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Five Ways Businesses Waste Money

Small business owners know that running a business means thinking on your feet when it comes to making smart spending decisions. There never seems to be enough hours in the day to get ahead of your finances, so start small and begin the process by looking around the office. Talk to your people, assess the technology that you use and determine if the day-to-day office “essentials” are truly an asset or a burden to your business.

People.
Employees are the most critical asset and also the most costly expense for most businesses, so it’s important to know if the individuals that you are employing are moving your company forward or holding it back. As your business evolves so will the roles of your employees. Take the time to get reacquainted with those you hired. Their skill sets, talents and outside-of-work passions might provide an opportunity for growth and innovation or create efficiencies by combining roles that are currently outsourced. Simple adjustments have the ability to free up the most precious resource of all, which is time.

Gadgets.
Even the most skillful and proficient users can be drawn into a haze of data, competing apps and less-than-meaningful bells and whistles. When considering the technology used in your business determine if your company’s technology choices enhance profits, drive productivity or build customer relationships. If not, then that technology may be costing more time and money to maintain and service than your business can afford. On the flipside, if you’ve been slow to embrace the technology that has given your competitors an edge, the time might be right to make a smart investment in speed and productivity.

Bills.
Running a business means there’s always something to buy but keep in mind that a sizable balance due on personal or company credit cards can quickly generate interest charges with crippling repercussions. Paying bills on time means avoiding late fees and skyrocketing interest rates ranging anywhere from 8 to 28 percent.

Waste.
At the end of the day glance in the waste bins for a quick snapshot of where the little, or not so little, expenses in your business may be piling up. Takeout food, drink containers, postage overages and wasted paper may appear insignificant at first but can add up fast on the bottom line. An initiative to reduce, recycle and reuse can provide a boost for small business savings.

Marketing.
Small marketing budgets necessitate a hands-on approach and staying up-to-date on how to best optimize your company’s messaging through word of mouth and online content. Ignoring the latest changes implemented by Google, Facebook, LinkedIn and/or Twitter could mean that your company’s message may not be seen by who you intended or may not be reaching your audience at all.

When it’s time to assess expenses or invest in growth, QC Capital Solutions can provide small business owners the capital they need to succeed. Our custom factoring services provide companies the option of ready cash when it’s needed most. QC Capital Solutions can help you attend to the health of your company today and in the future by looking to the bottom line and beyond.