3 Ways To Find Hidden Money In Your Business
There are two main ways to ensure that your business becomes financially strong for the future. The first is obviously to increase the amount of money coming in the door. You achieve this by increasing sales, using marketing to draw in new customers, and adding products to your sales floor. But, there's another important aspect to increasing the financial strength of your business, and that is by reducing the amount of money that goes out your door.
Many business owners have dollars leaving their business that they aren't even aware of. Here are 3 different ways that you can find money in order to move your business forward in the coming year.
Check Your Subscriptions
There are two ways that you can find extra money with subscriptions. First, we see far too often that business owners are blowing their money, just a few dollars at a time, on subscriptions that they don’t use. For example, are you getting a magazine every month that sits on your desk for a week before it makes its way to the recycling bin? Even a handful of these unused subscriptions can add up and detract from your profits.
On the other hand, subscriptions can also save you money. Often companies will give you a discount on printer ink, software, or drinking water if you purchase a subscription and commit to a certain number of months. Just be sure that you only subscribe to products and services that you use consistently.
Are You Overpaying?
Do you remember when you signed up for your business’ internet connection? Chances are you have many more issues on your mind, but if you're not paying attention you may be paying for more internet, cell phone data, or other services than you realize. With any luck you have a competent bookkeeper who is keeping careful track of the money you’re spending. That person can also be invaluable in tracking how much of each service you’re using and perhaps you can use them as a resource so you know that you’re getting exactly the service you need and not paying for more than that.
Be Prepared
Are you in the habit of paying your bills late? Do you pay online and get charged a service fee for it every single month? Sometimes all it takes to avoid paying extra money is just a little bit of preparation. In addition to preparing by scheduling your payments you can also be more prepared and save money by the way that you shop. If your secretary is running to CVS to buy toilet paper once per month you’re probably spending more than you need to and wasting her time all at once. Find the small ways that you can buy in bulk and have essential products delivered directly to the office.
Responsible spending and saving are just as important as effective earning when it comes to running a successful business. Take advantage of the support of your bookkeeping team in order to keep your business expenses in line and drive your company toward success. If you don’t already have a bookkeeping team, give us a call today. Our bookkeeping services are available to help you transform your business.