How Being Cheap Can Hurt Your Business

How Being Cheap Can Hurt Your BusinessHave you ever witnessed a business that was acting so cheap that it was obviously hurting their business? Almost like they didn’t want to be in the business anymore and were purposely burning their business down? I have.

It’s a sad situation that doesn’t have to happen, yet it does all the time. It may seem like obvious mistakes to those on the outside, but to those who work at the company it may be a different story.

I’ve personally seen businesses close their doors because they were too cheap. The owners always believed they were helping the company by being cheap, but it actually turned out in many cases that they were preventing their company from growing. They were turning customers away, they were making good employees leave, and they were losing out on possible sales.

Below is how being cheap can hurt your business:

You won’t invest in items that will make your business appear better.

Depending on what kind of business you run, I’m sure there is some sort of appearance that you would like to keep. Your business should always be presentable and demonstrate the image you want your customers to see.

For example, if you run a brick and mortar store where customers come in and shop for high-quality expensive items, your store should be presentable and clean. If you skip out on cleaning windows, cleaning the floor, and so on in order to save a few dollars, this can scare customers away.

You run your employees ragged.

Do you have enough employees for your business? If you make enough income to hire another employee when you need one, it’s something you should definitely look into.

You do not want to overwork your employees and make all of them want to leave your company. This can cost you your best workers, and they may leave your company and join your competition instead.

You try to do everything yourself.

I’ve seen this happen several times. A person is building a business and tries to do everything themselves. They might be afraid to hire out because of the costs and because this means they may lose some control of their business.

However, this almost always is a recipe for disaster. Yes, in the beginning you may be able to do some tasks yourself, but you may actually start to hurt yourself and your business. All businesses either grow or die out. If your business is growing, then you will need help eventually with your business.

I have mentioned this story before. I used to work next to a retail store where the business owner literally managed everything himself. He was the store owner, he managed the inventory, he cleaned the store, he stocked the shelves, he opened and closed the store each day, he was the cashier, and everything else. His store ended up closing because he was too cheap to hire anyone to help him. There’s only so much one person can do before it negatively affects their business.

You won’t hire an accountant or a lawyer.

This one is related to the above section, but I think it deserves its own little area. Too many people think they are saving money by not hiring an accountant or a lawyer for their business. In some businesses this is not a necessity, but in many they are.

An accountant can save you money on your taxes, and help you in many other areas such as helping set up and manage retirement plans. A lawyer can help draft agreements and contracts, and they can also do other things such as help you get a trademark.

How else do you think being cheap can hurt a business?

What real life examples have you witnessed?

 

How To Get Everyone At Your Office To Hate You

357361903_63c51d4c1f_zWhether you are the person everyone hates or you know who the person is in your office, there are, of course, things everyone can work on. This post is not to bully anyone, it’s just meant to enlighten. For many, they do not even realize that the things they are doing actually drive others crazy.

I know that many people have that one person in their office that drives them crazy. However, what if you are the person in your office that people cannot stand? You might be if you are doing any of the below.

Below are tips to get everyone at your office to hate you, or you can do the opposite so that you can make friends :)

You eat stinky food for lunch each day.

Eating smelly food for lunch at work just once or often can be making everyone at your work hate you. I remember accidentally making this mistake one day at work.

It was when I worked at a retail store and I did not realize that my burrito would have smelled that bad. A few actually complained about it, and I felt horrible. Luckily only those in the back room (not on the retail floor) could actually smell it.

Your desk is a disaster.

Do you have garbage all over your desk? Maybe your office even STINKS because of the huge mess you’ve created. Maybe whenever a coworker asks you for something you can never find it?

If your office is extremely messy (like in the picture above), you may be driving your coworkers crazy.

You spread rumors.

Do you spend every Monday morning going around the office gossiping and spreading rumors for a few hours? Whatever the reason for why you feel the need to do this, you are probably making a lot of your coworkers mad at you, especially if you are telling lies about them. Some may feel like they cannot trust you as well.

Your e-mails are not very professional.

Do you know how to properly send emails? Here are some examples of emails that may be driving your coworkers nuts:

  • YOU OFTEN USE ALL CAPITAL LETTERS.
  • You use a LOT of exclamation points!!!
  • You send chain emails that tell people they are going to die in their sleep unless they forward it to a billion other people.
  • You “reply all” on accident all the time and don’t understand privacy.

You tattle.

This isn’t first grade. You shouldn’t go around tattling on everyone and being extremely nosey. If someone is on Facebook, there is no need to run to your boss and behave like a child. No one wants to tiptoe around another coworker because they are afraid that one slight mistake or exaggeration may cost them their job. You might even be driving your boss nuts if you tattle too much.

Instead, focus on your own work and improving your own situation.

What can you not stand in your office? Tell us your funny stories!

 

Image via Flickr by Ali West

Why You Should Start Attending Conferences

9323706488_7c288a9659_zA few weeks ago, I published the post My FinCon14 New Orleans Recap – Networking At Its Finest. This was my second year at FinCon (it’s a financial bloggers conference), and it’s a conference I don’t think I will ever miss as long as I am in the freelance blogging world, which will hopefully be forever. :)

Also, I should mention that I’ve attended several other conferences in the past, but they were all related to my day job and overall they were just bad/horrible/boring conferences. If you’ve attended conferences in the past and didn’t enjoy it, it may have just been a badly managed conference.

FinCon is not that. FinCon is an amazing blog conference, and there are plenty of other conferences out there as well that can have many benefits for you and/or your business.

Below are the different reasons for why I think you should start attending conferences:

You can learn new skills and new ideas.

Whether you attend a blog conference or a work-related conference, you will always learn something new. That’s the main point of attending a conference. There are usually sessions throughout the day or throughout the week that you can attend.

You might learn how to run your business more efficiently, what’s new in the industry, different plugins to run your website more smoothly, hear about important research that relates to your industry, how to reach out to potential customers, how to expand your market, and more. The amount of new skills and new ideas you could possibly learn from a conference is endless.

There are also many different types of conferences you could attend. You could attend a conference that specifically relates to finance blogging, freelancing, travel blogging, owning your own business, financial advice, social media, investing, and more. There are thousands of conferences out there and I’m sure you could find one great one that fits what you are looking for.

The networking at a conference can be a great experience.

Conferences are great for networking. You can finally meet someone who you have been talking to online for the past year. You can hang out with them, talk about the different sessions you’ve attended, grab dinner, and more.

I’ve made some great friends and great contacts at conferences. You also might be able to find a new job, a new side hustle, a client, someone to work for you, and more.

Conferences can motivate you.

Conferences can bring a lot of motivation. That’s one big thing I love about FinCon.

It can help rejuvenate you and help you with whatever you are doing. You meet so many new people and learn about so many new ideas at a conference that it would be difficult to not come back more motivated than when you left.

Do you attend conferences? Why or why not?

If there are any other blogging or freelancing conferences out there, please share them. I’m looking to possibly attend a few more each year.

 

Image via Flickr by cydcor