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A recent article published by the Wilmington IL Chamber of Commerce outlines practical steps for business owners to identify and recover lost revenue within their operations. The guide emphasizes that businesses often lose money through overlooked expenses, outdated contracts, and unused assets.
The article encourages owners to begin by reviewing subscriptions, noting that many businesses continue to pay for software or services no longer in use. Owners are advised to examine bank and credit card statements from the past three months, assess whether each subscription is still necessary, and consider if there are more affordable alternatives. The recommendation is to create a spreadsheet listing all subscriptions, their costs, users, and last review dates, with a reminder set for semi-annual checks.
Next, the article suggests reassessing pricing strategies. Many businesses have not updated prices in years despite rising costs or increased experience. Owners are prompted to compare competitor pricing, analyze profitability of products or services, and identify customers still paying outdated rates.
Vendor agreements are another area highlighted for potential savings. Businesses are encouraged to review regular expenses such as rent, insurance, internet, and shipping contracts. By renegotiating terms or seeking better rates—especially after company growth—owners may reduce monthly expenditures.
The guide also recommends establishing a cash flow calendar to track when payments come in versus when bills are due. Adjusting payment schedules can help improve financial stability by aligning outgoing payments with incoming revenue.
Additionally, business owners should clear out unused equipment or inventory that occupies space and incurs ongoing costs. Selling or donating these items can free up resources for other uses.
Finally, consulting with an accountant about tax deductions is advised. Business owners might miss out on savings related to home office expenses, vehicle mileage for work trips, training costs, deductible tools or equipment purchases, health insurance premiums for self-employed individuals, and retirement contributions that lower taxable income.
The article concludes with a four-week plan: cancel unnecessary subscriptions in week one; review top product prices in week two; renegotiate with a major vendor in week three; and set up a cash flow calendar in week four. According to the Wilmington IL Chamber of Commerce’s estimates (https://wilmingtonilchamber.org), following this process could result in monthly savings between $500 and $3,000—or up to $36,000 annually—for some businesses.
"This is money that already belongs to you. You don’t need to work extra hours for it. You just need to go find it," states the Wilmington IL Chamber of Commerce.
The full article was first published at wilmingtonilchamber.org on October 6, 2025. It may not be republished without written permission from the Wilmington Chamber of Commerce.
