There’s a lot more to running a business than making money. You have to look out for the concerns of your employees and customers alike. But that doesn’t mean you should carelessly let money waste away! If you’re not keeping a careful eye on your finances, you might find a lot of money is being spent that could have been kept in your pocket. It’s your responsibility to look out for ways to save the business money. If you’re not utilizing these three resources, you could be losing money.
Social media
While it might not be your first thought to put your business on social media, there are a lot of benefits you could be gaining from it. A lot of brands use this as a way to keep in direct contact with their customers while also growing their audience. Social media can be very effective if you know how to handle it properly. On sites like Twitter and Instagram, brands often take a comedic approach. They incentivize people to like and share posts at the same time growing brand recognition. It’s basically free advertising.
On top of free advertisements, you can also use your social media platform to build a strong relationship with your customers. Asking questions, posting polls, and similar methods can give you quick access to feedback. You can gather data and information which will help you to improve your products and the customer service you provide. Having strong feedback will stop you from losing money, creating products your customer does not like or value.
Unemployment Tracking
One area that is often overlooked is unemployment. However, with the recent impact of COVID-19, many employers found themselves having to pay unemployment claims. If an employee resigns, or you have to let someone go, they may want to file for unemployment money. If their claim is approved, the company has to pay it. Keeping track of the claims is extremely important.
If you lose track and fail to pay claims, it can end up costing the company a great deal of money. Tracking claims can also cost a lot of time. Depending on the company’s size, you may have to assign a full-time employee to fulfill the role. Investing in an unemployment tracker may be your solution. You will easily find information when you need it, and you would no longer have to worry about losing a claim.
Business apps
When it comes to technology, I am amazed when it comes to all the gadgets and software out there. You can find an app or tool that can make many of the tasks required for your business’s day-to-day operations easier. From budget trackers, payroll software, or communicating with your team, the technology exists. Take time reviewing your business processes and look for places you can incorporate technology. Then, research to find the right tools that fit your need and your budget. Investing in these tools will, in the long term, save your business valuable workforce hours.
There are many businesses out there that are losing money by not utilizing the resources available to them. Make it part of your strategy to review your business’s processes and procedures to see how you can save money by taking advantage of what is out there. Here’s to YOUR success!
Carolyn R. Owens has over 25 years of proven experience and serves as a Career Strategist, Executive, and Leadership Coach. She is the President of Infinity Coaching, Inc., where she can help you up-level your skills so that you can up-level your income, career, business, or life. Infinity Coaching, Inc. provides organizational training and one-on-one and group coaching. She is also the host of “Let’s Coach with Carolyn.” You can listen to the show on Spotify, Apple Podcasts, Stitcher, or wherever you enjoy listening to podcasts.
