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7 Reasons Your Business Is Losing Money - And 7 Easy Fixes

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Is your business losing money? It may be...and maybe without you even knowing it? Here are seven reasons your business may be losing money...and seven easy fixes to make it stop. Keep that cash flowing in your business - don't let it flow out.

Published in: Business
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7 Reasons Your Business Is Losing Money - And 7 Easy Fixes

  1. 1. YOUR BUSINESS IS LOSING MONEY I :1 DI Q — — ‘Ix I _ u 0: _ I‘ * JJ »‘ A/ JIUECLFJ
  2. 2. 1 Too Many Meetings ACCORDING TO ONE STUDY. 0 of executives complained O doubted their meetings about time wasted in were effective 0 meetings. 0
  3. 3. SOLUTION To replace or shorten some meetings, distribute information through cloud services that allow employees to share files and folders online. #neatSMBtips
  4. 4. Ai; oigi'm: nnr= _ii= -mar io i)9I= ll: li= '-tlllil own. :J . ~Iir= .IuofP= .it-il llllugi ec= .If-nniai lei; ll” '1' ‘Aux: Or-Jlf-llui-.5‘: -I-Hi -ll-4.-Jr-_'-ml: -4-‘llu-m 2 The Cost of Filing Storing paper documents IS GXDGHSIVQJ The space cost of one standard flllng cablnet is over «rv—v~ but that's just the tip of the iceberg. .. "v 0. IL. =1.-r-. i-I: .1:n: l:nx. _y1ia @% ll‘ ". ' ‘ nu. .- Ill-Ilh‘-—l-I‘--(-)~<l‘lr '-I-):4.'Jr. . = l(-i : ;.4L. ';I2 Jaiii. -It-21:34-I-'. -ii 28.‘! our: .'l= r‘-. lJ flit-»~ -Il= ia: - uni-I-I1‘ulL'--r-W
  5. 5. 2 SOLUTION Keep documents organized and backed up online for more efficient document storage and retrieval. #neatSMBtips
  6. 6. 3 Too Much Paper The average office worker uses over 6’ l0,000 SHEETS OF PAPER PER YEAR. Equaling about $80 per employee. Addltlonal costs throughout a paper's “Ilfecycle: " %‘§E’@ Copying Shlpplng Handling Storage E
  7. 7. 3 SOLUTION Convert to online documents for billing, invoices, expense reporting, memos, and more. #neatSMBtips
  8. 8. 4 Expense Report inaccuracies I’~~I~iiiJ. J tr» I4. of iw wiiwtx JJIJJI _I>J~i~ Il'lIlil J: -IJ~JJ~: ~» l~I‘I‘l'f‘J~ IJJJIJJJI in tJrnJJ—J JJIl‘JlllllIIlI] JlIl<I frJi~: Jtrnitin«i. TIWIH t: —»Ii: >iJi~: . «: c.'~: Jt»>I‘iJ I4>‘LlII"J~ in . J ; >J<'x »'~J~: iiJ«'i J Iist of : Jl~ JJJit: 2 9 FOR A TYPICAL EXPENSE REPORT
  9. 9. 4 SOLUTION Use an automated expense report system that lets you snap photos of receipts for automatic storage and data organization. #neatSMBtips
  10. 10. 5 Disorganization in the Office The average employee wastes six weeks per year searching for important documents. For an employee with a yearly salary of . , THAT'S 'a-7“ : ‘ er-. Io-ii ) / ”~‘: ' . .-rem. Salary S wasted J . ..more than 10%
  11. 11. 5 SOLUTION Keep documents organized online. Simple searches can find the information you in seconds. #neatSMBtips
  12. 12. 6 Security Breaches In 2014, the average cost of a data breach was around Up 23% from the previous year. V v That's partially due to the long recovery time. which often takes about 31 DAYS at a cost or $20,000 per day. ‘$20k ‘$20k ll -$20k I8 -320k 25 -320k '320k 1? -320k 1 9 -320k 26 -$20k ‘$20k I3 -320k 20 -320k 27 -$20k -$20k I4 -$20k 2 I -3201! 2 8 '320k -$20k ‘$20k I5 -$20k 2? -320k 29 '320k -320k ‘$20k 16 -$20k 23 -320k 30 -$20k -$20k I0 -$20k l7 -$20k 2 4 -$20k 3 l
  13. 13. 6 SOLUTION Use programs that use encryption to keep your business information secure online. #neatSMBtips
  14. 14. 7 Tax Mistakes About O% WR5 ii-‘(ii lire £ii'J J_i . iei. §i<‘i»; < of per year in IRS» i: »eI’JaltJes. MAKE SURE EVERY FIGURE ON YOUR RETURN IS ACCURATE
  15. 15. 7 SOLUTION Keep your information organized online so that when tax time rolls around, you can get accurate data in just a few clicks. #neatSMBtips
  16. 16. it‘ Don't let these little problems fly under the radar. Fix them now to avoid bigger losses in the long run. entrep r-gneur com/ ‘a rt ic le/83l>32 nap-: > n»: -t/ p r»: «s: ._rc c»m, /cirgani: ing_: .tatistic 5 pdf nd. r}i: i-4/1td, :"'servi»:9-info, -"coststoring-paper d.5r| <rea~:1ir. g c«: »m. i"atta-: ks-breach-95/ccist-cf-a-data-breac h que: -imlishirig com/ ‘a rt ic I»: -S, /&FIliC l—: - as pi-17p = l 393497 -iun‘ps-by-23-/1:1,. /d -id/ l'5Iv3'337 bl :92 aterdeen <: om/ ccvmmuriiizati ans. /the-true-cc»st-c f-ti)‘: -3,/ ’ sba c_io~. i,-"’l: il ; -gs/ "8-small-I: usiness-tax-preparation-mistakes-avoid vA. u ‘» ‘~¢‘ '. 'A'o'-‘Milt? -I «(-1 II is ‘£3-. $s: » 3 . ‘S 5: S 3 "S Sf $s,5 3 us t : ~;s s5’. 'ss$~. es s sources 2 ss s‘5~. ‘ssS-. 53%‘
  17. 17. WHATS NEXT? Looking for more business resources and tips? Visit the Neat Space blog and follow us on social media. 0 9 ® 1 necitt

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