Counting The Pennies? How To Save Money With Your Small Business

Every penny counts, especially when you’re running a small business. Expenses such as office supplies, equipment, and even training courses soon add up and could leave your funds running a little low. However, did you know that you could save yourself a lot more money than you think on your business expenses? With a few clever tips and tricks, you could no longer have to worry about overspending, regardless of how relevant it is for your business.

Consider working remotely

Working remotely has many benefits; the ability to work around your personal life, not having to leave your home and most relevant, you save money. Allowing staff to work from home will save you money on things like office supplies, heating, and also electricity bills. Many employers are reluctant to let their staff work remotely due to the fear of being taken advantage of, but if you can’t trust your staff members, why are they employed?

Borrow rather than buy equipment

There will be times where you need to use equipment that you don’t already own for your business. For example, if you’re expanding your office, you may need to use excavators and earthmovers to get the job done. Rather than paying a contractor to come and do the work for you, consider an equipment finance broker to cut out the labour costs. Borrowing equipment saves on the cost of more than just labour, as you can avoid having to buy the equipment altogether!

Go paperless

Many businesses are going paperless to help do their bit for the environment and if you haven’t already, consider doing so! Not only will you be helping save our planet and the millions of trees that are cut down, but you’ll be saving so much money on paper bills! You can do this by:

  • Implementing paperless document storage
  • Have paperless meetings by switching to electronic presentations
  • Copy documents sent to you with a scanner
  • Use digital receipts
  • Communicate electronically using your mobile devices
  • Create e-signatures for every member of your team to replace the need to print long reels of documents for one signature.
  • Paper that you receive through the mail should be recycled. If you have confidential documents, you can hire a confidential paper shredding company to come and collect your documents.

Take advantage of free online courses

Yourself and your team will need up to date training to make sure you’re on top of your game. However, courses can soon mount up, especially if it’s a company-wide training session. Taking advantage of free online courses can often offer the same information for your team. Allowing your team to spend a little time each week on free online courses will expand their knowledge and barely touch your profits.

Outsource!

Sometimes you’ll find yourself needing a member of staff for a more temporary kind of job, but what then? Once the task is complete, how can you afford to keep another member of staff? Outsource! Websites like Upwork and Fiverr allow you to list the job at hand and wait for the freelancers to contact you. At the end of it all, you pay up and go your separate ways! Simple!

Pair up with a neighbouring business

Advertising can cost a bomb, so why not share the costs wherever possible? Befriend your neighbouring businesses and propose a shared advertising space. Half the cost, double the advantages!

Use social media

Social media is a very powerful tool for businesses and because it’s free, you can use it all you want! Spend some time learning the algorithms of each social media platform and reach out to your existing and potential customers. Social marketing is also a great way of reaching out to like-minded businesses with the chance to collaborate, potentially saving or even making you money! Here are some tips to remember with social media:

  • Stick to the 70/30 rule with sharing content
  • Answer queries and questions (even if they’re bad ones)
  • Regularly post to avoid becoming lost in people’s feeds
  • Make good use of hashtags
  • Run competitions and giveaways to encourage shares and more follows.

Vamp up your SEO

SEO (search engine optimisation) is another extremely powerful tools to use in business that doesn’t necessarily have to cost you anything. Think about when you want to find something on the internet, you head to a search engine, right? Now think about what you’d type in to find your business, the products you sell, or even your social media pages. Use those keywords (and all forms of that keyword) throughout your websites, product pages, and even on your social media posts.

If you are willing to spend a little to reap large benefits, paying for SEO tools such as Moz would help you pick out keywords that perform well and integrate them online so that you rank highest in search engines.

Hire younger employees

Young adults that are still in school or job seeking after graduating are often turned down for work because of their lack of experience. However, due to their age, their wages will be considerably lower than someone who has experience and plenty of qualifications. Providing younger employees with training in your own time will help you save plenty of wages each year and also give young adults a chance to gain some work experience!

Cancel overtime

Finally, if over time is one of your biggest expenditures – cancel it! While this might seem harsh and also slow down the process of your business slightly, you’ll be surprised how much money you could save annually by not allowing staff to do overtime. Alternatively, rather than paying for hours worked over, why not allow staff to leave early or accrue hours to take a day off every now and then? Your team will be more accepting than you think!

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