“Beware of little expenses. A small leak will sink a great ship” – Benjamin Franklin
As solo-entrepreneurs, we face many challenges which are related to Limited Resources, most notably Time & Money. We need to be vigilant in examining all aspects of our businesses in order to make them as efficient as possible, reducing the strain on our resources.
Since the financial side of my business is my least favorite – except depositing checks, of course – its analysis had languished on my To-Do list.
Paying my company credit card bill finally inspired me to scrutinize all my expenses. I pay monthly/yearly fees for a number of tools, subscriptions, memberships, etc. Most of these add value to my business. But an honest assessment of ‘regular use’ exposed a couple of them as expendable. So they were axed.
The whole process took about an hour. Huge savings? No. Some extra money that can be put to better use? Yes. Additional bonus – I feel good about it.
When was the last time you really analyzed at all your expenses, no matter how small? You might be surprised what you find.