It is hard to know whether you are using the best products and services for your business. Business owners’ top priority is to get bang for their buck, and without proper guidance, this can be difficult to achieve. This article details 4 expenses you should review, and determine whether something needs to change.
1. Accounting fees
Is your accountant constantly contactable and proactive? If this isn’t the case maybe it is time to review whether they are the right fit for you. The most common concerns surrounding accountants are a lack of responsiveness, transparency and proactivity. If you are happy with a once-a-year contact accountant, that is fine, however if you are after something more, you should make the change. With your accountant, they should be a sounding board for your business decisions, allowing you to extract as much value out of them as possible.
Software is critical to all businesses these days as we are in the age of technology. Gone are the days of keeping track of income and expenses or inventory via paper. There is software for almost anything, which is fantastic for business owners trying to streamline their operations. You need to use the best tools available at your disposal and therefore researching what options are available is crucial.
With this, it is possible to overcapitalise and use software that is too advanced for what you are trying to achieve. It is extremely important to use apps and programs that are suitable to your size of business, so you can maximise efficiency and not waste resources.
It is hard to determine whether the fees you pay for marketing is baring the results it should, however if one avenue has continually lacked results, it may be time to change. LinkedIn, Facebook and Instagram are increasing in popularity and business owners are experimenting and getting some great results. It’s very hard to quantify some aspects of marketing, however if your ROI is resulting in more revenue than money spent, continue to use that channel. A good strategy is to use the profits from a successful channel into an additional avenue, increasing your reach by using two different digital marketing outlets.
Money is cheaper than ever now. The cash rate is at a historic 0.10%, with banks passing on these low interest rates. Businesses have financing for cars, trucks, and equipment. Now is the time to review your loans and determine whether refinancing will be beneficial. You should always use a finance broker as they know what buttons to press and will almost certainly be able to get you a better rate than directly approaching a bank.
It is hard to take a step back and analyse your expenses, however once you do, you will be able to identify some opportunities within your business. Contact Link Advisors if you think your money could be better utilised and would like our opinion.