Is your business leaking revenue?

No matter what stage your business is in there is always a risk that revenue is leaking. If you are a startup, the pressures to acquire and retain customers may lead you to engage in business practices that greatly increase your overall risk. If you are past the startup stage your business may have outgrown the basic processes you established to get it up and running. If you are a long established business you may have been lulled into business practices that are just not efficient and therefore are costing you money you should not have to spend. Or, (scarier) you may have employees or vendors that are taking advantage or outright stealing from you. It is always a good idea to take time to evaluate what you are doing and how it is being done to be sure that you are not leaking revenue.

Purchasing:
Are you really getting the best deal on the recurring expenses that are necessary to run your business? Have you analyzed the cost of supplies, mail, phone services over time? Do you know what it would cost you to move an office should the rent rise too much? Does your bank provide the services you need at a price that is competitive? Are you paying too much for credit card services?

Processes:
Are there processes that are too centralized giving one person a lot of control with little oversight? Is there someone who never seems to be able to take time off and who never shares the processes they do with others? Some assume it is a way to promote job security, but it is also a warning sign of potential fraud. Have you taken time to talk to the people who actually do the tasks within a given process? Chances are they have a lot of ideas on how to do it more efficiently. What kind of reporting do you do? Can you measure any of the processes you do?

These are just a few basic things you can do to get a sense of your revenue risk. I would be delighted to learn more about your business and the challenges that may make these things hard to do. Send me a note!