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Is Your Small Business Wasting Valuable Money?

Doug Snyder

July 03, 2015

When you oversee a small business, money is oftentimes your biggest concern.

Face it; those running larger companies typically have more cash reserves to draw upon should they get into a quandary. Meantime, the smaller business owner usually has a limited budget for a variety of things, these including hiring, advertising and marketing, office expenses etc.

So, what can the small business owner do the remainder of this year and beyond to make sure he or she doesn’t see their dream company or companies run into the red?

Account for All Office Expenses

For starters, those running smaller companies should put together and review a list of yearly expenses to make sure they cover any and all costs tied to keeping their business operational.

Among such expenses to never overlook:

• Salaries – First and foremost, properly paying your employees (if you have any) is critical. Let’s be honest, happy and productive workers are typically those who are paid what they deserve. If you’re underpaying them, you stand not only the chance of getting less than 100 percent out of them, but you could very well be facing a revolving door. The costs to ultimately train and train new employees will be more expensive in the long run than if you had properly paid those you have to replace. Review each employee’s salary on a regular basis, offering them incentives when possible to strive to do an even better job for you and your customers. Also make sure you’re hiring those who come with the right attitude and work ethic. It just takes one bad apple to cause office disruptions and ultimately customer nightmares;
  
  
• Advertising/marketing – Most small business owners will tell you that advertising and marketing are crucial to the success of their companies, yet many are forced to spend limited funds on these two necessities. When push comes to shove, make sure you are doing as much advertising and marketing as possible. Remember, you don’t have to spend an arm and a leg to get the job done correctly. Look for opportunities to use social media, blogging, even trade shows to promote your brand. Yes, the trade shows/conferences will cost money to attend and display your brand, but the amount of networking/publicity can be well worth the price when you land new business;
  
  
• Office expenses – Last but certainly not least, make sure you are doing all you can to save on expenses around the office. From utilities to supplies, do a regular monthly review of what your bills are costing you. Small business energy can certainly add up over time, but shop around for the best deals possible. It is also important that you encourage your employees to conserve as much as possible, including on things like lighting, air conditioning and heating, and more. When it comes to buying office supplies, look to buy in bulk to save money over time. You can also work deals with vendors who over time will reward you as a preferred customer.

When it comes to saving money for your small business, while it can certainly seem like a large task, proper planning and execution can make the difference.

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