3 Ways Your Business Could be Bleeding Cash
Running a business is tough — especially if you’re a startup with only a handful of people working from your own home basement. Even with all the help, you may not be keeping track of your expenses and costs as well as you should.
Don’t be too scared, though, as these are quite common mistakes but are easily-avoided if you know how to get technology on your side and if you invest in setting up better business processes.
Here are 3 of the most common ways SMEs are spending more cash than they should:
Unless you run your own delivery service, mail services can rack up time, money and resources. You’re literally paying your assistants to fall in line and to use the post office to send documents and items to your clients. If you have postage meter machines in your office instead, you could wrap, prepare and have a stock of stamps to use right in your office. You just have to wait for the mailman to pass by and hand him the package.
Meetings cost a lot of money. If you can settle things through a video call, an email or even registered mail, then why don’t you? Your contact may even appreciate how you don’t want to take up their valuable time. But still, make sure that you offer to meet in person if you are the one initiating contact.
Always check your utility bills thoroughly. With all the work we’re doing, there may always be mistakes in our billing statements when it comes to calls, water usage and even electricity. Turn off and unplug everything in your home office when you’re done and as much as possible use laptops and other low-consumption devices. Needless to say, avoid the large TV in your home setup.
While you may think that these are little, unavoidable things, they can add up every month, especially since you have to pay commercial rates for your utilities and services now.