3 Ways Businesses Leave Money on the Table
Managing expenses is one of the most important ways your small business can stay afloat, even in hard times. Eliminating unnecessary expenses will improve your cash flow and help your business grow.
Where can you save money in your business?
Here are three trouble spots to look at in your business cash flow to save you money!
Annually Re-Evaluate Insurance
Every business needs several types of insurance, depending on the industry and type of business. However, the insurance needs of your business changes from time to time. The changes offer you the opportunity to save big money.
Set aside time annually to re-evaluate your insurance needs and your different insurance policies to ensure you’re getting the best coverage and best premiums for your business. This can help you avoid duplicate or unnecessary coverage, as well as close up loopholes in your insurance coverage.
Look for Better Credit Card Processing Fees
Statistics show 9 out of 10 small businesses overpay on credit card processing fees, which makes this a great opportunity to cut unnecessary expenses. As your business grows, so do your options as far as better credit card processing fees based on sales volume and revenue.
As with insurance, setting aside time annually to research the best options for credit card processing for your current business needs can lead to better cash flow.
Keep Track of Your Business’ Subscriptions
It’s easy for businesses to forget about subscriptions to software and services they no longer need but still pay for, whether monthly subscriptions or annual ones. When reassessing your business expenses, look over your subscriptions for services you no longer need or use.
Although doing the research into better options for these expenses takes time, the savings to your business make it worth your while.
If your Chicago area business is not quite ready for a full-time CFO, but would benefit from the experienced perspective of CFO consultant, talk with Coveted Financial Services.