Help for Small Businesses: Top Ways to Save Money
In a day and age where every penny counts, it’s no wonder business owners are constantly looking at their balance sheets to check that they are on the straight and narrow. There’s nothing worse than thinking you could have made a profit one month to find that outstanding bills and overheads mean that you’ve only just broken even, if that.
These little dramas happen to (almost) everyone, and what can be dramatic on a personal level is even worse when you run your own small company. Unfortonately a recipe for financial succes doesn’t exist and every business owner has to find an unique solution to make things work – and make enough money of course. However, there are some things businesses, no matter how big or small they are can do.
While little changes, such as signing up for business energy from British Gas and comparing the market for your other utilities can help to save money on your monthly expenses, there are plenty of other ways in which you can cut the costs of running a business.
With a range of ventures and practices available for you to adopt, your small business can save even more cash if you look at how you can reduce your energy consumption. Not only that, but your company will be greener because of this, too.
Other ways in which you can save money as a small business include:
- Hiring freelancers and outsourcing projects, instead of hiring a new employee.
- Network locally to increase your publicity without having to consider funding for national campaigns.
- Consider working from home for at least part of the week, to save money on the rental of office space.
- Avoid recruitment firms and their associated fees by asking around friends, family and existing staff first and foremost.
- Buy cheap office equipment where possible to save money on unnecessarily expensive kit.
- Use coffee shops for meetings rather than paying for meeting and function rooms.
- Use virtual assistants rather than employing a full time PA that costs more per annum.
- Online accountancy services can take the stress out of your books, while also avoiding the fees of accountants.
- Be as paperless as you can by storing things electronically, saving you money on unnecessary stationery.
- Use free services such as Skype that can provide video and telephone calls between colleagues, companies and clients, without costing a penny.
Being a small business doesn’t mean having to float above red for months on end. With a little forward thinking, you can be as lucrative as possible.