Four Ways You’re Losing Money

Four Ways You’re Losing Money

Half the battle of starting a small business is figuring out the best way to make, spend, and save your money. It isn’t easy deciphering complex financial options, especially as you grow. But there are four things you can stop doing to save your company cash, and funnel it back to the places it needs to go.

  1. Falling Victim to the DIY Curse

When you’re running a business, you know what needs to happen. You know how the logo should look, what messages should go out on social media, and how to balance the books. Even if you can admit (albeit begrudgingly) that some of these may not be your best talents, you’re the one most dedicated to the outcome. But sometimes letting other people support you can make all the difference. If you let someone else focus on the bookkeeping, that’s a huge time and energy weight that you can take from your shoulders and give to someone else. Focus on your strengths so that other people can give you the best of theirs.

  1. Not Knowing the New Tax Laws

Did you know that under the new tax law, you can get a temporary credit up to 12.5% of an employee’s wages when you provide them with family or medical leave? The new law changed how small businesses in particular deal with taxes, credits, and income. Some of this might save you some money once you’re familiar with it–but being unfamiliar can also cost you. It’s worth hiring someone who knows these laws and how to use them with your best interests at heart.

  1. Where’s the Money Going?

Just like with personal finance, it’s easy to fall into a trap of spending without really paying attention. We all know that it’s impossible to make money without spending some, but it’s all about your strategy. What are you spending your money on, and how can you use it to your advantage? That’s where a good Virtual Assistant can come in, to track what you’re spending your well-earned cash on, and how to be more tactical about it. But make sure that you check in with your bookkeeper! Don’t make the mistake of taking the “I’ll Deal With it When it’s an Issue” attitude. It will always become an issue sooner than you think.

  1. Overwhelmed and Scattered

Keeping a business afloat can feel a lot like you’re trying to fight a leak in the boat. But make sure that you have someone paying attention to the bookkeeping; without it, you can end up with fees and penalties for missed deadlines. A bookkeeper can make sure that you’re paying your taxes, getting payroll in on time, and that everything is correct and balanced at the end of the month. Don’t lose money because you’re not asking for the support your business needs. Even if your business is doing well, it’s never a good idea to let free money go. Take charge of what money comes in, what goes out, and where it’s all going. Contact us for help with bookkeeping, virtual assistance, phone reception, and more! TOS Pin-7