Corporate funds need to be audited carefully to know where every cent is going. Losing money does not automatically mean someone is sticking their hand in the cookie jar, however. Sometimes, unwise decisions are what’s costing you so much.
Here are some examples:
Replacing Carpets Instead of Regularly Maintaining Them
Sure, carpets need to be replaced after water damage or after they have been damaged or stained beyond repair. These should not happen often if you have them maintained or regularly cleaned, however. Commercial carpet cleaning is there to help businesses in Provo keep carpets looking good as new despite their age, and having them cleaned is certainly cheaper than having the office re-carpeted.
Not Asking for Corporate Packages
For events involving a large number of your employees, you may save some money if you ask for a corporate discount. Though the company has the funds to pay for each individual, you can still use your money wisely by funding something worthwhile instead of a costly dinner for 20 that could have been less costly if you went for a group package. Before booking a table or trip, inquire about group packages and if you have the number of employees to match their requirements, compare the prices per head and per group. You’ll see a significant difference.
Having Too Many Unofficial Starbucks Meetings
One or two Starbucks runs should help encourage creative thinking, but if you’re taking everyone to Starbucks for daily meetings, you might as well be renting the space. The abundance of Starbucks branches in Provo does not mean you should conduct all your meetings there. Invest in a coffee maker in the office instead and save your employees from the unwanted calories while saving your corporate funds.
Planning for the success of your business means using company finances wisely. You’re earning big, but that doesn’t mean you should be spending unnecessarily, too.