Businesses always need to work on their expenses and streamline them, especially when the economic environment doesn’t look so good. In the following article we look into some of the most common time and money wasters in business...

1. Not Networking with the Right People

While networking is an important part of business, networking with the wrong people who aren’t your target audience will drain you of both time and money. Yes, it may make you feel productive, but the return on your investment will be low. This not only applies to person to person networking, but also to social media.

2. Not Leveraging Outsourcing 

Getting the most out of any business requires you to go by strategy. And outsourcing is a strategy that cannot be ignored, especially when you’re looking out to cut costs and save time. A lot of times companies make the mistake of hiring in-house talent and end up paying more, when they could simply outsource the many tasks to professionals who are much more capable. 

3. Not Doing Things Yourself

In the above point we discussed how outsourcing can help you save time and money. But there are times when you are in a position to take care of some of the tasks yourself, by working an extra hour or two during the week. This way you will be saving a nice chunk of money by putting in a little more effort. In the long run, this amount that you save will definitely add up.

4. Not Understanding the Value of Time

One of the most common money waster is nothing but wasting time. That’s right - if you don’t understand the value of time, and how it equals money, you end up  wasting something precious that you will never get back. When you learn the skill of time management and use your time effectively, you can get more of the important things done such as servicing your customers, experimenting with different strategies, etc.

5. Not Controlling Money Leaks

Money not only leaks out of companies due to things like financial fraud, but it also leaks out when the employees are not focused enough and aren’t doing much to contribute to the bottom line. This is why every manager needs to show his team of workers how their work affects the company''s financial results. And get them to see and understand how they can make a difference to the company’s overall progress and control the obvious money leaks.

In conclusion, it doesn’t matter what kind of business you run or what type of long term goals you have, as long as you are consistently working on saving time and money, you will see progress.