Small Business Owners, Don’t Fall for these Money Traps

October 24, 2019 by OSYB Staff

Spending business dollars wisely is vital for the success of your company. Intuit QuickBooks shares 7 areas that are common for over spending:

• Staffing – retaining more staff than necessary – consider contracting support services, and hiring independent consultants for projects.
• Unnecessary business subscriptions – audit business subscriptions regularly and retain only those that are used regularly and that are necessary.
• Purchasing the latest and greatest technology – purchase only if the benefits outweigh the cost.
• Costly marketing campaigns – spend your marketing dollars on targeted groups, track your return on investment (ROI), and obtain counsel from a marketing team.
• Office space – choose an office space only if it is necessary for operating your business and consider a home office or co-working spaces.
• Brick and mortar store – is it really necessary? Would an on-line presence be more suitable and sustainable?
• Directories and data bases – regularly assess these services to see whether the subscriptions are meeting your needs.

Taking the time to audit these areas regularly will increase your savings and allow you to invest in the areas that really enhance your business goals.

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For full article: Don’t waste your money! 7 overspending traps Small Businesses need to avoid

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