Squeezing every cent from every dollar...

Hello -
Within the last year I was promoted to VP of a small production company. I worked my way up from creative and have no formal business training whatsoever. My boss, who founded the company, was trained at a film school and has been learning the small business side little by little each year. We have a great, creative company with a solid team... but our practical business skills are mediocre.

Financially we had one of our best years yet... but it I get the "spidy-sense" that this year will net less profit as clients slow down and the market tightens up. Managing finances and maximizing profit on projects has been the company's weak link, and has been the hardest area to implement change.

MY QUESTION: What are some internal changes that you have made (or can be made) in a small business to help maximize profit? This can apply to either the media industry or just small business in general. Practical "tricks of the trade" would be most appreciated...