Not every business spends every ounce of their resources wisely, with many regularly flouting budgets and having more ambition than they know how to fund.
Conducting a company-wide audit could be a strong starting point to right a few wrongs here. Even if your own firm is responsible for its finances, there still might be an area or two where the money is being wasted.
Still, some areas of waste can be seen without the audit. They can still be overlooked, but their presence is always felt. Here are the 3 areas where your business could be wasting money dramatically.
1. The Commercial Premises
The use of a commercial building does not come cheap, especially in affluent areas. While it can be nice to have a prestigious for your business, it is not always a cost-effective solution.
Many firms today have begun working from home, their hands largely tied by the effects of the coronavirus pandemic. Still, many workers have surprisingly found pleasing results in the change, and many now question whether a commercial property is viable. After all, if the job can be done well enough at home, then why bother heading into work?
Rent fees, utilities, commutes, accidents on the roads, late arrivals – all these factors cost your firm time and thus money in equal measure. There is also the consideration that, for many employees, their productivity surges at home, making your business more money. Everything simply works better, especially when it comes to finances.
2. Compromised PPC Marketing Strategies
When a pay-per-click (PPC) marketing strategy is in full swing, it can mean great things.
However, when your efforts are being undermined by an outside presence, then all resources you’re channeling into your campaign objectively go to waste. For more valuable insight, read ClickGUARD’s article about bot farms. Automated technologies are used by competitors to click your links into obsoletion, destroying your budget so that no customer or client will see the ad. Fortunately, solutions to this are out there thanks to ClickGUARD.
Your marketing efforts need to reach the right people. PPC marketing means you pay for every click, and if bots are robbing you of genuine visitors, they are effectively stealing from you. Follow ClickGUARD’s guidance, as they recommend click fraud protection tools and other much-needed safeguards.
3. Bad Hires
Workers who do not pull their weight need to go. It is really that simple.
It might seem cruel, but the business needs to grow and onboard people who want to see the company do well and contribute to that mission. If there are employees present who show up late, are dispassionate for what they do, or even actively despise their situation, it may be time to say goodbye. They will be happier elsewhere, and you will be glad they are gone.
Remember that there is a real, weighted cost to a bad hire, so the recruitment process needs to be refined to. Ask the right questions beyond the generic, and really try to gauge how each interviewee really feels about your firm. Do not settle for someone who is passive or who simply ‘needs’ a job. Great workers are the fuel of a firm, and without them, your business will lose money rather than make it.
