Debit Ain't Always Negative

Sometimes the best solution is simpler than you think.

There’s a human condition called “Complexity Bias” where we tend to believe that more complex answers must be more correct or true than simple ones.

But sometimes simple is best.

That can absolutely be true when it comes to controlling costs.

I had a business partner who would control costs once or twice a year by simply cancelling the company debit card.

It’s a handy technique for a small business owner who often doesn’t have the bandwidth to pick through your Profit and Loss statement and control every expense.

With one phone call, it puts you in charge of controlling expenses.

Trust me – Vendors will come knocking on your door to get paid, which opens the conversation about how much you’re paying compared to the value you’re getting. The bonus is that you wipe out unwanted subscriptions and other sneaky costs.

Is it time to cancel your debit card?

This is from Trail #2 of Profit Hiker: 11 Trails to gain lasting elevation in your business. Find the book right here and the program over there.