Small Fees...Big Hits
It is inevitable that in business, there will be some things that slide especially in the beginning of your business. You are wearing many hats and it’s not possible to do every area greatly. There are some hats that you must pay attention to. One of those hats is the accounting hat. In the beginning, we tend to wear the accounting hat ourselves and as business grows we outsource it. In this newsletter, we are going to talk about various fees that we pay in our business that should be avoided.
These fees are small and in the moment seem inconsequential. But when it comes to looking at the overall picture, these fees eat up your revenue and take away from areas that you do need to spend on in your business. Some of these fees can be overdraft fees, late fees, interest fees. If you look at this in perspective, most banks charge a fee anywhere between $30-$35 for each overdraft item. If you were to overdraw three transactions, that’s now $105 you have to pay immediately. As a small business, those funds can be used for business cards, a website or even a logo.
As always, if you can’t keep track of your business finances due to your business growing or it is overwhelming you, seek the help of professional services. The fee for the services will be better invested than in the fees for which there is no investment return. Bottom line, don’t pay for fees that at first glance are small but in the long run your business will suffer big hits to its revenue.