Did you know that most business owners are wasting money? Chances are, you’re wasting money too. Below, you’ll find 7 ways most business owners are wasting money – you might be surprised at what you find!
- Delegating To The Wrong People
Delegating is something many business owners need to get used to. Letting go of control and trusting the people you hire is crucial if you want to get everything done. However, delegating to the wrong people can be just as bad as not delegating at all. Knowing the strengths of the people you hire is key if you want to keep your business running like a well oiled machine.
- Trying To Do Too Much Alone
If you’re the kind of business owner that tries to do too much alone without outsourcing and investing in the right software, you’re going to spread yourself too thin. You might think that this is an important part of starting out for business owners, but you need to know when it’s time to get help. If you can afford automation in the beginning, and if you can figure out what doesn’t exactly require your personal touch, you may be able to save money and hassle from the start.
- Working With The Wrong Marketing Company
Outsourcing to a marketing company is one thing all businesses can safely say they need. Trying to do your marketing yourself is never a good idea, unless you’re a marketing company yourself and have the manpower to do so. Working with the wrong marketing company will mean wasting your marketing budget on suboptimal results. This is why it’s so important to have an idea of what results you should be getting, and know when to find a new company to work with.
- Not Working With The Right Suppliers
The right suppliers will negotiate with you to give you the best deals. If you buy company phones for your team, then it could be worth looking at Lebara SIM Only Deals, which run on award winning Vodafone Network. You’re going to need a trustworthy network, and you should be able to get a better deal when you buy multiple for business use. Building great relationships with your suppliers will help you to get the best deals.
- Hiring Staff Without Thinking It Through Properly
You need to make sure you’re making the right decision by hiring staff. If you never really needed a new employee, you have another mouth to feed. It’s never nice letting staff go, either. You can test the water by hiring a virtual staff member or outsourcing first.
- Buying Brand New Equipment
Second hand equipment is often just as good as brand new equipment, and you probably don’t need the fanciest equipment either. Be smart with your money!
- Using Your Business Credit Card For Non Business Related Purchases
A business credit card can be massively helpful to your business, but using it for non related business purchases will cost you more in the long run – it’ll also confuse your accounts when it’s time to do your taxes.