Managing Your Business


04 14 2017

3 ways small businesses lose money

04 14 2017

3 Common Ways Small Businesses Waste Money

Running a small business can be incredibly rewarding. At the same time, though, it can also be really difficult. Few people are experts in every aspect of entrepreneurship. For example, you might be amazing at sales, but accounting isn’t your strong suit.

In any case, lack of information and expertise results in profit loss for many business owners. There are countless ways small businesses miss out on money – are you making any of these costly mistakes?

1. Not tracking your marketing efforts

To bring people to your business, you need to invest time, effort and money into marketing. Without marketing your target audience may not know you exist. Though marketing is the cornerstone of building a customer base, it’s also crucial to focus only on what actually works.

To this end, Google Analytics is probably your best bet, Entrepreneur pointed out. If you’re not already using it, start today. If you’ve installed Google Analytics but don’t understand it, take the time to learn about what each piece of information means and how to apply it to your business’s marketing strategy.

2. Overpaying for office space or equipment

Every business needs to have a dedicated physical space. Even if it’s an online business, it’s still helpful to have an office to do your work and keep your files. But not every business needs a middle-of-main-street storefront, Fortune Marketing Company pointed out. If you’re renting an expensive location that’s not bringing any added value to your business, consider uprooting and finding a more affordable space.

Just as every business needs space, nearly every business needs some sort of equipment. But as a small business, you probably don’t need as much as you think. When you’re new, consider using an alternative lender to lease the equipment you need, then ramp up to the newer models later on.

3. Not being energy efficient

You may not think that something as unrelated to your core business plan like your heating bill is affecting your finances a whole lot, but don’t overlook rising utility costs. You can save small amounts of money by upgrading your light  bulbs and being sure that all computers are turned off at the end of the day, Business Insider explained. All that adds up to savings that could be applied to your marketing strategy, equipment or supplies.


  • National Funding Appears on the Inc. 5000 List Five Times in a Row

    National Funding makes Inc. magazine’s prestigious Inc. 5000 list five consecutive years reporting 185% growth from 2013 – 2016 for the new 2017 list. SAN DIEGO, Calif.--(BUSINESS WIRE)--National Funding, one of the country’s leading financial technology companies for small and medium-sized businesses, ranked as one of the nation’s fastest-growing private companies on two prestigious lists.… […]

  • Changes to the Affordable Care Act

    How to Prepare Your Company for an Obamacare Fallout

    After years of concern related to the Affordable Care Act and the additional burdens it placed on organizations, there's a new issue to contend with. President Donald Trump made promises in the past to roll back the ACA - commonly called Obamacare - and a potential replacement bill was released in early March. What does… […]

  • How to incorporate a small business

    Incorporating A Small Business: Why, And How, To Do It

    Most small businesses begin as sole proprietorships. That means that you, the owner, are the business, and the business is you - in the eyes of the law, at least.There are a number of benefits to being a sole proprietorship, including the minimal legal expenses involved in forming one, no required corporate tax payments and… […]

  • Small business tasks you should outsource

    What Small Business Tasks Should You Be Outsourcing?

    As a business owner, you have a long list of responsibilities and tasks you need to be on top of. But there are some things that you simply don't have the time, expertise or money for. An important lesson successful business owners learn sooner or later is that turning to a helping hand at the… […]