Small Problems That Can Sap Big Money From Your Business

Whether you’re new to the business world or have been at the helm of your company for years, there’s one thing that all entrepreneurs have in common: they always have one eye on the bottom line. Even the most altruistic of businesses have to keep their focus on the finances; at the end of the day, if the finances don’t add up, then your business will cease to exist.
For the most part, companies tend to focus on the big things that can cost them money. A high staff turnover rate, for example, is incredibly expensive. A supplier who is taking more than they’re delivering. These, and the thousands of other potential problems, all pose a significant risk to your financial outlook. You should pay attention to them… but they’re not all you should pay attention to.
Sometimes, the seemingly small costs are the ones that could be causing a substantial nuisance to your bottom line. If you’re wondering why you appear to be leaking money, then it’s worth investigating to see if one of these might be occurring…
Are You Constantly Replacing Employee-Related Items?
A few examples of employee-related items that can make a surprise hole in your business finances:

• Stationery supplies. It’s a good idea to keep the office well-stocked, but if employees are misusing or potentially even stealing, then eventually you’re going to feel the financial pinch. Sure, businesses can get deals on stationery to make the cost more affordable, but you still want to check all items are being used appropriately.
• Cards and ID accessories. While it’s easy to think that if you’ve found a great site with good prices for these items, even the small cost will eventually become substantial. You may want to consider charging employees for replacements if they lose them too regularly.
• Reissuing any work uniform or safety gear can also become expensive. Again, if an employee loses these items too often, it’s not unreasonable to ask them to replace them at their own cost.

Talk to your employees and see if any of these areas are potentially causing problems.
Are You Wasting Money On Printer Ink?
As you’re likely aware, printer ink is extortionately expensive. Many employees may be tempted to use the work printer for business and personal documents, so first and foremost, ban this practice.
Secondly, it’s worth looking into laser printers. They are a more expensive upfront expense, but their maintenance costs are far more affordable. Small businesses can muddle through on standard ink, but an upgrade to a laser printer will eventually pay for itself.
Are You Staff Taking Too Many Sick Days?
“Sickies” are an issue that many employers have to deal with. The only way to challenge the issue is to keep detailed records of when your staff are taking time off. If you see a regular pattern of sick days being taken on the weekend-adjacent workdays, then there’s a chance that employee isn’t so much unwell, but more looking to extend their break from work. Keep an eye on this, and if you notice any anomalies, address it with your the person in question.
Getting a grip on the above issues might seem like small fry, but all of these problems are losses that your business doesn’t need to incur. Examine these areas, fix issues if you find them, and your balance sheet will soon be looking rosier than it has in awhile.