7 Reasons Businesses Lose Money
Running a business is hard enough, let alone a start-up. If you are the owner of a small to medium business or if you are just starting up, you’re probably faced with different challenges every day. The issues may vary, but these can all affect your business growth.
One major problem any owner should face head-on before it can do significant damage is a business losing money. If you are always just trying to keep your head above water without any improvement in your business, you might be losing some money. Time to hit the books and locate where you are bleeding money. Metro Offices, the trusted provider of technology solutions in Arlington, VA, gives you an overview.
7 Common Reasons Businesses are Losing Money
• Too many meetings
Most meetings are a waste of time according to one study. In fact, about 60% of executives agree with it. Another 74% of them doubted their meetings were even effective. Any time wasted costs your company money.
• The Cost of Filing
Stockpiling an inordinate amount of paper documents is pricy. You may be surprised to know that you are spending $70 a year on the space cost alone. Unfortunately, it does not end there, as the approximate cost to operate and own a standard filing cabinet for one year could amount to a whopping $2,604. This cost is divided to the cabinet cost, space cost, supplies, employer costs, indirect costs, and filing clerk costs.
• Too Much Paper
Over 10,000 sheets of paper is used by the average office employee per year. Just imagine how much it will cost if your business has fifty employees.
• Expenses Repost Inaccuracies
Managing the books is a time-consuming, tedious task. This can be frustrating for anyone doing it day in and day out. Moreover, this could cause a significant amount of report errors.
With so many paper documents around, it will only be a matter of time before your office become cluttered. With your office in chaos, you could easily lose many important documents, such as receipts and contracts. In addition, the average employee wastes six weeks per year searching for important documents. Instead of being productive, your employee will just be wasting time going through the cluttered files.
• Security Breaches
Business information is a commodity; with the average cost of data breach around 23%, you are losing valuable information.
All these money-wasting problems means you need to go digital. Use programs that use security encryptions to keep your business information online protected. For this, be sure to consult Metro Offices. We are the leading provider of various office solutions, such as FlexDesk, hotdesking, and even a virtual office in Arlington, VA.
Learn more about our products and services by browsing through our website or by giving us a call. Choose Metro Offices for your office space needs today.