Expenses hit at the core of all functioning systems. Whether the system is a household or a business, expenses drive the cost of all the services required to have a well-functioning operation. While many view expenses as a drawback, they highlight the collection of decisions made by an organization to acquire all the services and products that contribute to optimal performance.
While some expenses add value, others can hurt. To determine which category your expenses fall into, an expense analysis can help. Consider rating expenditures against the following criteria:
When evaluating a new expense, if you measure it against the criteria above it can help you assess if it makes sense for your organization. Then, invest time to compare a few companies that offer the product or service that you have in mind. Choose to work with only the companies that meet the aforementioned criteria. Smart buys will not only add value to your organization, but they can help you grow.
Likewise, remember that some expenses will only make sense for your company in the short term. So, it is wise to re-evaluate all the expenses for which your organization pays regularly. If the cost no longer falls in line with the criteria above, its usefulness may have expired and may need to be eliminated.
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