What if you had money leaking right out of your business in front of your eyes but you never noticed?
Would that tick you off?
I would certainly be pissed.
Yet, if you’re like most business owners I work with you are likely squandering hundreds if not thousands of dollars a year.
But you’ll never take the time to reclaim it.
Because you are too busy chasing more revenue, handling the day-to-day, and never getting around to one very simple task that can have you keeping more money in your pocket (for the good stuff, like wine, or playtime, or that really attractive retreat you’ve had your eyes on).
Big gurus spend all their time sharing flashy systems and programs for boosting your top line revenue. Top line revenue is good. But bottom line profit is better. That’s the stuff you get to keep and use to grow your business and fuel your personal finances.Top line revenue is good. But bottom line profit is better. Click To Tweet
What’s better is this is immediately within your control and the impact is almost instantaneous. Try getting that sort of speed from the results of a webinar or email drip campaign.
So here’s the simple step. It’s not rocket science. It’s not trademarked. It’s not hard.
Regularly review your recurring expenses.
Let’s pause while you cool down from letting the sexiness and sizzle of that step to sink in, shall we?
Let me ask you:
- How many different expenses in your life or business do you automatically and systematically pay for month over month, year over year, without ever noticing it?
- How often do you take a moment to evaluate if you still need or get value from the thing you are paying for?
That’s what I thought.
While I regularly help clients find all kinds of money this way, one story really had an impact on me.
As my client and I were reviewing expenses and ROI on a variety of her efforts, she realized that for several years she had been paying for two identical property insurance policies for the same business location. Paying for this duplicate service resulted in several thousand of dollars per year spent for nothing. Ouch!
Would taking 30 minutes or an hour to find $5,000 be worth it to you? Would you “find the time” and “get around to it” then?
While not everyone is going to find a goldmine in one expense like this, I can almost guarantee you that you will find hundreds if not thousands of dollars that you spend every year that could be reallocated elsewhere.
11 easy places to look for “found “ money without having to look between the couch cushions.
- Insurance – right coverage, best price, no duplication or gaps
- Subscriptions for print publications
- Subscriptions for online media
- “Easy monthly payments” for cloud based software or online tools you no longer need or use – such as: backup services, graphic tools, social media tools, paid website plugins, calendar apps you never use, duplicate cloud-based storage systems
- Dues for professional organizations you no longer want/need
- Membership fees or paid groups you no longer actively participate in/learn from
- Phone “add-on’s” (example – it makes no sense to pay for cell phone replacement insurance monthly 2 years after the phone was purchased!)
- Retainer contracts that are no longer a fit
- Cable or internet services that creep up in cost for things you don’t need
- Bank service fees that could be reduced
- Merchant account fees (that might have a more cost-effective or centralized solution than when you first set it up
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There is an endless array of small dollar purchases that add up over time. I’m not suggesting you prune the items that you use regularly, make your life easier, or bring you great joy. This isn’t about being miserly or a tightwad. It is about making excellent use of your resources so you can direct them to the things that bring you the greatest return – on your investment, your time, your energy, and your joy.