Money hack to protect your revenue

A keen eye on where money is going in your business makes all the difference when it comes to sustaining the business over the long-term. How do you guard against leaks in your business operations that prove to be costly?

Pay attention to the “boring” stuff. I know that’s not what motivated you to build a company. That’s not what inspires you to join a company and be part of the team. We want to focus on the “fun” stuff—marketing, promoting, networking, launching new products, and so on.

The reality is that none of the fun stuff is fun for very long, because the boring stuff will begin to take up more and more of your time and money if you continue to ignore it.

What’s the boring stuff? Here’s a list of items we often pay less attention to than we should as we rush head-long into the flashier aspects of business.

(1) Insurance

(2) Entity type

(3) Legal and compliance requirements for your industry

(4) Contracting

These may not be the fun and flashy parts of business, but they are business imperatives if you plan to be around for many years to come. All of these areas, if ignored, cost money. That’s revenue that you should be enjoying as profits., and it’s no joke. Small businesses incur liability in excess of 160B annually. That’s a lot of revenue leaking through the cracks.

What step will you take today to prioritize the boring stuff and protect your revenue?

#smallbusiness #businessrisk #boringbusinesstuff #legal