19 Jun Protect Yourself From These Three Profit Thieves
In this Two Roads Tip, Bill Piper warns small businesses about the three profit thieves we see most often in the accounts of new clients we onboard.
1. Redundant Expenses
Redundant expenses happen when anyone switches over services (like Internet providers or cell phone carriers) without canceling their original contract. This means that they are still paying for the old service while using (and paying for!) the new one. Miscommunication with a customer service representative or a glitch in their billing system may also be to blame for continued billing, so be sure to save some kind of documentation after canceling and keep an eye out for an unauthorized recurring charge over the next few billing periods.
2. Automatic Drafts
Automatic drafts are great because of their convenience. However, it’s important to keep track of them. With automatic drafts, it’s easy to accidentally be double charged. Also, if you’re signed up for an app or subscription that you no longer use, be sure to cancel it and then follow our advice for “redundant expenses” above to make sure the recurring charges stop.
3. Lack of Accountability
How much control do you have over business expenses? Who’s keeping tabs? Knowing what you spend money on and how much you spend is important, because if money is being spent, it’s not going towards your bottom line. Keeping your business expenses in check will help increase your profit margin and grow your business.
Do you feel like you should be making more from your business than what you’re making now?
While these three profit thieves are easy to eliminate with proper account monitoring, others are not quite so simple. Contact us online or give us a call at 865-212-0063 and we’d be happy to review your account and discuss your concerns. Sometimes all it takes is a second pair of eyes.