Why is Your Company Haemorrhaging Money?

If you are concerned that your business could be losing money and want to do something about it, then you have come to the right place. This guide will tell you why you are losing so much money, and what you can do to stop it from adversely affecting you in the long run.

Poor Accounting

One of the top reasons why small businesses end up losing money is because of poor accounting. If you want to have any chance of success, then you need to know your numbers. If you don’t then you can’t possibly know how much is coming in and out of your business. When you run a company, there is no room for inaccurate accounting. If you are slow to log your transactions, then you will never have a clear idea of how much you have at any given time. If you buy a lot of supplies but do not enter the transactions into your books immediately then you may think that you have more money than you actually do. Small errors, such as mixing up your numbers or recording items in the wrong way can devastate your company. You can avoid errors like this by closing and by reconciling your books. You also need to carry out internal audits and go through a professional accountant when finalising your business records.

Poorly Priced Products

You have to do what you can to find a good middle ground when it comes to pricing your product. If you sell your product for too much or for too little, then your company will eventually lose out on money. If you set your prices far too high, then customers will never buy your product. People may even view your products as being unaffordable and they will go elsewhere. If you set your prices too low then you may not turn much of a profit, and this is also the last thing you need. It can be very difficult for you to create a price for your product but at the end of the day, it is not impossible, You need to conduct a market analysis to learn what customers you have and what they are willing to pay. Making sure that they are able to pay in the way that they want is also important. If you haven’t done so already, now is the time to look into a merchant account for CBD.

Combined Bank Accounts

Whatever you do, you have to make sure that you don’t use one bank account for your personal use as well as for your business use. Open up another bank account if you can. If you share an account with your business, then you may find that money becomes muddled and that you have no idea what belongs to you and what belongs to your business. If you have one account and a personal emergency comes up, you may be tempted to use your business bank account to pay for it. Talk with a financial advisor if you need some support with this.

3 Things Every Landlord Should Know

A lot of landlords renting out their property are doing it for the first time, and haven’t yet had the chance to gain some experience as a landlord. There’s a lot to be considered as a landlord that you might not have thought of before you got close to opening for rent. While you’re likely to learn while renting, you would save yourself a lot of bother and possibly even money if you took the time to learn a little about what other landlords know beforehand.

Providing quality

Quality is important if your tenants are going to be happy, and it will also play an important role in making sure you get the tenants that you want. It’s not always easy finding tenants that you’re happy with – but you’ll find that your property will have a higher demand if you’re promising better quality living conditions. With businesses like the HLF Group, you can make sure your property is properly furnished with quality furniture, and you won’t have to worry about your tenants going without or feeling unsatisfied with what they’re paying for.

By providing a great standard of living, you can keep your tenant turnover low, and as a result, see a greater income from your property.

You might need a property manager

Unless you’re planning on making landlord your full-time occupation, you might want to consider hiring a property manager. Not only are you going to have someone who is there to handle all of the major issues that might crop up with your property – but they can also help you to find new tenants, automate bills, and so on. If you’re working your own job, or have more than one property on the market, it’s a lot of responsibility. Instead, you can work with a property manager to discuss what needs to be handled by them, and when they should get in touch with you.

For example, if there was any serious damage to your property, you could have your property manager handle it without needing your input. However, they’re not going to cover the costs for you, and you’ll typically give them a sum of money for use in these kinds of situations. It helps to streamline the whole thing and can make your life as a landlord much easier – especially when you’ve got tenants that other landlords would usually find difficult. Property managers have experience handling many different types of tenants, so you can rely on them.

Be sure to cover safety checks

As a landlord, it’s important that you’re making sure all of the proper safety checks are done as they need to be. Your gas appliances will need to be checked on a yearly basis if you’re going to continue renting out your property legally, and without that, you might face legal trouble. Other features like a smoke alarm, and other forms of security will also need to be checked routinely, and your tenants should receive the report on your checks shortly after they have been performed.

How Any Business Can Improve

If you run a business, then you’ll be happy if things are going broadly well. However, in this competitive market, there’s no option to take your foot off the gas; if you want to ensure that you’re just as successful — or even more successful — later on down the line, then you’ll need to take steps today to ensure you’re in as strong a position as possible for when that time arrives. 

The good news is that positioning your brand for the future isn’t some impossible task. You can take a methodical approach. If you take all the tips we recommend in this article, then you’ll be on the right track for a prosperous future. 

Gather Feedback

Want to know what you should be doing to improve as a business? Don’t leave it up to chance — ask your customers what they want to see, and then make it a reality. Customer feedback can be highly valuable, so it’s odd that more businesses don’t think to include it in their strategic decisions. The challenge, of course, is actually getting the feedback in the first place. Don’t just send out the occasional email asking for their thoughts and opinions; take a concentrated approach, and you’ll see a greater response rate.

See What the Competition is Doing

You should very much be focused on what you’re doing. However, there is value in keeping an eye on what other businesses in your industry are doing. You might find that the industry leaders are doing some things that you’re not — but which you should be doing. Of course, you can get too far down this path. You shouldn’t mimic what your competitors are doing all the time. However, if you see something is becoming standard, then make sure you offer it. 

Get External Help

You’ll be able to do a lot when it comes to improving your business. But there’ll be some things that you can’t do, either because you can’t see the issue or because you don’t have the necessary skills/tools to make the changes. This is where external experts can come in to help. You may hire a consultant to analyze your business performance, for example, or recruit a company like Mas Management Systems to optimize your business operations. Whatever issue you’re facing, you’ll find that there’s an expert company out there that can help you. 

Refine the Hiring Process

Your employees, if you have any, will be the backbone of your success. The stronger your team is, the better you’ll be able to perform — it’s as simple as that. If you’re looking to step up your business, then look at stepping up your recruitment process. All too often, businesses end up with underperforming staff because of mistakes they’ve made during recruitment. It’s also important to ensure that your team can reach their full potential once they’re on board. That means investing in their training, creating a positive work environment, and all-around ensuring that they have the tools they need to deliver their best work.