How Your Business is Losing Even More Money Than You Might Expect

It’s essential to be able to budget in business. Having some form of predictability in your finances is essential for those future plans you’re going to make. Yet, besides the regular expenses and income, you will often find you have less money than you thought. And why is that? It’s because there are expenses you’re not thinking to account for. Here’s how your busy is losing money right under your nose.

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Be more resourceful

Every business should expect little one-time costs that come as a result of the passage of time. A piece of furniture might break, a piece of equipment might need a repair. They might be negligible costs in the moment, but they will build up if you’re not taking proper care of your equipment. Extend the life of your furniture by investing in higher quality and protecting it with materials like laminate. Have a proper preventative maintenance schedule for your hardware. Use your resources more wisely.

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Hold onto those employees

Even more expensive than having to replace a table is having to replace an entire person. In fact, some studies say that you could be paying over £30,000 when you replace an employee. From the labour lost while you wait for a replacement, to the hiring process and training involved, it’s not too far-fetched to see how you could get to that number. So do your best to keep your employees. First, focus on those who don’t do too much job hopping and show signs of looking for a reliable long-term career with you. Then make sure you’re going the extra mile to retain them, like making sure their job engages and motivates them.

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Get your money

If you run a business that offers payment options besides immediate transfers and cash, then you’re probably doing a lot of your accounting based on projections. Yet, late payments and unreliable customers can cause you to deviate a little too much from those projections. If you’re invoicing, make sure that you’re firm with setting and following deadlines. If you have any kind of credit options, then it’s a good idea to use services like a credit recruitment agency to get people on your side who can help you see whether or not a potential borrower is reliable enough for the business.

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Get more done

It can be harder to measure, but you need to think about how much work you’re getting done for the amount of time spent in the office. If you’re not getting a return on investment for each of your employees, then you will be losing money without even recognising it. Instead of having to let them go, see if you can’t help them get more productive. For instance, teaching proper time management and improving communication with workflow software can see you get a lot more done in the time you have.

You can never truly predict your finances to a level of 100% accuracy. But what you can do is eliminate the risks of hidden costs by taking the times to identify where they might arise from. Hopefully, this article helps you do that just a little better in future.

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Three Ways To Improve Your Home Without Really Trying

A lot of us are dissatisfied with our homes, but we don’t necessarily have the time or inclination to completely change everything. We only have so much spare time, which makes it incredibly precious – and even if we have a little spare cash, we don’t necessarily want to spend it on renovating our entire kitchens! Luckily, there are things that you can do without going broke or spending too much time on it…

Think Of New Ways To Clean

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Cleaning fills a lot of us with a deep sense of dread. Things build up and build up until you realise that you’re living in a pigsty and you’re going to have to spend the entirety of Saturday cleaning up. There’s nothing worse than having to waste one of your precious weekend days on something as banal as dusting your surfaces – so it’s time to start cleaning in a slightly different way. Make sure that everyone in your family contributes – make a rota if you have to. You should also try to clean little and often – pick up mess when you see it instead of resolving to do it later. Doing it gradually will turn it into a less overwhelming job.

Improve Your Quality Of Life

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In your home, you should be absolutely comfortable at all times. It’s your haven, your refuge from the rest of the world, a place that’s resolutely your space, so it’s important to try to ensure that you really love it. If your couch is uncomfortable, start looking around for a new one – or if that isn’t a financial possibility right now, try getting a craftsman to replace any broken springs or get it reupholstered. You could also add some squishy pillows and a luxuriant furry throw. Your bathroom should also be somewhere that you relax away from the stress of your everyday life – we all know the feeling of the delicious silence of getting into the shower alone while your partner looks after your small kids! It’s important to make sure that your bathroom is a place of calm and peace. Try fragrant candles, high quality toiletries, and maybe even a water softener to help your soap and shampoo foam up more so you can really enjoy your shower.

Think About How You Use Your Home

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It’s important to consider how exactly you want your home to be used. If you have kids, for example, your needs will be extremely different to someone who lives alone. Maybe you’re having problems with your entire living room being strewn with your kids’ toys – if so, consider putting up a divide so your kids have a small playroom that doesn’t move too far into the adult space. If you want to encourage your family to eat together at the kitchen table in the evenings, make it a more comfortable space with warm lighting and cushioned chairs. If you work at home, prioritize your working space by getting yourself a chair that will support your back well. Your home can be as beautiful as any other, but if it doesn’t suit your family’s needs then ultimately it’ll be useless.

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