How business leaders avoid burnout
When you’re a small business owner the buck stops with you, which can make it incredibly difficult to sw...Read More
If you’re a small business owner with a small budget, keeping costs down and maximising profits can be tricky. Fortunately, there are a number of surprisingly easy ways to minimise bills and get rid of unnecessary expenses. Our four key tips highlight a few of the areas in which SMEs can avoid overspending.
Staffing decisions have a very large impact on your finances, so it’s wise to carefully review each role within your business. Avoid falling into the trap of taking on more employees than is strictly necessary. For example, it can be tempting to reduce your workload by taking on a PA even though you could get by without one. If you lose a member of staff, take some time to assess how this will affect the rest of your employees before immediately replacing them.
Sometimes expanding your workforce really is essential, but you may not be able to justify creating a new full-time role. Consider whether offering a part-time position may be more suitable, or try using freelancers during particularly busy periods. In some cases, taking on an apprentice can be a great solution. The apprentice gets valuable experience, and you get the helping hand you need without excessive expenditure.
Spreading the word about your company is crucial, but many methods of doing so can quickly eat away at a small business’s marketing budget. Luckily, there are also plenty of cheap or even free ways to promote your business. Focus on creating engaging email campaigns and developing your business’s social media presence. LinkedIn is great for building your business network, while Twitter is a fantastic platform for keeping customers engaged and sharing discounts or special offers. Depending on the nature of your business, you might also find it helpful to start a blog, which can encourage your website’s visitors to stick around for longer and re-visit later.
You may think that filling your office space with the latest computer models and other equipment is essential, but for most businesses second-hand or refurbished equipment will more than suffice. It’s also useful to take the time to shop around for the most affordable software which suits your needs.
Similarly, there are a lot of savings to be made when it comes to stationary. Going paperless, or cutting out paper where you can, saves you both time and money. A largely paper-free office means less spent on office stationary, printing, postage, storage and any other associated costs. Most of the time, digital communication and document storage are more convenient, so there’s little reason to dedicate too much of your budget to paper and similar office supplies.
The first step towards cutting down your energy costs is to make sure you’re getting the best gas and electricity deals for your business. The best way to do this is to use an energy broker like SwitchMyBusiness.com. Energy brokers have an in-depth understanding of the energy industry and are constantly monitoring gas and electricity prices, so they can help you select the best tariff for your business and save as much money as possible. You can find out more about switching your energy supplier with SmB here, or start comparing quotes here.
Adopting energy-saving habits in the workplace can also result in high savings. Are you aware of how often your lights, computers and other electrical equipment are left on unnecessarily? Is your heating turned up that little bit higher than it needs to be? You’d be surprised how much you can cut costs by simply making sure your PC isn’t left on overnight or even lowering your thermostat by just 1C. Paying a little more attention to your energy consumption is one of the easiest ways you can save money.
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