It is an undeniable fact that the current state of affairs is difficult for small businesses. Trying to compete with Goliath-sized companies is a bit like swimming upstream in molasses for your small business. You may be unsurprised that you are counting every penny and monitoring revenue on a daily basis. But are there options for income that you could be missing out on? Included here are a few ways your small business could be losing revenue, as well as means to correct it.
No Credit Card Processing
Credit cards are like candy in today’s world. Everyone has at least one and they will use them whenever they get the chance. If your small business has been lagging behind the times on integrating a credit card processing machine, you could be losing out on valuable revenue. Look into options that offer low percentage fees or a flat monthly fee; you will likely earn back all money you lose in fees with the uptick in business.
Poorly Trained Staff
Staff who lack training are one of the most dangerous components of a small business. Often, you will employ only a few people, so you want them to be self-starters who are capable and competent. Don’t be a micro-managing, control freak of a business owner; give your employees room to operate and make available to them all the tools necessary for success. You will have more time to spend on the oversight of the business and less of your time, and your employees, will be wasted.
Ineffective Marketing
Marketing is an important tool for generating revenue for your business. However, if you are marketing to the wrong customer group or area, you are throwing money away on a monthly basis. Take time to ensure you are marketing to the customer group most interested in what you have to offer; you will generate more sales and save money by only talking to interested ears.
Improper Accounting
Are you losing money but have no idea where? Instead of stopping the leak are you just attempting to generate new revenue? Lazy accounting is a great way to lose money constantly and without identifying your problem areas, your business will not succeed. Make sure every dollar in your business is accounted for and you are managing your money wisely each month.
Mixture of Personal and Business Funds
Going hand-in-hand with the problem of accounting, mismanagement of your income is another way to be sure your business won’t succeed. If you are using the same account for business-related expenses as well as personal, you are likely under- or over-paying yourself. Give yourself a weekly paycheck, like any other job, and keep the business’ funds separate.
