February 6, 2023

Simple Ways To Cut Hidden Costs In Your Business

There was a recent statistic which mentioned that businesses all over the world were losing millions of dollars a year in bad financial planning and internal money management.

How could this be avoided?

Here are some ways to cut costs for your business and save yourself from this situation:

  • Review phone bills (land lines and cell phones).  Are you getting the best rates out there?  When was the last time you called your carrier or even reviewed your monthly bill for excess fees and mistakes?
  • Do you have the right kind of insurance?  Have you reviewed the premiums and the coverage on your policies?  Has your business changed in the last year and your insurance needs with it?
  • Who orders or buys your office supplies?  Do your employees just buy supplies whenever they need or worse want something?  Are you getting the best price or buying unneeded supplies?  Purchasing needs to be centralized and controlled.
  • Advertising.  Who is making the advertising decisions?  Are your advertising dollars being spent in the right areas?  How are they being tracked to evaluate their effectiveness?  When was the last time you made an advertising plan?
  • Are you with the right bank?  Are you paying hidden fees or not getting the service you deserve?
    Does your bank help you grow and run your business?  Do they refer business to you?

Efficient accounting is the key! Not many people know that with efficient accounting, hidden costs and unnecessary spending can be rooted out and removed completely from your company. Some companies who finally turn to using professional accounting services have found that they could have saved up to $25, 000 a year on useless expenditures. Don’t you be one of them!


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