In the early days of a company, it’s easy to spend money on costly things like business cards and filing your taxes. The best thing you can do is wait until your sales ramp up before spending more time building out a brand identity or marketing strategy.
“how small businesses can save money” is a blog that talks about how small businesses can save money. This blog also discusses the importance of skipping the jalapeños, as they are costly and have little nutritional value.
They say hindsight is 20/20, and I’d do things differently if I could start again on that project… I would be a different parent if I could travel back in time to when my children were little… If I could go back in time and order what I did last night at the Mexican restaurant, I would forgo the jalapeos… I’m sure you understand where I’m heading with this. In retrospect, life is filled with lessons.
Finding excellent advice and following it correctly the first time is the polar opposite of that. A adolescent may pick the jalapeo and be forced to learn the lesson the following day, but as company owners, we are wiser than that, right? It’s never joy in business to realize you could have avoided the hassle and saved a lot of money if you had done things differently.
So let’s speak about avoiding the jalapeos right now and sparing ourselves the regret later—in business. What if I told you that “doing it correctly the first time” might save you thousands of dollars each year even before your company opens its doors (no multi-level marketing or get-rich-quick scams involved)? What if I told you that one of the most basic aspects of operating a company, although frequently neglected, may turn into one of your greatest headaches? A time-waster, a stress-inducing machine, and, worst of all, a huge black hole of cash?
One little adjustment
Okay, enough with the suspense; I’m exhausted just thinking about all of these possibilities. The solution is… employee time monitoring, which is common, un-dramatic, and frequently un-sexy. Whaaaa? That is correct. It’s SO EASY to monitor time on a piece of paper, a spreadsheet, or a good-old-fashioned time card that it’s often neglected. The truth is that a company with ten workers earning $10 per hour that switches from time cards to real-time time monitoring (read: accurate, down-to-the-minute and second time tracking) saves almost $5,000 per year. Yes, it is correct!
According to the American Payroll Association (APA), businesses may save 2% of their annual gross payroll expenses by automating their time and attendance monitoring. Furthermore, proper payroll will save an estimated 10% in tax requirements, which are paid on top of each employee’s hourly rate.
So, how much money would your company save? Find out how much by using our Time Tracking Calculator. Most companies have already paid the needless expenses of incorrect time monitoring, so we call it payback.
If your company is still in the early stages, don’t fall behind—start smart and pay it forward with automatic time tracking that connects with your accounting software (such as QuickBooks or Xero), saving you countless hours of data input, paper cuts, all the money, and jalapeo regrets.
True, and your future self (as well as your bookkeeper) will be grateful.
The “5 tips on how to save money” is a list of five different ways that new businesses can save money. The first tip is to skip the jalapeños.
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