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Stop Wasting Money- It’s Time to Get Your Business Finances Under Control!
(This is a contributed post)
Making money is the main aim when it comes to business. You might have started your venture for reasons other than money, such as having flexibility and job satisfaction, but unless your company makes a profit then it’s not a success. For this reason, we have to be extremely vigilant when it comes to our business finances. Every penny needs to be spent carefully, and you need to ensure nothing is being wasted. Here are a few things to keep an eye on when it comes to your company’s finances.
Check the obvious before calling out maintenance
When something doesn’t instantly work the way it should, it’s easy to think it’s broken and go calling for someone to fix it. But actually, in many cases this isn’t necessary. Use common sense, and have employees check things first. Sometimes it’s a common issue- such as something needs switching on or plugging in! Calling in someone to fix things when they go wrong takes time (which costs you money in business) and then there’s a charge too when it’s not always necessary. A quick check over of equipment might solve the issue, or checking an online article pc repair tips and tricks could have things up and running again without having to wait for someone to come out.
Weigh up the costs of outsourcing
In some cases, outsourcing will be your cheapest option. This is because a third party company will have everything they need already in place and the right staff to get the job done, whether it’s warehousing, delivery, maintenance or even an office department such as payroll. This means you don’t need to create new departments yourself which can be really pricey. However, in other cases it can be cheaper to keep your processes in house. If your company is growing and you have the funds to hire the right people and pay for the equipment you need, you can save costs in the long run. Sometimes outsourcing will be wasting you money and other instances it will be saving you. It’s not one size fits all and so you need to work out what’s right for your particular business.
Make sure staff aren’t turning up late
A minute lateness in the morning and being a minute or two late coming back from lunch might not seem like a big deal. However, all of these add up in a big way. If you’re having an issue with tardiness, implement a system. ‘Clocking in’ works well, that way it’s easy to see exactly what time people are arriving and leaving. Being an overly strict boss has been shown to be ineffective when it comes to dealing with staff as it just adds to stress levels, however you do need to be clear on the rules. If you are noticing lateness, especially on a regular basis then this could be a reason for a disciplinary.
Weigh up the costs of outsourcing
In some cases, outsourcing will be your cheapest option. This is because a third party company will have everything they need already in place and the right staff to get the job done, whether it’s warehousing, delivery, maintenance or even an office department such as payroll. This means you don’t need to create new departments yourself which can be really pricey. Take customer service, for example. Paying for a customer service team to operate in-house around the clock can be extremely costly. Instead, you can generally outsource the work to a professional answering service for a much lower cost. However, in other cases it can be cheaper to keep your processes in house. If your company is growing and you have the funds to hire the right people and pay for the equipment you need, you can save costs in the long run. Sometimes outsourcing will be wasting you money and other instances it will be saving you. It’s not one size fits all and so you need to work out what’s right for your particular business.
