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4 Simple Ways to Save Your Small Business Money


4 Money-Saving Tips for Small Businesses

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.

Make smart staffing decisions

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.

Take advantage of free or cheap marketing opportunities

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.

Be frugal with office equipment and supplies

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.

Cut down energy costs

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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Excellent, / 10

an absolute disappointment

"I have been using switch my business for many years re the business energy deal. Normally one of the team member would contact me about 2 months before the contract terminated and look for another deal. Last year it was done by James Bainbrigge for a 1 year deal. This year I have not heard from anyone and therefore started to contact James by email and also leaving messages on his phone. After many unsuccessful attempts, I called the 0800 and 0808 numbers. I have done so more than a dozen times. Each time I was left on hold for up to ten minutes and then got cut off. I also email to sales team and received no response. In desperation I contacted customer service team twice by email, received the acknowledgment email and nothing further. My contract is running out this Saturday and therefore at the beginning of this week, I sent in a quotation. No one has contacted me to date. I cannot do anything more than what I have done. What a shamble!!!"

This review was posted by anthony on the 03rd of June 2021

Kay was extremely helpful and…

"Kay was extremely helpful and efficient, in terms of both advice and setting up our account. Would recommend 100%."

This review was posted by customer on the 24th of November 2020

After Scottish Power changed our…

"After Scottish Power changed our business rates half way through the contract we were in set up by Switch My Business, we spoke to Natalja and she helped us sort this issue. Unfortunately, Scottish Power wouldn't play ball and were not agreeing to let us out the contract. Natalja worked extremely hard to sort this out for us and even put a claim in with them for the out of contract rates they put us on as one advisor at Scottish Power said they would refund the difference then another said they would not, along with plenty of other issues and broken promises along the way. It was a long and pretty painful process but Natalja did not give up and we have won the claim against Scottish Power. Very happy with the service Natalja provided."

This review was posted by Sara on the 19th of November 2020

Prompt & efficient service from Stephen…

"Prompt & efficient service from Stephen who really went into all the details in a very short period of time. I would definitely use SMB again. Thank you Stephen!"

This review was posted by Jackie on the 18th of November 2020

Highly recommended!

"Dealt with Bhavni, she was also extremely helpful, patient and dealt with my case in a very professional way. Answered all my questions promptly and got the best rate for our business. Highly recommended!"

This review was posted by S. Amin on the 17th of November 2020