Published On: Fri, Jan 13th, 2017

5 Ways Your Company is Wasting Money

Every company must look for ways to limit expenditure to increase their profits. However, running a successful business requires you to juggle different projects, clients and campaigns, so it can be easy to lose track of finances or throw money at things just to get the job done. However, it is essential a business owner looks for ways to stop throwing their money down the figurative drain.

5 Ways Your Company is Wasting Money

Not Knowing Your Talent

Most employers only look for the qualifications they require for a role on a person’s CV and ignore the rest of their experience. For example, you might have hired a skilled web designer, but did you know he or she also has a Master’s degree in English literature? If not, they may be sitting at their desk spotting all sorts of grammatical problems on your website, but are afraid to tread of the toes of your content marketing team. Utilise everyone’s strengths to tighten up weakness, because your employees could offer even more value than you originally realised.

Start talking to your staff. Find out more about their academic and career background, as well as learning about any hobbies they have outside of work. You never know, your administrative assistant could be fluent in French, providing your company with an excellent translation service.Top of Form

Not Using Promotional Codes

How many times have you bought a computer, desk fan or office stationery but failed to look for money saving promotional codes? We’re guessing a lot. This is a big mistake, because all those little savings could save you a significant amount of money. There are so many deals to be had online, from enjoying a free ride to a meeting with an Uber promotion code from Ridester to free delivery from a frequently used computer technology company.

Not Keeping it Simple at Trade Shows

So many companies make the mistake of trying too hard at trade shows with too many promotional advertisements and gimmicks. While all this can be a fun way to attract visitors, sometimes less can be more, because people will think you are trying to hide your poor services with promotional materials.

Sometimes the best way to sell a company is to allow it speak for itself. While you should invest money on some marketing promotional materials, don’t give it the hard sell – and identify the best trade shows to attend in your industry so you don’t waste both time and money.

Not Cutting Underperformers

You might like Sally on reception, but if she is rude to visitors then it might be time to cut her loose. While it might sound cold, you cannot continue to employ underperformers simply because they are nice people. You are running a business, so strive to motivate your employees to push your company into the future. If someone is holding you back, it might unfortunately be time to say goodbye. You will want to employ the best of the best, so your company can become the best of the best.