#HIDDEN BUSINESS ISSUES SOFTWARE#
That means computers, phones, printers, papers, scanners, fax machines, software for your computers, hardware to store the information, website development and maintenance, and IT consulting (whether in house or out sourced).” – Branding Beat 4. Another expense to keep in mind is the cost of technology your business will need. “If you plan on having any humans work in your office, that also means you need to buy toilet tissue, soap, paper towels, plates, cup, refrigerator, desk, chairs, file cabinets, etc. Most people anticipate a rent or mortgage when they choose to buy or rent office space, but once you have that space you still have utilities (gas, a/c, electric, water, internet, phone services, etc.) to plan for. “Unless you are running your business out of your home, you need to consider where it will be located. It’s also a good idea to negotiate annually with your health insurance provider so you can better budget for premium costs and other fees.” – Wasp Buzz 3.
These perks don’t have to be pricey benefits such as flexible schedules, telecommuting and casual dress codes can do a lot to boost retention. It’s more cost-effective to retain good employees than recruit new ones. In some industries that cost is even higher. Furthermore, it costs about one-fifth of a worker’s salary to replace that person when they leave. “Failing to invest properly in your employees, providing a living wage, a clean environment, office perks and other benefits can lead to high employee turnover. Employee turnover costs including hiring and training new employees” – Hiveage.Office perks like ergonomic seating or Friday afternoon pizza parties.Certifications, classes, conferences and training.Paid vacation time, sick leave and maternity leave.What you may not realize is that there are many more smaller expenses that quickly add up, such as:
You’ve probably already factored in the big things such as salaries, payroll taxes, benefits, and retirement plans. “Whether you have 5 or 500 people on your staff, there are several employee expenses that must be taken into account when running a small business. Everything’s going great…until the unexpected costs show up.Īvoid the surprises by planning for the eventuality of these 12 hidden costs. You’ve made a business plan, hired staff, bought inventory and made sales. Invoice Factoring Guide for Distribution and Wholesale Companies.Invoice Factoring Guide for Tech Companies.Invoice Factoring Guide for Manufacturing Companies.Invoice Factoring Guide for Trucking Companies.Invoice Factoring Guide for Oil and Gas Companies.Invoice Factoring Guide for Staffing Companies.The relationship economy and sales prospecting.
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