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Monday, January 27, 2020

Background Money Drainers Entrepreneurs Ignore

Background money drainers are the sneaky ones that seem to add up, yet not to a business’s knowledge. Because these background money drainers are so slow in comparison to other expenditures, it’s easy to mistake them as irrelevant. Which is also easy to understand. It’s like with the bills in our personal lives. We’re so aware of the price to keep the house heated, or the price of our phone bill each month. But we don’t account for all of the random subscriptions we pay, parking for work, donations to charities. We ignore them because they’re so small in comparison to other things in our life. It’s the same with your business. It’s so easy to think that the smaller payments you’re making are nothing at all because you’ve got big budgets for things like marketing and sales. So, we are going to make you aware of some of the background money drainers that you might have been ignoring, and how much you might be able to save if you check them out!


Downtime
Downtime is one that many small businesses suffer from. Even big business websites sometimes have to deal with downtime due to the maintenance of their website. But, it’s important to remember that there is a difference between maintenance and downtime. Downtime happens when you use servers that are overloaded, or are hosting your website on a poor network. Downtime can be reduced by working with companies such as Solution Partner to make sure that you’re always online. They can handle the IT tasks that you would usually try and do yourself, such as spending hours on the phone to your hosting company to try and find out what’s going on. Downtime can have a terrible impact on your sales, and your reputation as a business.

Staff Not Needed
It's hard to judge when you're going to need staff. It's easy to think that you're in need of staff when you're actually not going to be in need of them all year long. This can lead to an overspending during slower times of the year, such as the month of January. Other than making someone redundant or cutting down someone's hours, you can only reduce other costs of your business to balance it back out again. It's also important to factor this in for any other employees that you hire. Be sure to make sure that you can afford to have them on your payroll all year round.

Purchasing Likes On Social Media
This is a bit of a random one to finish up on as we know it's not going to be a problem that everyone is having. But some small businesses go down this route, and it's easy to see why. It just seems like a business is more reliable if they have tons of followers and a lot of likes on their social media. But spending too much on it is a trap that many small businesses fall into. It can then turn into spam if people notice that you're paying for your likes.
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