The point of owning your own business is to make more money while working less and being your own boss, am I right? BUT the downfall is because your financial well-being is so closely tied to your business, wasting money in your business means less money in your paycheck.
Ugh.
Obviously we all have necessary business expenses BUT we’re all also guilty of carrying around some UNnecessary business expenses as well. The good news is, taking a close look at where your business is wasting money and finding a solution means a more profitable business and a raise for you!
Let’s take a look at 5 hidden ways you’re wasting money in your business.
Disorganization
Searching for files & documents is not only frustrating but very time consuming. When you ARE the business, time spent searching for emails and old contracts is time NOT spent on income producing activities. And this time really adds up!
Create a folder on Google Drive or Dropbox and start saving all your frequently used documents and emails there. Don’t feel you have to do it all at once. Start adding them as you dig them up to send to new or existing clients. And make sure to label them! Use a specific and clear title so you’ll know what the document is later.
Items to add to your folder:
- Proposal templates
- Contracts
- Questionnaires
- Canned emails
- Surveys
- Etc.
Next time you need to send one of these documents you won’t waste time searching your inbox or Drive for the last time you sent it. You’ll know exactly where to find them! AND, when you’re ready to start automating your business having these items handy will be super helpful.
Lost Sales (Not following up)
If you’ve ever forgotten to follow up with someone or send that proposal you promised, you’re not alone. Many of my done for you Dubsado setup clients have admitted to the same. You’re busy and the idea of finding the last proposal you sent, tweaking it, typing an email to send it and then following up on it sounds, well, daunting.
Not only does failing to follow up cause missed sales (ie money!) all the time you’ll spend getting that proposal ready to send is also a waste of money. Remember, you’re the business owner and time=money!
Want a money saving double punch?
Automation baby!!
Using a tool like Dubsado you can:
- Send the proposal
- Send the contract
- Send the invoice
- Send your new client questionnaire
- Send the follow up email (because they didn’t answer the questionnaire)
- And get the first call scheduled
All with the click of a button!
Good-bye wasted money and hello pay raise!
Your VA
Don’t get me wrong. Hiring a VA can do amazing things for a business. There certainly comes a point when an extra set of hands is necessary. BUT, if you’re not careful, you could be wasting a lot of money on them. If your VA is performing a lot of repetitive, manual tasks, it’s time to review their job description.
Tasks like:
- Sending proposals and contracts
- Scheduling
- Sending invoices
- Following up
Can all be automated and thus completed for FREE! (Ok, maybe the cost of a CRM but trust me it’s a 1000 times cheaper than a VA!).
My favorite way to automate these repetitive tasks is with Dubsado. All of these To Do’s get To Done with the click of a button! And my VA hours are spent on way more productive (and income producing) tasks!
Invoicing & Payments
Ever forgotten to send a client an invoice? Didn’t realize an invoice hadn’t been paid until weeks after the due date? Still manually sending invoices and making notes in your calendar to do so?
Forgetting to send invoices or following up with missed payments is a big way business owners waste money. And the worst part is, this is money they just neglected to go get!
Automate your invoices and have clients set up for automatic payments as often as possible. Using a CRM like Dubsado will allow you to collect payments right when you send a proposal or contract AND handle the invoicing and payment collection as the project progresses for you!
Tools
Ready to start saving money every month?
I bet if you took a look at your credit card statement, you’d find at least one or two charges a month for tools you don’t use. With so many options, it’s easy for business owners to struggle with finding the right tools to run their business. This often leads to them bouncing from tool to tool swiping their credit card along the way. Not only does this waste money when that recurring charge hits, it also includes a lot of wasted time as you try to learn and set up tool after tool.
It’s time for a tool inventory.
Take a look at all the tools you’re signed up for. If you aren’t even using it, cancel it immediately. Most online tools and programs you can cancel at any time.
And for the tools you are using?
Ask yourself if you’re using them to their full potential. For example, many of my Dubsado setup clients are already using Dubsado. They utilize the projects feature and typically even have their contracts and some invoicing happening in there. BUT they are rarely utilizing the workflows feature to the best of it’s ability. And the workflows feature? That’s where alllll the time-saving automation happens!
Examine the tools you use closely. You may find you can even get rid of some if you are using others to the max.
Want to learn more about how to save money and time by using Dubsado in your business?