Turning over a profit isn’t the only important task that you face as a business owner. You also need to consolidate this money that you make, which is why you need to avoiding wasting it at all costs.
It’s going to mean making use of all resources afforded to you, it’s going to mean making smarter investment choices, and it’s going to mean honing in on your mistakes — it’ll all be worth it in the end, though, when you’ve got a heap of cash to invest into the growth of your business.
To unearth all the things you can do to stop wasting so much money in business, be sure to read on.
Minimize your tax bill
Nobody likes the tax man, but unfortunately, he’s never going to go away. There are, however, ways to minimize the bill slapped on your desk every year.
Research and make use of tax reliefs (such as the creative industry relief)
Pay your tax bill as early as you can
Invest in good website design
Marketing, especially digital marketing, is essential in the world of business. By not running advertising campaigns, quite simply, you won’t spread your company’s message or attract new customers.
As important as marketing campaigns are, however, they need not cost you an awful lot. More to the point, they need not cost you as much as you are no doubt currently shelling out on them. When you choose to invest your money on good website design instead of advertising, you’ll be sure to find yourself saving thousands in the long run. This is because you’ll have a platform that can act as a constant source of important information; your website can spread your message at all times, meaning you won’t have to constantly spend your money on spreading it yourself.
To ensure that your website does everything a marketing campaign can do and more, you have to align yourself with a web design company like Plego Technologies. They will make sure that your website works well in both a practical and aesthetic sense.
Turn off and unplug your devices
Even when they’re not being used, if they’re still plugged in and turned on, the various devices that you use in your office could be costing you an arm and a leg. They will be using up what is known as ‘vampire energy,’ which means they will be draining your electricity bill for no reason whatsoever.
Before you leave your office of an evening, you and your employees have to go around and make sure everything is turned off and unplugged. Other important forms of action you should be taking in this instance include:
Tweaking your power settings so as to ensure your devices shut themselves down or go into hibernation mode whenever they’re not being used
Resolving to never leave your desktop computers and laptops on their screen savers — believe it or not, doing this is worse than leaving your monitors and screens to go black
Never forgetting the peripherals (your printer and speakers, for instance), as they can suck up a lot of ‘vampire energy’ too
Take the above advice, stop wasting so much money, and put the cash you save to good use!
https://www.strategydriven.com/wp-content/uploads/jp-valery-9BatP4ovW2I-unsplash.jpg36485472StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2019-08-18 20:00:242019-08-18 22:26:52A Guide: How to Stop Wasting Money in Business
Unseen millions are lost by companies every year; the result of employees withholding the full commitment of their physical, intellectual, and emotional contributions. Surveys conducted by the Gallup Organization identified an 18 percent difference in productivity between the best and worst performing companies.1 Yet, as we shall explain, even the best performing companies have room for improvement.
Hi there! Gain access to this article with a StrategyDriven Insights Library – Total Access subscription or buy access to the article itself.
Subscribe to the StrategyDriven Insights Library
Sign-up now for your StrategyDriven Insights Library – Total Access subscription for as low as $15 / month (paid annually).
Don’t need a subscription? Buy access to Diversity and Inclusion – Return on Investment, part 3: Employee Productivity Enhancement and gain access to it and the accompanying tool for just $2!
https://www.strategydriven.com/wp-content/uploads/Worry.jpg424283StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2019-08-18 15:00:492019-08-18 15:10:24Diversity and Inclusion – Return on Investment, part 3: Employee Productivity Enhancement
The cost of employee turnover is staggering and yet goes largely unrecognized. There is no financial statement line item, no general ledger entry, and no budget explicitly set aside for this expense that can cost an evenly modestly sized company well over a million dollars each year. And a significant portion of voluntary attrition is directly related to the abusive work environment many employees indicate exists within the marketplace today. Thus, improvements in workplace civility can directly improve the organization’s bottom line.
Hi there! Gain access to this article with a StrategyDriven Insights Library – Total Access subscription or buy access to the article itself.
Subscribe to the StrategyDriven Insights Library
Sign-up now for your StrategyDriven Insights Library – Total Access subscription for as low as $15 / month (paid annually).
Don’t need a subscription? Buy access to Diversity and Inclusion – Return on Investment, part 1: Employee Turnover Reduction and gain access to it and the accompanying tool for just $2!
https://www.strategydriven.com/wp-content/uploads/WorkplaceAbuse.jpg282425StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2019-08-18 12:48:482019-08-18 13:01:50Diversity and Inclusion – Return on Investment, part 1: Employee Turnover Reduction
Having a business partner is beneficial for a huge number of reasons. If you want to reap these benefits, then you have to make sure that you choose someone who is reliable as well as someone who can devote the same amount of time and energy into the company structure.
Trust
Trust is essential if you run a small business. If you don’t trust someone with your bank details, you shouldn’t appoint them as your business partner. This is a very simple rule, but it can save you from making a bad hiring decision. It may even help to search your partner online to see what organisations they have been involved with. Here’s an example, of Aubrey Ferrao.
Friendship
If the person you are hiring is a good friend, then you may think that they are a good fit for your business. This is great, but you do have to make sure that their goals align with your own. They need to be responsible for the company and they also need to have a good level of devotion too. If your friend is going through some personal problems, then this could complicate your business operation and sometimes this can cause issues.
Always have a Trial Run
Another thing that you can do is appoint someone who you already have experience working with. This way you know if they are a team player and you also know if their personality reflects the business you operate. If you do a trial run, you won’t have to let them down or fire them. You simply make a call at the end of the trial period and you can also avoid setting any unrealistic expectations.
Focus on Varied Strengths
Make sure that your partner’s strengths are different from your own. If you and your partner are good at sales but nobody is good at customer service, then this won’t help you on an operational level. Running the business will become much more challenging and you may even find that you don’t benefit from having a partner at all. To get around this, find someone who is able to compliment your strengths and balance everything out as much as possible.
Balance your Responsibilities
Both parties need to agree up-front what responsibilities they are going to have. You also need to make sure that you stick to them too. If you have one person who is trying to take over and do everything then this won’t do your company any favours and you may even find that the partnership itself unravels.
Talk about Money at the Start of your Partnership
Money can cause major problems in a business. Therefore, you need to agree in the beginning what kind of funding you are going to use and even how you are going to distribute the profits too. If you are able to discuss this properly from the beginning, then this will really help you out in the future and you may even find that you and your partner have a better relationship.
https://www.strategydriven.com/wp-content/uploads/beautiful-business-business-executive-2381069.jpg8531280StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2019-08-17 13:00:372019-08-17 15:37:37How to Choose a Good Business Partner
It’s highly likely that you have spent a significant amount of time setting your business up to get it to a point where it’s sustaining a positive growth rate. However, it’s also highly likely that you haven’t spent as much time sussing out the potential risks that could damage or stunt your company’s growth. The earlier you decide to instigate risk management into your business processes, the better. This will help protect what you have built this far, and hopefully prevent, control, or reduce any problems that may occur in the future.
Protect Your Work
When you are using digital devices, it’s essential to save your work on your device, at all times. But not only this, you should be storing it somewhere else too. One of the reasons being, an increasingly problematic issue that occurs for small and large businesses alike is the threat from hackers. And so, a backup solution is necessary (along with anti-virus software and IT systems) to prevent intruders and strategically prevent the stress that these issues shall cause you. Keeping your digital files on one device is extremely risky. Although not just because of hackers, other threats such as office fires that could damage your electronics, and burglars who could steal your equipment. Depending on the amount of intel you need to store and protect shall decipher what services and solutions are best for your business. You need to weigh up whether cloud services, external servers, or external hard drives are adequate enough for your business intel.
Safety Equipment
In terms of health and safety, there is some equipment that your physical business premises simply can’t legally do without. Such as fire doors and fire alarms in the event of an emergency. Alongside this, there are other precautions you can take to prevent cost inducing damage to your premises that may cause accidents. For instance, if you own or are storing large quantities of fluid on-site (oil, chemicals, fluid, etc.), you may want to install a liquid level switch to consistently and reliably monitor the fluid levels. This shall help to indicate whether there is a leak before it’s too late. Other forms of equipment are CCTV, to monitor the premises and alert you if there is a risk that could be detrimental to your business activities.
Business Insurance
Chances are you don’t have the means to purchase a new building, settle claims against your business and buy brand new equipment outright if the need arises due to a natural disaster or criminal activity. Because of this, it’s a good idea to purchase business insurance to cover you if something awful (and expensive) occurs. This is the last port of call in your risk management program so that if the other steps you’ve implemented have not protected your business as planned, there’s hope that the insurance company will cover the damage. In light of this, read through the terms and conditions of your insurance policy carefully, to check that you have adequate coverage for your business needs and the possible eventualities.
To begin managing potential risks that could occur at work, you can either walk around the premises and assess any areas that need attention. Such as faulty doors, or untidy cables that could cause a nasty fall. Otherwise, you may wish to hire a professional to check the business premises for you.
https://www.strategydriven.com/wp-content/uploads/office-1209640_1280-1.jpg8541280StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2019-08-17 11:00:062019-08-17 14:30:07Risk Management Solutions For Your Business
A VETERAN OWNED SMALL BUSINESS | Call or text now for a FREE consultation: +1 (770) 765-3692 | Website Login
Business Programs
A Guide: How to Stop Wasting Money in Business
/in Managing Your Business/by StrategyDrivenIt’s going to mean making use of all resources afforded to you, it’s going to mean making smarter investment choices, and it’s going to mean honing in on your mistakes — it’ll all be worth it in the end, though, when you’ve got a heap of cash to invest into the growth of your business.
To unearth all the things you can do to stop wasting so much money in business, be sure to read on.
Minimize your tax bill
Nobody likes the tax man, but unfortunately, he’s never going to go away. There are, however, ways to minimize the bill slapped on your desk every year.
To minimize your tax bill, you should:
Invest in good website design
Marketing, especially digital marketing, is essential in the world of business. By not running advertising campaigns, quite simply, you won’t spread your company’s message or attract new customers.
As important as marketing campaigns are, however, they need not cost you an awful lot. More to the point, they need not cost you as much as you are no doubt currently shelling out on them. When you choose to invest your money on good website design instead of advertising, you’ll be sure to find yourself saving thousands in the long run. This is because you’ll have a platform that can act as a constant source of important information; your website can spread your message at all times, meaning you won’t have to constantly spend your money on spreading it yourself.
To ensure that your website does everything a marketing campaign can do and more, you have to align yourself with a web design company like Plego Technologies. They will make sure that your website works well in both a practical and aesthetic sense.
Turn off and unplug your devices
Even when they’re not being used, if they’re still plugged in and turned on, the various devices that you use in your office could be costing you an arm and a leg. They will be using up what is known as ‘vampire energy,’ which means they will be draining your electricity bill for no reason whatsoever.
Before you leave your office of an evening, you and your employees have to go around and make sure everything is turned off and unplugged. Other important forms of action you should be taking in this instance include:
Take the above advice, stop wasting so much money, and put the cash you save to good use!
Diversity and Inclusion – Return on Investment, part 3: Employee Productivity Enhancement
/in Diversity & Inclusion, Premium/by StrategyDrivenHi there! Gain access to this article with a StrategyDriven Insights Library – Total Access subscription or buy access to the article itself.
Sign-up now for your StrategyDriven Insights Library – Total Access subscription for as low as $15 / month (paid annually).
Not sure? Click here to learn more.
Don’t need a subscription? Buy access to Diversity and Inclusion – Return on Investment, part 3: Employee Productivity Enhancement and gain access to it and the accompanying tool for just $2!
Diversity and Inclusion – Return on Investment, part 1: Employee Turnover Reduction
/in Diversity & Inclusion, Premium/by StrategyDrivenHi there! Gain access to this article with a StrategyDriven Insights Library – Total Access subscription or buy access to the article itself.
Sign-up now for your StrategyDriven Insights Library – Total Access subscription for as low as $15 / month (paid annually).
Not sure? Click here to learn more.
Don’t need a subscription? Buy access to Diversity and Inclusion – Return on Investment, part 1: Employee Turnover Reduction and gain access to it and the accompanying tool for just $2!
How to Choose a Good Business Partner
/in Entrepreneurship/by StrategyDrivenHaving a business partner is beneficial for a huge number of reasons. If you want to reap these benefits, then you have to make sure that you choose someone who is reliable as well as someone who can devote the same amount of time and energy into the company structure.
Trust
Trust is essential if you run a small business. If you don’t trust someone with your bank details, you shouldn’t appoint them as your business partner. This is a very simple rule, but it can save you from making a bad hiring decision. It may even help to search your partner online to see what organisations they have been involved with. Here’s an example, of Aubrey Ferrao.
Friendship
If the person you are hiring is a good friend, then you may think that they are a good fit for your business. This is great, but you do have to make sure that their goals align with your own. They need to be responsible for the company and they also need to have a good level of devotion too. If your friend is going through some personal problems, then this could complicate your business operation and sometimes this can cause issues.
Always have a Trial Run
Another thing that you can do is appoint someone who you already have experience working with. This way you know if they are a team player and you also know if their personality reflects the business you operate. If you do a trial run, you won’t have to let them down or fire them. You simply make a call at the end of the trial period and you can also avoid setting any unrealistic expectations.
Focus on Varied Strengths
Make sure that your partner’s strengths are different from your own. If you and your partner are good at sales but nobody is good at customer service, then this won’t help you on an operational level. Running the business will become much more challenging and you may even find that you don’t benefit from having a partner at all. To get around this, find someone who is able to compliment your strengths and balance everything out as much as possible.
Balance your Responsibilities
Both parties need to agree up-front what responsibilities they are going to have. You also need to make sure that you stick to them too. If you have one person who is trying to take over and do everything then this won’t do your company any favours and you may even find that the partnership itself unravels.
Talk about Money at the Start of your Partnership
Money can cause major problems in a business. Therefore, you need to agree in the beginning what kind of funding you are going to use and even how you are going to distribute the profits too. If you are able to discuss this properly from the beginning, then this will really help you out in the future and you may even find that you and your partner have a better relationship.
Risk Management Solutions For Your Business
/in Risk Management/by StrategyDrivenProtect Your Work
When you are using digital devices, it’s essential to save your work on your device, at all times. But not only this, you should be storing it somewhere else too. One of the reasons being, an increasingly problematic issue that occurs for small and large businesses alike is the threat from hackers. And so, a backup solution is necessary (along with anti-virus software and IT systems) to prevent intruders and strategically prevent the stress that these issues shall cause you. Keeping your digital files on one device is extremely risky. Although not just because of hackers, other threats such as office fires that could damage your electronics, and burglars who could steal your equipment. Depending on the amount of intel you need to store and protect shall decipher what services and solutions are best for your business. You need to weigh up whether cloud services, external servers, or external hard drives are adequate enough for your business intel.
Safety Equipment
In terms of health and safety, there is some equipment that your physical business premises simply can’t legally do without. Such as fire doors and fire alarms in the event of an emergency. Alongside this, there are other precautions you can take to prevent cost inducing damage to your premises that may cause accidents. For instance, if you own or are storing large quantities of fluid on-site (oil, chemicals, fluid, etc.), you may want to install a liquid level switch to consistently and reliably monitor the fluid levels. This shall help to indicate whether there is a leak before it’s too late. Other forms of equipment are CCTV, to monitor the premises and alert you if there is a risk that could be detrimental to your business activities.
Business Insurance
Chances are you don’t have the means to purchase a new building, settle claims against your business and buy brand new equipment outright if the need arises due to a natural disaster or criminal activity. Because of this, it’s a good idea to purchase business insurance to cover you if something awful (and expensive) occurs. This is the last port of call in your risk management program so that if the other steps you’ve implemented have not protected your business as planned, there’s hope that the insurance company will cover the damage. In light of this, read through the terms and conditions of your insurance policy carefully, to check that you have adequate coverage for your business needs and the possible eventualities.
To begin managing potential risks that could occur at work, you can either walk around the premises and assess any areas that need attention. Such as faulty doors, or untidy cables that could cause a nasty fall. Otherwise, you may wish to hire a professional to check the business premises for you.