Episode 42: Where is your business leaking money?

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When was the last time you looked at your expenses? In my latest episode I talked about it. Full transcript below…

Welcome to the Business Numbers podcast. I’m your host, Ben McAdam. I’m a profits coach, virtual CFO, and entrepreneur, and I’ve created this podcast to help you grow your business profits and understand your business numbers without judgment, and without burying you in a whole bunch of jargon that you don’t need. Just actionable tips and case studies to help you grow your business. For show notes, go to the website businessnumberspodcast.com. 

Where’s your business leaking money? And I like the ‘leaking’ image because it’s not like it’s gushing forth because that will be noticeable, but leaking is something you kind of get used to, you put up with, you can imagine that scene from any old movie where there’s a leak in the roof and so they just put a bucket under it and then they forget about it. Just piles up, and piles up, and ends up with decent amount of water in that bucket. 

When was the last time you looked at your expenses? Most business owners look maybe every 12 months and when they make the first purchasing decision, but that doesn’t really work in this age of recurring monthly expenses. So go look at your credit card statement or your bank statement for the last month and see if there are any expenses that you could cut or reduce. It only will take you a few minutes but could be worth hundreds or thousands of dollars per month. So worth a little bit of effort.

If you have a little bit of extra time, if you can give me a whole 10 or 15 minutes, I’ve written out an exercise, simple step-by-step instructions-it’s not just about cutting expenses. If that sounds interesting, if that sounds useful, go to profitscollective.com/qph, that ‘Q P H’ stands for ‘quick profit hunt’ and you can download the exercise there with the simple steps. You can go find yourself some profit and plug the leaks. And I’d love to know what you find. 

Thanks for listening to the Business Numbers podcast. Subscribe in iTunes, Stitcher, or on our website, businessnumberspodcast.com. Also on the website is a free basic concept webinar and a contact form for submitting questions that you’d like me to answer on a future episode.

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