You need to understand your business costs, and be able to spot it early if they are rising significantly. Is money being wasted, could you get better deals elsewhere?
Try speaking to your staff as those running the day-to-day operations might have valuable insights to offer.
You can also consider implementing bookkeeping software to keep track of the numbers for you.
Getting better value
Some businesses can be guilty of sticking with the same suppliers because of an existing relationship, or because it’s just less hassle to switch. Try not to disregard alternatives that can offer the same level of service at a lower price it might take a little effort, but it will pay off.
That said, try not to focus exclusively on price. Customer service is also important, and you might regret taking the cheapest option if you are continually let down.
Letitia Booty is a special projects journalist for Business Advice. She has a BA in English Literature from the University of East Anglia, and since graduating she has written for a variety of trade titles. Most recently, she was a reporter at SME magazine.