3 Reasons why your business might be losing money

3 Reasons why your business might be losing money

Are you wondering why your business might be losing money, these are the 3 key reasons why businesses are losing money.

Energy

We all know that energy is an integral part of most businesses, and it can be an incredibly expensive part of running a business, but it doesn’t have to be that way.

Many business owners do not have the time to compare energy prices, they are concentrating on making a profit, and rightly so, with all the day to day processes involved with running a business, isn’t it a wonder that these costs are often overlooked?

Just stop for a second and think how much money could you be saving? How much more profit could you be ploughing back into your business?

If you have the time, don’t just renew with the energy provider because their deal is tempting, or at least they tell you it is! Do your research and compare prices. More often than not you can find a provider who can give you better deals with better prices suited around your business needs.

If you’re a busy business owner with far much too do than to sit around comparing prices but would still like to see if you could get much more favourable rates, why not ask the experts to do it and best of all with Business Sense it’s free. Sending a quick email or a quick phone call is much simpler and time saving than the other options.

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Telecoms

For most work places, a telephone and a broadband connection is essential, the only issue is that it’s costing you a fortune. Your prices are going up, you can’t ring certain numbers without being charged extra, your broadband is limited and poor connection yet you are paying all this money, you expect a far better service and that is what you should have.

Many different companies have a variety of appealing offers however these offers do end! Prices will go up to full price and you will no longer be benefited by their cheap services but paying a lot more than you originally bargained for. The good thing is that there are companies out there with realistic, affordable prices with excellent services to offer.

Business Sense can help you obtain the most cost effective phone tariff, and all this is free!

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PCI Compliance

If you’re a business that has the facility to accept payment via debit or credit cards, either with a physical card payment terminal or have an online facility. You are required to fill in a self-assessment questionnaire online to comply with the PCI DSS regulations (payment card industry data security standards) (There are no exemptions). Again if you have a website and are using a third party payment processor like PayPal you still need to be PCI Compliant, although your website may not be directly taking card transactions your business is.

Many people don’t realise that they are required to become PCI Compliant, and are not aware that there are non-compliance fees which will be charged to their account, and can be as much as £50.00 each month. Any amount of money saved is vital for a small business and you could end up saving a small fortune.

Essentially, becoming PCI Compliant means that you are doing everything you can to ensure that your client’s personal details are safe, if you don’t need the data, don’t store it. If you do end up losing card data then you could be liable for the fraud losses occurred against these cards, and there are severe penalties including custodial sentences.
You are responsible for your client’s card data no matter who is processing the data on your behalf.

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How to become PCI Compliant?

If you need to know more about PCI Compliance, ring the experts at Business Sense – 01656 720999