Five Sneaking Ways You May Be Overspending
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Netflix, Hulu, Blue Apron, Spotify, Joe's Gym, Geico... it's easy to lose sight of where you're spending your money, even in your personal finances. So many of the services and products on which we spend comes with convenient monthly billing these days. When price tags are low for individual services, it's easy to allow months to go by where you don't realize you're being billed for something you don't want, need and for which you are no longer contractually obligated. In fact, multiple brands in our industry have constructed their business models around this assumption! It's one thing to miss a few months of your $10 music membership, but when we're talking business expenses, the stakes are much higher. If you're not reviewing expenses monthly (and preparing a comprehensive financial statement), you are undoubtedly overpaying!
Here are a few real-life new GYM HQ client examples uncovered in the last several months:
Managing Active vs. Inactive Employees on Your Payroll Platform: GymHQ utilizes Paychex for its payroll clients, and the cost is factored into our payroll pricing. However, prior to onboarding with us, many of our clients used very different platforms. Some of these companies bill by the active employee, so if a business hasn't been diligent in terminating staff as they leave, overpaying is easy. Our industry poses a unique challenge as many trainers and coaches work on a very part-time basis. It may not be noticed when they cease any scheduling, and multiple pay periods can go by with them incorrectly listed as active. In a recent instance, the client had a very large employee base, so missed terminations came with a hefty price tag (thousands of dollars wasted monthly).
Action: Research how you're being billed and then conduct an audit to ensure your roster is accurate and up-to-date. The importance of this spans beyond cost savings.
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