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Plug The Leaks In Your Business Budget

Aug 5, 2019Lifestyle

Is the money draining away in your business? If so, then you need to make sure that you are taking the right action to fix the issues. The truth is that money can disappear in your business budget without you even realising. Suddenly, you’ll look at your accounts and discover there’s a lot less than you originally thought. Where’s it all gone? Well, here are some of the problems that you might be experiencing right now.

Unpaid Invoices

Yes, it’s possible that people simply aren’t paying for your services. This is usually an issue in the manufacturing world. Basically, a company buys a product but rather than paying for it immediately, they don’t provide the money until they’ve shifted it off their shelves. This leaves the original business out of pocket and it can be quite serious. So how do you handle this issue? Well, you can think about invoice financing. With an invoice finance provider, you essentially get the invoices paid by passing them onto another company. This provides you with the money that you need to keep your business green and healthy. 

Be aware that this isn’t just a problem for manufacturers anymore. It’s impacting every business where clients simply aren’t paying until they see results or making money from your services.

Energy

Another big leak is going to be in your energy usage. It is possible that you are bleeding your funds dry due to big spends on energy. This could be the cost of heating or cooling your property. It might also be the electric bills. It’s important to make small and greater changes here. A small change would mean switching from typical bulbs for light to LEDs. This will lead to big saves over even a short period. 

You can also think about trying renewable energy. Renewable energy is a great option and will immediately provide the fix that you need. With renewable energy, you could save nearly 25% of your overall bill and pay very little for electric through the summer months. Even with the cost, it takes to install the equipment, you’ll start seeing a profit from this in just four years!

Silly Spends

It is possible that you’re overspending in a variety of areas where there’s no need. Here are some quick examples and solutions that you need to consider.

It’s possible that you have hired a full marketing team in-house for your business. The problem is that a role like a CMO is expensive. You need to think about outsourcing marketing to an agency instead. You can save and still get the quality solution that you need. 

Or, how about overspending on different services that seem insignificant like pens and pencils. While it might not feel like it, the cost of stationery can certainly add up and ultimately will reach the point where it’s digging into your budget. That’s why it’s worth exploring a few options before settling on a solution to supply your company.

We hope this helps you plug the leaks in your business model and save your company an absolute fortune.

Best,

[a contributed post]

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