What Are the Top 5 Business Expenses

What Are the Top 5 Business Expenses
Photo by Alexander Mils / Unsplash

When starting out there are many costs to take into consideration.  Here are our top 5!

Office Space:  Rent, bills, maintenance, and all other manors of office upkeep are the single greatest cost when starting out.  Finding office space is only the start.  Managing the fit out, complying with safety laws and building in room for expansion all take time and money, lots of money!

Staff:  Engineers, designers, managers and every role in between all cost a pretty penny.  As the business grows these costs will naturally grow, this then has an impact on office space, the two need to be finely balanced to keep costs down.

Inventory:  Fitting out a workplace is expensive.  Office furniture is generally expensive, office chairs can cost the same as a small vehicle these days.  Desks and charis are one thing, you then need to consider what servers you will be using, what size monitors staff will use, will we use apple or windows devices, the list is endless.

Advertising:   Selling your product or services will mostly consist of some kind of advertising.  These days the advertising is just one part, tracking where your sales come from and having better insight to your data also costs you money.  Run a global ad campaign for a week and see what the true cost to the organisation is, I can tell you from experience... it's expensive.

Travel:   The cost of travel, in general, has come down in recent years, however, travel has become so accessible that we rely on it heavily.  Employers not only need to cover the cost of the travel but everything in between.  Managing travel and travel expense continue to be a painful area for both employers and employees.  To have a better sight of your expenses will help you save time and reduce costs in the long run.

Head over to Psngr for more information about managing mileage expense.