| Four Things You Shouldn’t Cut From Your Business Budget

Posted in Finance at 9:00 AM by Loftis Consulting

I know, I know! There’s so much pressure on small businesses to cut things out of the budget and make saving these days! It can be super hard to know what to keep and what to get rid of especially when there is so much pressure to get the best out of absolutely every bit of money. But when you have to look at making these dreaded cuts, bear in mind that getting rid of some things is just not worth it. Read on to find out more.

 

Cleaning

OK, so you have to make some cuts, and you think, how dirty could our office possibly get? Or maybe ‘so and so’ could do a quick clean up and empty the bins before they go home, that will be a good money saving idea. But stop! Actually keeping your office clean is way more important that you realize.

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Firstly it’s where you customers come to see you, so you really want it to look its best and maintain your professional image at all times. That is why it’s essential to keep your contract cleaning service on, despite making cuts.

Secondly, when lots of folks work together in one place, the opportunity for sharing germs it’s so high. So do you really want to be cutting out the only barrier that you have for this? Is so, then you should think carefully about how many people are taking sick days now and the effect that getting rid of your cleaning service could have on that.

 

Marketing

Another area in which you should try and avoid cuts is your marketing budget. This is because no matter how confident you are in the product or service that you offer, you aren’t going to sell as many as you could if your customers don’t know that you’re out there.

Did you know that most leads come from marking, rather than the customers finding your products or service first time, or even being referred to you by another happy customer? You have to make this search work in favor of your company and not your rival. So that is why as always worth keeping some budget in reserve for marketing purposes.

 

Staff Rewards

OK, so you might think that cutting staff rewards is a great way of saving money. Not only are you paying less out, but you are passing some of the losses that your business has incurred on to your employees. Which will surely make them work harder?

Wrong! All it’s like to do it make them even more demotivated. Especially the ones that were trying as hard as possible anyway! Steer clear of this false economy wherever possible, and try to keep your workforces’ spirits up, as this will have a positive effect on your business.

 

Accounting

Something else that you should never scrimp on is accounting services. Come on, unless you have been trained as an accountant, it can be almost impossible to make heads or tails of all of those figures!

That means accountants are one type of business professional that you should always use. This is because you do need someone that can effectively interpret the numbers, or else you won’t even know whether you need to make any savings or not! Or when there are more resources to invest in other areas of your business development.

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