Five Ways To Keep Control Of Your Budget

Budget control within a business is when you are trying to manage income and expenditures. The cleaning industry is extremely competitive, so making sure that you can deliver a five-star service while sticking to a tight budget can be quite tricky, so it is important you don’t continually overspend for a business to survive and it is especially important that we make sure we take extra precautions in the current cost of living climate.

Eliminate any unnecessary purchases.

When purchasing stock or supplies for your business, it may be tempting to purchase some extra items because a deal has convinced you to do so. However, it is important that do not continually make purchases that are not needed. You need to think if the product/service is going to make an an impact on your business or if you will even uterlise the item that you have purchased. Addtionally, you need to look at what your stock you are currently buying. Are you using everything? It is important to have reviews on the product you are using to make sure they are the best products for you and your business as making unnecessary purchases can eat into your budget and may lead you to overspending for the quarter or even the year.

Create a realistic budget.

You should have a budget that covers all areas of your business, especally ares that you expect to have a spending. But you should also leave room for any unexpected costs. Additionally, you should create a budget that is realistic to the current financial situation and you should avoid cutting corners as this could cause more money to be spent to rectify mistakes.

Use Payment methods that suit your business best.

At Castle (EU) we offer two payment types. You can either pay as you go or you can set up a business credit account. Different businesses do different things. Some feel more comfortable paying for orders then and there so they don’t have to worry about payments at a later date. However, some businesses rather choose to pay on a credit account and pay the outstanding payment at another time. If you are using a credit account, it is important that you don’t make unnecessary purchases as the money isn’t coming out of your account right away. If you’re not careful and taking control of the spending with a credit account, you might end up overspending. Make sure you decide what is best for your business and not for you personally.

Plan ahead

Within business, it is best practice to plan ahead. There will always be issues that arise that you cannot avoid and making sure that you have some funds to cover these expenses is super important. Have this ‘sinking fund’ might mean you don’t have to chip away at other areas of your business and jeopardise the future of your business. Some mistakes are unavoidable but manageable with the right resources but not having a backup plan could cost you your business.

Utilise ordering/budgeting tools.

At Castle (EU) we have developed an ordering portal for all our customers to use to help them save time and money. MySupply can help you secure and retain contracts and reduce the risk of any human error. Additionally, the features of the tool means you will be able to boost your operations.

By using a MySupply you have full visibility of ordering history for each individual site, have an ordering approval system so staff can put in order requests which you can than approve, set budgets for sites so you can ensure that there is no overspending and you can access necessary reports for each site so you can monitor spend and stock usage.

Watch our introduction video on MySupply, here.

If you would like to find out more about Castle (EU) and how our ordering tool can assist you and your business, contact us today!

[email protected] | 023 9220 778 | Castle.eu.com