We’re all too familiar with ways we can save our businesses money. Whether it’s by renegotiating with suppliers, saving on electricity and automating as much as possible, but if our haste to save money, we often neglect to look at the ways we’re actually wasting it.
When you’ve been in business for some time, the way we do things become second nature, which often means bad habits settle in all too quickly. Usually, it’s little things and they can be easily rectified, however, a culmination of all these needless expenses can be enough to harm your bottom line and prevent your business from flourishing.
Is your business guilty of these money wasting habits? Read on to find out more.
Not using cloud backup services
If you’re still using traditional back-up services such as tape, rather than cloud, then you could be wasting a huge amount of money. Cloud backup services (like this one here) allow users to back up data, files and documents automatically, allowing you to spend solely on the amount of cloud storage you need, and unlike tape backup, you’re also protected from external interference as well as accidental damage from fire or flood.
In short, you get better protection for your data, as well as completely streamlined services for less than the price of a traditional backup method. It just makes sense to switch!
Having more staff than you really need
There’s nothing more expensive than overpaid middle management. When you have managers supervising managers in every area of your business, then you could have a problem. Not everyone needs a manager, it depends wholly on the task in hand. Don’t be fooled into thinking you need a whole host of individuals to complete every individual task. Consider merging some roles into one job. It’ll quickly reduce the amount of money you’re spending on staff.
Jumping into marketing
Marketing any business effectively isn’t easy. However, it’s easy for business owners to believe that the more you spend, the more leads you’ll get. The truth is that only certain kinds of marketing benefit certain kinds of businesses. You’ll need to fathom out your demographic, your target audience and how much you can really afford to spend. Social media marketing is a cost effective and practical way to get started in marketing.
Not getting advice
If your business is growing and you’re expected to make big decisions, or you’re just starting out and you’re trying to get your head around property leases and legislation, then failing to obtain legal advice can end up costing you a bundle. By not consulting a business lawyer before making any kind of deal or signing an agreement, you could be setting your business back before it’s even started.
And finally, expensive equipment
It’s your business, and of course, you want the best. However, forking out huge amounts on fancy desks, chairs, computers and tech, even fancy chairs and décor in the break room are all just ways to lose money that could be better spent elsewhere.