Why Small Business Should Regularly Audit Old Contracts
Every business has a little pile of boring admin stuff that just sits there… untouched, unloved, and usually costing way more than it should. Yeah, it’s usually things like contracts, direct debits, random monthly charges that nobody even remembers signing up for. It all builds up quietly in the background while everyone’s busy trying to keep things running. You’re just trying to get your business to thrive, and sometimes, these things just seem to small and unimportant, right?
But that’s not even the annoying part here, right? Want to know what is? Well, chances are, that stack of forgotten contracts is probably burning a hole in the bank account. Yeah, sure, a proper clear-out might not sound thrilling, but it could be one of the easiest ways to free up cash without having to lift a finger beyond a few clicks, well, sometimes.
Everything Else Needs a Spotlight too
It’s true, office rent is the first thing people think of when they hear “business expenses.” Sure, it’s a big one, but it’s definitely not the only deal worth looking at. For the most part though, the small stuff loves to fly under the radar. Think broadband deals that are way out of date, phone contracts that could be slashed in half, and software subscriptions that nobody’s touched since last year.
Now, all those little charges don’t feel like much on their own, but when they pile up, it’s like handing over money for absolutely nothing. Yeah, it’s something absolutely no one wants to do, right? But what’s worse is the fact that most companies sneak in price rises, hoping nobody notices. Yeah, some businesses will do this both to other businesses and individuals, it’s scummy, right?
But overall, loyalty discounts disappear, contracts roll on, and before long, the business is stuck paying for things it doesn’t even need.
What About the Company Vehicles?
Oh yes, then there’s the company car or van… that trusty workhorse that seemed like a smart deal at the time. Except, was it really? No, seriously, now, vehicle finance is one of the biggest places where businesses get quietly rinsed. Interest rates, hidden charges, commission fees that were never mentioned… it all adds up. But there’s always the chance that you might have been overpaying, who knows, maybe it’s been years of this!
Actually, some businesses are now putting in Ford PCP car finance claims and getting serious money back from deals they assumed were long done and dusted. So, if you ever leased a Ford through PCP or hire purchase, then chances are, there’s some cash for you to claim.
Outdated Contracts are Draining More than Just Money
Yes! This one might be the most surprising of them all. So, contracts don’t just cost money; they also slow things down. Insurance deals from five years ago? Probably not even covering what the business needs anymore. Merchant service fees? Bet there’s cheaper and better options out there now. And those random maintenance agreements?
Well, half of them are probably for equipment nobody uses anymore. But seriously, taking a proper look means less waste, faster service, and usually a few nice bonuses for switching.
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