Find out where your business is leaking money

In the current tough economic climate, business owners need to make sure that they are saving every penny. However unbeknownst to many managers and owners, money can leak from the most unlikely of places in a business.

This is according to a recent article in Inc. magazine which provides this six-point check list of where your business could be losing money.

Online charges: Subscriptions to online services can often mean a monthly fee. However it’s worth checking if you are being charged at the right level for your useage.

Shipping: Do you really need to send everything overnight? Companies often tick this as the default choice when a slower and cheaper service could be as adequate.

Bank charges: Like online charges, regularly check that you are getting the best service and fee structure from your bank.

Web hosting: It’s worth checking your contract to see what kind of charges your service provider is billing you for.

Reimbursements: Have a clear expense policy as to what you will and won’t reimburse employees for.

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