Are you the type of person who keeps a close eye on all your business expenses? Do you often make the mistake of spending more than you would like? Are you hoping to get things in order in the near future?
It’s easy to keep an eye on the most common business expenses, such as those associated with traveling. However, there are many others that could pop up every now and again.
For example, you may find yourself shopping for used golf clubs because you’ll be hitting the links with an important client in the near future. Or maybe you’re always browsing Taft Clothing online because you feel the need to upgrade your wardrobe.
Here’s the point: if you don’t know which expenses you’re taking on, you’ll find it next to impossible to stay on track in regards to your budget.
With all that in mind, let’s examine a few business expenses that are often overlooked:
- Office Supplies
This is one of those things that can slip through the cracks if you aren’t the type who is always buying supplies.
From printer paper to ink, from staples to pens, you know that the cost of office supplies can add up. You need to work this into your budget, as you don’t want to be surprised when you find yourself in need of something you require to keep your office running smoothly.
- Food Throughout the Day
Let’s face it: you need to fuel your body throughout the day if you’re going to reach peak performance. While some people are good about bringing food from home, others don’t care to take this approach.
If you regularly purchase food, such as eating out at lunch almost every day of the week, this expense should be included in your business budget.
Note: Here is a comprehensive list of healthy snacks you can eat throughout your work day.
- Equipment Repairs
Depending on your industry, you may find yourself using a variety of equipment. For example, some companies have 10 or more printers running at the same time.
Regardless of the type of equipment you rely on, you know one thing to be true: it could break at some point.
While there will be times when it’s best to simply purchase a replacement, there are other situations in which you should call in a repairman. Regardless of which path you travel down, you know you’ll be spending some money.
- Professional Fees
Even if you have a large team working for you, there will be times when you need to bring a professional into the fold.
For example, you could hire an attorney to help you draft an important client contract. Or maybe you hire a tax professional to help you maximize your deductions.
There is nothing wrong with paying professional fees, but you need to plan for this in advance. Depending on who you hire and the type of help you need, this expense can easily reach into five figures (or more).
- Client Entertainment
It can be a lot of fun to show clients and prospects a good time. It can also be quite expensive.
If you’re always taking clients out on the town, make sure you budget for this. A good time doesn’t always come cheap, so make sure you plan for this expense whenever possible.
As a business owner, you always have something on your plate. One minute you are looking to others for inspiration, but the next you’re combing through your budget in an attempt to save money.
You should never forget about these overlooked business expenses. If you do, you may soon find that you are overspending at times. Subsequently, this could be holding you back from reaching both your short and long term goals (and that’s not a risk you should be willing to take).
What are your thoughts on these overlooked business expenses? Do you keep close track of every dollar you spend, or do you often find yourself forgetting to do so? Share your approach to budgeting in the comment section below. You never know when your advice will help another business owner make better financial decisions.