Have you ever felt like money is going out of your business quicker than you can bring it in? You might have a whole load of money leaks quietly draining your profits – without you even realising. Tiny amounts here and there that add up to a serious chunk of cash being frittered away on stuff you don’t want, don’t use, or have forgotten about entirely.
Time to stop the leaks and get that money flowing where it should be – into YOUR pocket.
1. Forgotten Subscriptions
I did a subscription audit recently and found I was paying for things I hadn’t used in months. Social media tools, design apps, email platforms, random SaaS tools I signed up for in a moment of enthusiasm and totally forgot about. Some were tiny amounts but I’d been paying them for YEARS – that soon adds up.
Go through your bank statements, check your Apple and Google subscriptions, and look at your emails for payment receipts. Cancel anything you’re not actively using. You’ll be amazed how much you save. Apps like Plum or Emma can help you spot recurring payments you’ve forgotten about.
2. Free Trials You Forgot To Cancel
We’ve all done it. Signed up for a free trial, popped in our card details, fully intending to cancel before it charges us… and then completely forgot. Set a reminder in your phone calendar TWO days before any free trial expires. Better yet, use Apple Pay or a virtual card so you can easily track and cancel if needed.
3. Overdue Invoices
How much money is sitting out there in unpaid invoices right now? If you don’t know, that’s a problem. Cash is the lifeblood of your business. Use invoicing software like Xero, QuickBooks, or FreshBooks to track what’s outstanding and set up automatic payment reminders. Don’t feel bad about chasing – the people who follow up consistently get paid first.
Set clear payment terms from the start. Put them in your contract, on your invoices, and discuss them before you start work. Consider asking for payment upfront or a 50% deposit – it’s completely normal and professional.
4. Doing Everything Yourself
Your time has a value. If you’re spending hours doing your own bookkeeping, graphic design, or social media scheduling when you could pay someone else to do it faster and better – you’re losing money. A virtual assistant, a bookkeeper, or even using AI tools like ChatGPT or Canva’s Magic Design can free up hours of your week to focus on the things that actually bring in revenue.
5. Not Following Up With Leads
How many enquiries have landed in your inbox or DMs that you didn’t follow up on quickly enough? People move fast. If someone sends you a message asking about your services and you don’t reply for three days, chances are they’ve already found someone else. Set up a system – even if it’s just checking your DMs and emails twice a day and having a template response ready to go.
6. Undercharging
This is a biggie. If your prices haven’t gone up in the last couple of years but your costs have (spoiler: they definitely have), you’re quietly losing money every single month. Review your prices at least once a year. Check what others in your industry are charging. Factor in your experience, your results, and the value you provide – not just the time it takes you.
7. Paying For Tools You Could Get Free
Are you paying for software when there’s a free version that does everything you need? Canva Free is incredibly powerful. Google Workspace gives you docs, sheets, and storage for nothing. MailerLite has a generous free tier for email marketing. Before you pay for a premium tool, check whether the free version covers your needs first.
Here’s your challenge: spend one hour this week doing a money leak audit. Go through your bank statements, your subscriptions, your unpaid invoices, and your pricing. I guarantee you’ll find at least a few hundred pounds that could be back in your pocket. What are you waiting for?