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tranfree issue 32 - 31st May 2001
A Penny Saved Is A Penny Earned - Or Is It?By Alex Eames Not so. I've long disputed this popular myth. Since you pay tax at anything up to 50% on the money you earn, a penny saved can be 1.5 'pennies' earned. OK, I've made my point. I've recently spent a bit of time looking at some of the things I did over the last two years as I was putting together translatortips.com. What I've found is that, because the pace of building up a business is so fast and you're so busy, you often do things in a way which is financially inefficient. Although it always makes sense at the time. So what I've recently done is spent some time going through all those things which I've set up - everything that has an ongoing subscription fee - which contributes to monthly or annual costs. And I've been fairly ruthless about chopping out those things which I no longer really need. Some examples...
...all sorts of things that I never had time to deal with before. Guess what? I don't really have time now, but I had to take time out to do this. As you can see, these things soon add up, and there are several
others too.
It's quite possible that there may be things in your business that you need to have a look at. So next time you get a spare moment, why not analyse your costs and see if there's anything you've done which could be made more efficient? If you've been trading for more than a couple of years,
I bet there's some efficiency measures you could make.
Alex Eames is the founder of translatortips.com,
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It's quite a significant amount of cash to...
...throw away.