One of the fastest ways to increase profits is to decrease expenses.

Entrepreneurs often don’t realize that they have indulged in unnecessary spending until times get tight. Then in a panic they rush to determine what’s necessary and what’s luxury.

But it stands to reason that if the bottom line improves by eliminating superfluous and frivolous expenses when times are tight, the same applies when the good times roll.

So, unless having unnecessary toys, supplies, bells and whistles is more important to you than profit, in good times or bad periodically scrutinize expenses with a vigilant eye to eliminating the unnecessary.

For large operations, what’s “unnecessary” may be the extra car in the company fleet that’s relegated primarily as a backup, but in reality hardly used at all.

For smaller fries, “unnecessary” may be more mundane, such as using high-grade glossy paper for the laser printer when inexpensive paper works just fine. Here are more items you might find “unnecessary” if you truly want to improve profits:

• Embossed letterhead instead of a logo printed from a word processor.

• An extra telephone line for the fax when the same line for Internet connections suffices.

• Paid subscriptions to trade magazines that are available free online.

• Organization memberships that provide marginal benefit.

• Color laser printing when less costly black toner is sufficient.

• Courier services when two-day U.S. Priority Mail is just as good.

• Costly non-stop flights when less expensive flights with stop-overs save a bundle.

• Entertaining clients at pricey restaurants when you could have them in for lunch in your office.

• Buying office supplies on the spur of-the-moment instead of buying in bulk when discounts are offered.

• Paying long-distance rates at a nickel or dime per minute when you could use your cell phone’s allotted minutes.