How to Painlessly Lower Business Expenses
I'm a man of routine. If I don't have a rhythm and an organized list in front of me, I tend to get scattered. That's why every quarter I set aside a day to take care of my quarterly to-do list. This includes reviewing last quarter's goals, assessing and setting new goals, and of course taking my profit distribution (cha-ching!). But there's one secret item on my to-do list every quarter... okay, it's not THAT but of a secret. Every quarter I do an expense analysis. Now, before you doze off into a "math mumbo-jumbo" induced coma, hear me out. An expense analysis is super easy and doesn't take long to do. Go through each of your recurring expenses and do a status check. There are 2 things I want you to ask yourself: 1. Do I still need this? 2. Is there a cheaper option?
If it's something you need, then do some very basic research to see if there's a better price. Look at the website, browse competitors, or pick up the phone and call in and ask for a discount. When I did this at the end of Q4 last year, I hopped on my payroll software website and saw that they had added a new pricing tier just below mine. It offered all of the things I needed and was about half the cost. I was able to reduce the expense by 50% without losing anything. The truth is most companies don't have the time (nor the desire) to call you and let you know that you're overpaying them. It's up to us to do the research. Add this to your quarterly to-do list and let me know what savings you uncover!
The expenses most worth keeping are investments- things that provide value to you that's greater than the cost. My clients receive a huge return on their investments. Schedule a free call now.