For every small business owner, budget is a concern. Whether you are just starting out or have been in the game for several years, you don’t want to make a decision that will cost you money.
Bad habits in business can lead to costly mistakes. Are these costing you money?
A lot of people start out wanting everything, then quickly realize they are paying for something that gets rarely used or isn’t needed. Simple is always better. Start out with the basics and add new things as you grow. You’ll not only save tons of money upfront, but you’ll figure out the tools that will really improve your business, instead of wasting money on things you don’t need.
Not Doing Research
We see many small business owners buying tools or products that they assume will work with their business, only to find out that it’s not a good fit. In the web design world, we particularly see this with themes and WordPress plugins, but it’s important to do research before every purchase to make sure what you buy isn’t a waste of money. Whatever you’re buying should fit well with the systems you already have in place.
Are you guilty of the following?
- Paying for overnight shipping because you waited until the last minute.
- Buying new items because you lost the old one.
- Paying a late fee on a bill because you forgot to pay it when it was due.
While those extra fees might not seem like much in the moment, over time they add up! Lack of organization can cost your business hundreds of dollars. Getting organized now will help you save money and reduce your stress levels in the future.
Not Knowing What You Want
If you aren’t crystal clear on what you’re trying to achieve, it can cost you money. There are a lot of moving parts to running a business, so it’s important to be clear on what you’re looking for. Before you start spending money, have a plan in place of what you want to do so you can make sure everything works together well.
Working With The Wrong People
We’ve seen many small business owners work with people that didn’t deliver the results they were looking for, which ended up costing them tons of money when they had to hire someone else. Do your research and communicate to whoever your hiring exactly what it is you’re looking for. You should be confident that whomever is on your team has your back!