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As a business person, no matter how smart and prudent you are, sometimes you still lose money. Some decisions you take or don’t take can make you lose money or cause you to miss out on some opportunities to make money. Either way, costs result which could drain your profits. Discover here some avenues through which some of these losses can occur and how you can prevent them from hurting your business.
Rejecting Credit Cards as a Form of Payment
Many small business owners reject credit cards as a form of payment because they either want to avoid fraud or to dodge fees that are associated with accepting credit card payments. That is not a very smart thing to do because these days global business trends favor the use of credit cards for convenience and ease of payments. Invariably, your business may be losing customers and money if you reject Credit Cards as a form of payment. Finding a way around your fears is what works best when it comes to accepting any payment methods, credits cards inclusive, for your business.
Not Taking Full Advantage of the Internet
No matter how many books you have read, nothing beats the Internet where you can easily take advantage of free and affordable content. Books could be of help, Mentors too are helpful but learning from the Internet is most cost-effective and convenient. Before the internet and social media, people only had access to others through work, face-to-face, or perhaps, someone they met at a business conference. These contacts can be limiting and there is no guarantee that they would help you in any way. Today, there are so many ways to learn from people no matter how far away they live or how successful they are for little to no money. Many thanks to the Internet and Social Media! You could be losing out on information flow and by implication money if you are not taking full advantage of the Internet to get useful content from blogs and social media profiles of experts in various fields.
Focusing too much on the Big Picture
Even if you lay out a big plan for your business, it pays to start small then build up. When new entrepreneurs overly focus more on long-term goals, they tend to lose sight of the simple things they need to do to grow their business steadily. They strategically neglect the fact that it is the little things which you do well which tend to add up to big things in summation. Focusing more on the short-term actually helps you in the long run. You lose money and focus when you do otherwise.
Unknowingly Shortchanging Yourself
If you run a service business, the cost of your time is where you make money. As such, one very good way to guard against losing money is to protect your time. If you have already made allowance of time to render a service, stick with it. If however you have cause to do extra time because of client requests, be sure they pay for it otherwise you will be shortchanging yourself. You lose money when clients start asking you to do more work than expected outside of the agreement without compensation.
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