professionals from accountants to finance consultants so SMEs can get expert support on-demand, without overhead.
You can also access reports that make it easy to collaborate with outsourced teams securely and efficiently.
8. Watch Overhead Costs
Overhead — like rent, admin costs, and utilities — often creeps up silently.
How Built Helps:
Built lets you tag and track overhead expenses separately, so you can:
-See rising trends early
-Set spending caps
-Receive alerts if any area spikes unexpectedly
Small savings here can compound significantly over time.
9. Use Real-Time Financial Dashboards
Knowing your numbers gives you control but monthly spreadsheets are outdated and slow.
How Built Helps:
Built’s real-time dashboard gives you a live snapshot of:
-Cash flow
-Revenue
-Expenses
-Profit margins
-Outstanding invoices and payables
It’s like having a digital CFO at your fingertips.
Make informed decisions every single day not just at month-end.
10. Set Profit Targets
Most SMEs track revenue but few set clear, consistent profit goals.
How Built Helps:
Built allows you to:
-Set monthly or quarterly profit targets
-Monitor progress in real time
-Get notifications if you’re falling behind
-Adjust spending or collections accordingly
You can even share targets with your team to keep everyone focused on profitability.
Final Thought
Profit doesn’t happen on its own. It’s the result of clear targets, smart systems, and regular check-ins. Use this checklist quarterly to review how your business is performing and let Built Financial Technologies take care of the heavy lifting.
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