Ever looked at your business expenses and wondered where on earth all that money went? You know the big bills are coming, of course. Rent, wages, electricity. No surprises there. But what about all those smaller purchases that seem to pop up out of nowhere?
Maybe somebody’s ordered something the office already has, or you’re still paying for a service you haven’t used in months. It doesn’t take too many of those little oversights to put a dent in your budget.
Here are five purchasing mistakes worth watching out for.
1. Buying Office Supplies Whenever You Run Out
Picture this. Someone needs printer paper, so they order a box online. Two days later, another person realizes the office is running low on pens and places a separate order. And then someone else discovers there’s no toner left, just as they’re trying to print something important.
Sound familiar? Buying your stationery supplies this way means you’re forever placing little orders, paying extra delivery fees, and occasionally having to pay top dollar because something’s needed urgently.
Why not get everyone to add what they need to a shared shopping list throughout the week? Then you can check what’s already in the supply closet and put in one decent-sized order instead of five separate ones. You might even get a better price on some of the things you use regularly.
Just don’t go ordering 500 highlighters because they’re on special.
2. Sticking With the Same Suppliers Forever
How long have you been using your current internet provider? Or the company that handles your cleaning? If the answer is something along the lines of “since we opened,” you might want to do a little shopping around.
Suppliers don’t always volunteer their best prices to existing customers. And while loyalty can be a good thing, there’s no harm in checking what else is available.
Try getting a couple of quotes when a contract comes up for renewal. It’s worth remembering that your suppliers are usually pretty keen to keep your business. In many cases, a conversation with your existing supplier about lower quotes you’ve found elsewhere will be enough to convince them to lower their prices.
3. Paying for Subscriptions Nobody Uses
Remember that project management app you signed up for last year? The one everyone was excited about for roughly two weeks before going back to spreadsheets?
There’s a good chance you’re still paying for it.
Software subscriptions are particularly sneaky because the monthly charges often look pretty harmless on their own. But add up a few unused accounts, overlapping tools, and premium plans nobody really needs, and suddenly there’s a decent chunk of money disappearing every month.
4. Choosing the Cheapest Option Every Time
Found a ridiculously cheap office chair online? Before you order ten of them, have a look at the reviews. If half the buyers are complaining about broken wheels after three months, that bargain might not be quite what it seems.
A dirt-cheap deal isn’t much of a saving if you’re replacing that item twice as often.
5. Forgetting to Check the Invoice
Ever paid a bill and then realized later that something wasn’t quite right? Maybe there was an extra delivery charge you weren’t expecting, or the supplier billed you for six items when you only ordered five.
It’s surprisingly easy to miss these things when you’ve got a stack of invoices waiting for approval and a dozen other jobs competing for your attention.
Let’s try a little experiment: Next time an invoice comes in, pull up the original order and compare the two. Are the quantities, prices, and items delivered all correct?
If you’ve got someone handling the accounts, get them into the habit of doing the same thing. It only takes a minute or two for a straightforward order, and you might be surprised at what turns up.
