You’re in this business to make money, so avoid losing it! Here are some of the ways your business may be wasting money and tips on how to profit more and lose less money.
- First, your business can save money by paying its bills on time. There may be times that funds are low which is why payments get delayed or there may be times that you are too busy and miss the due date. Should this happen with regularity your credit score will be affected, and you may incur late payment fees or worse, suppliers may refuse to sell to you. If you don’t have a system yet, it may be a good idea to seek help and start paying your bills on time.
- Another area that is often overlooked is recruitment and its cost to business. According to studies, the turnover for an entry-level worker can be around 30-50% of that employee’s salary. Valuable time in training and money spent on hiring a candidate that turns out to be unsuitable can be a very costly exercise. Keep your mind open to potential candidates who have dropped their resumé into your office, even if you currently do not have an opening in your business. Let them know that you will hold on to their details and contact them once an opportunity arises.
- Lastly, it would be prudent for your business to embrace technology. A simple point of sale system, CRM software or e-commerce website will have plenty of advantages to your business. Right now, there are approximately 37% of businesses who still do not take advantage of technology to improve their profits and workflow. You can improve your business with digital payment solutions that can send invoices online. Not only can clients make payments online, it can also help you easily find unpaid invoices and make sure you have the cash that you need to run the business.
By embracing technology, your business can be more productive, and your staff will complete tasks more efficiently and accurately. Technology can also help you communicate with your customers better and resolve issues faster.
Our goal is to help you grow your business, find ways to invest more and increase your productivity. As you look for different ways to grow and improve your business, seeking professional advice from a small business accountant could prove to be an important and helpful decision.
You can click here to speak to experts who specialise in startups and SME consultancy. We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.