Where Is Your Money Going? (Part 1)

When we, as entrepreneurs, start a new business, we get passionate about creating something new. Building a business is a whirlwind. We work long hours and and spend our time thinking about how to improve on our accomplishments. While we’re thinking about other things, our money silently sneaks away.

“Now Wait!”, you say, “I track every penny that leaves my business.” I know you approve every receipt and look over every bank statement. But what if we told you that you’re needlessly spending hundreds (if not thousands) of dollars every year?

Here are a few examples:

Web Hosting

You pay for web hosting and website administration, but did you know that many web administrators offer hosting at no additional fee? This means you are spending $50-$150/year with no benefit to your business.

Program Subscriptions

Do you pay for a subscription to use your spreadsheets and word processor? Unless you are using the advanced features unique to these programs, there are several high-quality free options which can meet the needs of any small businesses. This can easily cut $100/year from your budget.

Proper Training

Let’s take another look at spreadsheets. Nearly every business uses them, yet few owners or employees know how to make the most of their automation capabilities. This means that businesses are spending hours every week doing tasks that can be automated. At ESB, we provide training and setup which typically reduces the time using spreadsheets by one hour per week or more. If you’re paying your employee $12/hour, this is a minimum savings of $624 a year.


Summary
Cutting costs by a potential $874/year may not be much, but this spending is in no way benefiting you or your company. It’s like putting $874 in the trash every year. It doesn’t make sense. In our next post, we will discuss more simple ways to cut costs from your budget.

Visit our website or contact us to learn how ESB can help your business become more efficient.