We've all heard the phrase "look after the pennies and the pounds will look after themselves", and it seems that even in business, this really is the best way to approach your spending - some would even argue more so!
Research by AXA only confirms this. They state that those almost unthought of costs that just come as part of the office such as tea bags and toilet rolls really can mount up and cause the biggest surprise to your bottom line. You also need to think about the spending on things like printer ink and stationery.
They're taken as a given by staff, but whereas when we're spending on much higher profile things like technology we'd automatically look for value for money, apparently around two thirds of employers surveyed by AXA admitted they don'teven look around to find the best prices. Without thinking they could be laying themselves open to spending thousands of pounds on unnecessary costs - or costs where they could be getting much better value for money.
Cashflow Protector in Bromley raise this as a potential issue for your bottom line. Keeping a tight rein on costs is really important, and could have a huge impact on the financial success of your business. Don't just accept renewals, and don't just remain with a supplier because you've always used them.
Monitor your costs and renegotiate, or switch suppliers as small regular costs really do mount up over the course of the year.
