Owning a small business isn't cheap by any means. There are hundreds of things to spend money on, and keeping track of all of them can some times feel like its own job. While the importance of budget tracking is a no-brainer, it can be easy to overlook items that you assume are necessary. You may be spending that hard earned revenue on things that seem unavoidable, but in reality are just slowing your business down. Let's take a look at 5 things that are draining your budget for no reason:
Phone Plans
As a service business, you and your staff are going to need smartphones, tablets, and other gadgets to get the job done. While modern tech has made doing business easier and more efficient than ever before, they come at a price. It's no secret that cell service providers are some of the best when it comes to gouging every penny possible from customers, it doesn't have to be this way. Call up Verizon, T-Mobile, Sprint or whatever carrier your staff uses, and talk to them about your wireless plans. Chances are you are over-paying, or even paying for the wrong plan. If you're willing to argue a bit with your provider, you can almost always decrease your bill. Threaten to leave for a competing carrier and you'll have a lower bill by the end of today.
Bank Fees
Does your bank statement typically have more fees than actual transactions? You're not alone. Banks are another business keen on scraping every nickel out of your business. But remember, just like you would do anything to keep a customer, so will they. Go in to your bank with the attitude that you deserve better, and you'll walk out with less monthly fees. For example, ask about what it would take to get free checking for your business, you may simply need to maintain a monthly average (which you might already be doing!).
Subscriptions
Subscription models are designed to get you in the door and then let you forget about that $10 a month you have been paying for the last 3 years. Take a close look at your next credit card statement and make sure you aren't paying for any subscription services that you haven't used in months.
Tax Penalties
This one is all down to organization. Luckily, next tax season is a full year away. Take a look at our last blog post with some great tips for tax season here. Now use those tips to get organized and be prepared ahead of time for next tax season. Pay all of your taxes on time and you'll save a big chunk of change on penalties and fees this time next year.
4 Pointless ways you're wasting money