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5 Tips to Improve your Business Expenses

Whether you are just starting out or an old pro at running your business - these 5 tips will help you finetune your business management and find where you're hemorrhaging money.

1. Create a list of your goals

Make a list of what you have, where you are and where you want to go.

 

Do you intend to expand your business in a year?

Pay off a business loan?

Renovate your office or revamp your website?

Hire additional staff?

Change locations?

 

A list outlining where you are and where you want to go is the best way to stay focused on your goals and not waste money with unnecessary side trips.

2. Cut out the waste

If you've been in business for a while, you may have accumulated and signed up for way too many services. Minimize your services, close old accounts and reduce avoidable expenditures by paying for only what you need.

 

Here are a few ways that companies waste money

Paying for a video service that you aren't using

Paying for more than one CRM (Customer relationship management)

A subscription to a PDF program or contract signature service you only use occasionally

An SEO company who is not delivering what they promised

More than one domain that is not being utilized

Paying for more than one social media portal accounts or management services

More than one web hosting company because you keep forgetting to shut the other service down

A website platform who keeps raising their prices but you haven't taken time to find a new solution

Merchant fees from several sources rather than one

Not turning off or canceling ads that were scheduled

Directory or membership subscriptions that do not bring you traffic or clients

Forgotten charges, subscriptions and contracts that keep charging automatically once a year and you aren't noticing.

Tricky contracts that force you to cancel within a small timeframe and / or require you to request a closure by postal mail.

 

How do you fix these issues?

First, look back at your past year of charges. Do you see anything that looks like it's going to ding you annually? Stop the charge before it happens.

 

Second, watch your credit card closely every day for charges without fail. If you see something you thought you cancelled, then quickly act and solve the problem. Always get screenshots and printouts of cancellations and closed accounts.

 

Third, set aside time to solve money wasting problems like old or unused accounts. Solve those tricky contracts where you have to cancel within 30 days before you're stuck in another annual contract by scheduling your cancellations.

 

If you are often time strapped or forgetful, set up multiple reminders days and hours before the cancellation date. Consider sending handwritten and signed with postal delivery signature confirmation required for any, "mail in only" contract cancellations. Always keep proof of cancelled contracts.

3. Join a free business network

Being a member of a free business group on Google, Yahoo, forums and other business networks can be a great resource. When needing business cards or running across an unusual issue that you've never encountered before - you can turn to your group members for insight and advice.

 

Solid advice can often save you mistakes and wasted money. Additionally, networking with other businesses can help you spread the word about your own services.

4. Hire a Business Consultant or Bookkeeper

A Bookkeeper can help you discover where you are bleeding money simply by cataloging your expenses.

 

Hiring a professional bookkeeper can also help you avoid costly mistakes with local and federal taxes, sales & use tax, franchise tax and other state or business forms that you might have missed had you handled everything on your own.

5. Consolidate services where you can

Consider consolidating services. Sign up for a full service company that can handle your SEO, social media, web hosting, website. Bonus if they help you cancel your old accounts and services!

 

Having one account to keep track of helps you reduce wasted money and typically these consolidated services come at a discount price which helps you save money like TNW Creations.

The bottom line is keeping track of what you spend, reducing where you can, avoiding wasted money and making sure you aren't paying for something that isn't giving you a solid ROI (return on investment).

 

Have a suggestion to add? Drop me a note on LinkedIn!

TNW Creations™️and Brand Tawaci Media™️is a Web Development & Media Publishing Agency headquartered in Austin, Texas. Web Development, cybersecurity, design, clean energy web host, digital marketing.

I am a software engineer, artist and voice actress. As a child, I became part of the grassroots development for teaching my Lakhota language online. When I'm not developing and creating, you'll find me motivating a community of Indie Game Developers, play testing new games on Twitch and YouTube, developing video content, voice acting for games, acting as cultural consultant for Native vibe games, investigating and initating hostile website takedowns, and enjoying time with my family.