Are you looking to cut your monthly costs? Whether you’re just looking for more liquidity so you can invest it elsewhere or needing extra money so you can onboard someone new, finding extra cash is an important part of owning a business. One of the best areas I find to look at, is the common financial mistakes you may be making in your business. There are certain things business owners often do that can cost them big over the long haul or down the line. Keep reading to find out my top 3 common financial mistakes that you might be making in your business, so you can curb costs and take your company to the next level.
Not prioritizing Smell and Cleanliness
Whether you have a client facing company or not, the overall smell and aesthetic of your business can be hugely important for income. Why, you might ask? Well if your waste or odor is out of control it can impact your employees abilities to perform their tasks. Some countries may even put fines for excessive smell or pollution in the environment. You’re going to want to invest in the best odor control system you can afford to help improve the smell. If your business is customer facing, such as a storefront, restaurant or even a coffee shop, then you might want to invest in other things that upgrade the smell of your business such as candles or fresh plants. This can make a huge difference as to how long clients want to spend in your business, how much money they spend, and how quickly they come back too.
Avoiding Upgrading Your Technology
Sometimes it can feel good to continue to use old technology, all in a bid to ‘save money.’ However, depending on the industry and the technology, it may actually end up costing you substantially more in terms of inaccurate measurements and also impaired productivity. For example if you work with an old fiber optic cable blower, you might be only able to load a substantially lower amount of cables per hour as with a newer machine. While on the surface you may be saving money by not upgrading, the cost of not doing so is substantial. Why don’t you learn more about upgrading your drone or technology, sell your old stuff, and enjoy the financial benefits of having the latest version. If buying isn’t on your radar, but you want to make the most of the technology and its improvements, why not consider renting? It can be a great middle ground.
Leaving Auto Subscriptions Running
Do you have any active subscriptions for programs you’re no longer using or services that you get just because? Now can be a good time to do a financial audit of your credit card statement to see if there are any charges being placed for things you’re no longer using or not getting much value from. Once you’ve ended these charges or subscriptions, you’ll be freeing up space to spend this money elsewhere, like on other areas of your business for growth and development.
If you’re making any of these common financial mistakes, don’t worry. It can be easy to clean up your finances with any of these changes.
