Sneaky Ways Your Business Is Losing Money
You spend a lot of time looking for ways to make your business more successful, but paying attention to the small cracks is just as important as paying attention to the big picture. It’s those little cracks that can suck up money, and the longer they go unnoticed, the more money they can consume.
You may be able to boost your success by re-evaluating how your business currently operates instead of looking for more customers or producing more products. Reclaim the cash that is already yours with the tips on this list.
Chargebacks are an important service that is provided by credit companies. It provides customers with a way to protect themselves against dishonest merchants, but what is chargeback fraud? That is when the card user is the one being dishonest.
Some people may request a chargeback, even though they have received the item, or if they received it later than they should have. Not only will you lose the money from the chargeback, but you will also have to deal with fees. Not to mention, you could eventually be switched to a high-risk merchant account.
There are a few ways you can reduce chargebacks. They include:
- Send goods, and send them on time
- Double check addresses
- Offer support options so you can answer questions
- Dispute chargebacks that are fraudulent or mistaken
Service Fees Are out of Hand
Service fees are the norm for individuals as well as businesses. It’s the way companies make money for providing a service. However, a few dollars here and a few dollars there can really add up.
Take a look at the services your office is using. You may discover there is a software trial that has expired that you’re paying for, but you have stopped using the software months ago. Cancel any subscriptions that aren’t worth the money.
You also have to keep a close eye on banking fees. From monthly service fees to excess transaction fees, there are likely things you can do to reduce or eliminate these fees. Speak with a banker and they can provide you with tips and tricks on how to save money with their accounts.
You Use Too Much Paper
It’s a great idea to reduce waste in the office. That’s especially true of paper. It’s much better for the environment to reduce the amount of paper you use, but it can also save you money.
The paper itself costs you money, but there are other ways paper is costing you money. It takes up storage space in the office that could be used to store other items. If you’re considering spending more money on a bigger office, instead consider how much extra room you would have if you got rid of paper.
It can also be costly because paper documents are easy to misplace. The time you spend searching for a document is time you could be spending on something else that’s more important.
Too Many Meetings
Most workers dread meetings. That’s because there are other things they would rather be working on. Those are the things that make your business money.
Stopping the meeting madness doesn’t necessarily mean that you have to get rid of meetings altogether. There are still times when it’s beneficial to get the whole team together, but it does mean thinking carefully about how you can reduce the number of meetings, the duration of meetings, and what meetings can be trashed altogether. Many meetings really would be fine as an email.
You probably already understand the importance of claiming all the deductions you can on your taxes. However, mistakes are just as important to be aware of.
Accuracy is extremely important on your taxes. If your return isn’t accurate, you could end up paying hundreds, or even thousands, of dollars in penalties to the IRS.
A few of the biggest mistakes to look out for include:
- Failing to report information exactly as it appears on tax documents provided to you
- Filing the wrong forms and schedules
- Failing to apply limitations on deductions
- Overreporting income by accidentally reporting sales tax
- Misclassifying workers as employees instead of independent contractors
Filing taxes is tricky. It really is worth the extra money to hire a professional who has experience filing taxes for businesses to avoid penalty charges.
Boosting your business isn’t always about looking for ways to make more money. Sometimes, it’s about figuring out how to keep the money you already have! That’s exactly what the tips on this list will help you do.