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Belli shares his hidden costs of doing business

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“To operate this business, or any business, you’ve got to have a handle on your costs,” says Joe Belli. “And there are a lot of hidden costs that many companies just consider ‘overhead.’ We define costs more specifically.” Belli cites the example of what happens when customers ask for proof of insurance. “They want to know that we have workers’ comp and liability insurance. Someone has to put that information together and send it to the client,” he says. “The time that takes is a cost many companies overlook.”

Knowing exactly where your costs are is also directly related to knowing the intricacies of your company’s work flow, Belli says. “Know your labor costs; know your material costs; know how much it costs to operate your company.”

Sigrid Tornquist is a freelance author and editor based in St. Paul, Minn.

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