At Together Business, we understand that keeping tabs on your expenses is crucial, especially as your business grows. While many business owners are diligent about managing costs, as your company expands, it's easy for management control to slip, leading to unnecessary spending.
To ensure your business stays lean and efficient, it's essential to regularly review your overheads. This should become a routine part of your business strategy, ideally conducted annually.
Here are some questions to guide your review:
- Do you and your key staff have clear expense budgets? How are these budgets managed?
- Have you taken a close look at your debt service costs and associated fees?
- What policies do you have in place to control expenses for sales staff, including allowances, vehicle expenses, entertainment, and credit card usage?
- How much did you spend on marketing and advertising in the past year? Have you evaluated the effectiveness of each spending component?
- When did you last update your IT support contract? Are you paying a fixed monthly fee, and is it appropriate for your current needs?
- Take stock of all your monthly subscriptions for SaaS cloud services. Are you fully utilizing these services, and are you on the right plan for each?
- Do you view your accounting fees as a cost or an investment? If it's merely a cost, it might be time to explore ways to reduce it. However, if you're seeing tangible benefits from our services, consider increasing your investment for better business outcomes.
To maintain control over your spending, it's advisable to set budgets and monitor them regularly, preferably on a monthly basis. We're here to help you navigate this process and demonstrate how reducing overheads can positively impact your cash flow. Let's discuss the best approach for your business.
