Whatever stage of the business journey you are currently at, wasting money is never ideal. Therefore, finding ways to make your capital work harder should be an ongoing priority.
Even if you think that your business is savvy with its finances, there is room for improvement. And I’m here to help!
I’m writing about this topic because I’m a leading behavioral change expert and bestselling author – and a columnist for both Oprah and Psychology.
I’m also the founder of the therapist recommended program The Tweak a Week Online Course – which helps people to make small, positive changes in their habits that lead to big results.
Here are six of the most likely culprits that are costing you money but also offer a quick path to improvement.
A strong workforce is the greatest asset you’ll ever possess. However, your company will spend a lot on recruitment, staff development, and salaries. Remote staffing solutions offer a better choice. Aside from saving money, it can streamline the process while also removing the threat of high staff turnover rates. This approach is also ideal when you only need employees for a short time.
Modern technology plays an increasingly important role in modern business. Therefore, you will pay a lot of attention to finding the right features. In truth, though, it is equally vital to maintain performance levels. Regular IT audits are essential as computers are used daily for a range of operations. Tracking machinery to schedule maintenance will save money too. This is due to improved efficiency and downtime prevention.
As a consumer, you appreciate the value of shopping around. It is about time you started to do the same in business. From web hosting to insurance coverage and utility bills, you spend money on many services. Checking the options and negotiating better deals may only save an average of 10%. Over the year, though, it’s likely to generate a six or even seven-figure saving.
Businesses want to reach the biggest possible audience. Unfortunately, generic branding and marketing could mean that you alienate your core demographic. So, it is far better to identify your target market. From here, you can ensure that the right ads are shown to the right people in the right places. Moreover, it’ll guide the tone of your campaigns to boost effectiveness and cost-efficiency.
Waste materials aren’t only bad for the environment. They hit your pocket hard too. As such, addressing this is advised. It could mean using more efficient production tactics to reduce material waste. Or you could look to boost energy-efficiency with tech upgrades and new habits. Old products can be sold at a discount too. It might not generate the same level of income, but it’s better than leaving them in storage or sending to landfill.
If you have the opportunity to make money, you should grab it with both hands. This doesn’t necessarily have to come through product sales, though. Content creation, tutoring, and equipment rentals could all create new revenue streams. By overlooking them, you are essentially throwing money away. Conversely, though, utilizing them will facilitate faster growth and set you up for better financial returns.
If you want greater financial security, follow these money management tips and you’ll be managing your money better quickly! Want further support to better handle your money? Learn more about my private one-on-one Mindset Mastery Sessions here.
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