It doesn’t matter how big or small your company is, you will encounter unexpected financial costs that you hadn’t previously accounted for. While you can’t be prepared for every eventuality, there are common issues most business owners face. Knowing what to expect will help you prepare for the worst, so here are a number of potential issues that could put a serious dent in your bank balance.

Broken equipment

Not everything is built to last anymore, so your equipment is guaranteed to fail at some point. Considering your computer and smartphone may be essential for the day to day tasks of your business, you don’t want to be without them for very long. When buying new equipment, it is always advisable to take out a warranty, despite the extra expense.

However, you may not have the means to purchase new equipment on a regular basis, and there will be times when the warranty runs out, or you buy second-hand. Have a useful phone number to hand, such as for this mobile computer repair service, who offer a cost-effective means of repairing any items out of warranty.

You should also hire an I.T. technician once every six months to make sure your equipment is in good working order. They may be able to fix problems before they become serious and save you money in the long term.

New employees

Try as you might, you probably can’t do everything your company needs to survive. There may be times when you need to hire other people, be it on a part or full-time basis or freelance. Not only will you need to budget for your employee’s salary, but there are other costs to consider. This includes paying for training to ensure your staff member is equipped to do the job. You may need to buy separate computer equipment for them to use, as well as new furniture and uniforms.

You don’t want to waste money by employing somebody if there isn’t enough work for them to do, so plan ahead and have a clear understanding of the job roles and skills needed to make your business work. Hiring somebody on a part-time or temporary basis may be beneficial and will cut down on costs. Considering you need to pay your employees a salary, as well as their working taxes and pension plans, hiring somebody on a freelance basis may be of more financial benefit. You might outsource to them for occasional help, such as with SEO or web design to give your business the boost it needs.

Utility bills

Whether working from home or in an office space, you will face high utility bills, especially from your electric company. Considering the amount of technology plugged into your mains, the costs will eventually add up.

To alleviate the problem, use a price comparison service and switch to another company if you can find a better deal. You should also limit the technology you use, so don’t overload your circuits and your utility bill by having everything plugged in at the same time.