One of the biggest issues that will get business owners in trouble is money. Spending too much, or not enough.
Sometimes it’s both. Spending too much on yourself and not enough on the business itself. It’s a delicate balance.
You need to re-invest in areas like new business development (advertising) yet hold the line in other areas that can easily spiral out of control such as your phone bill, car payments, office rent and other things like that.
So my message for today is short and sweet. Pay attention to your expenses. You can easily be WASTING a few bucks here and WASTING a few bucks there and not really be aware of it. Collectively it could be adding up to a lot of money.
What expenses to be aware of
One area that really should be checked yearly is your phone bill. Analyze your bill carefully. Compare what you are paying to what other carriers are charging. Odds are you’ll have the ability to save a chunk of change in this area.
Another area is your cable bill. I know this isn’t an expense for a cleaning business, but take a look at it. Changing your plan to one that fits you better could easily save you $20 to $50 every single month. That adds up.
Yet another area where you should be taking a look at is your business insurance. Get a quote from another company to see where your pricing stands. It’s SO EASY to do this. If you need a company to get a free quote from I did a post on the topic of business insurance here.
I would also be careful in taking on new car payments. Five years is a long time to be making a payment (sometimes people take on even longer loans). Make sure your business can support it. I also did a post on that if you are interested.
I’ll wrap this up by saying that “money leaks” are the cause of far too many headaches in the business world. I know it’s not a terribly exciting topic, but it’s SUPER IMPORTANT BEYOND BELIEF. So take my word for it and stop those leaks!