When starting out as a small business you keep a very close eye on your expenses, even if that means spending the extra time looking for the best deals. Once the business starts to take off you have more important things to do so you become a bit more laxed with keeping an eye on your finances and this is when you start losing money. Let’s face it, if you need a pen for your office, you are going to splurge and purchase the more expensive ones just because those ones are nicer to write with. While a business can easily sustain this, you started your business to have more financial stability not to frivolously be losing money and throwing out the window. Here are 5 ways you are losing money.
- Spending More On Supplies Than Necessary
- Not Collecting on Past Due Accounts
- Memberships to Organizations That You Are Not Utilizing
- Donating to Random Causes Just To Get Your Name Out There
- Not Having Good Bookkeeping Habits
I know a lot of this is necessity I mean we all need office supplies, we all need to advertise, and we need to have good karma by donating. Yes this is correct but there are ways to go about doing all of this stuff but cheaper. Next week I will go into more detail about how to cut costs on these 5 things to help your business have a more sustainable future.