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The Best Money Saving Tips for Small Businesses

As a small business owner, you may find that money is often tight. It also might be even

tighter than normal at the moment, due to the ongoing recession. Though it can be difficult

for small business owners to save money, due to most of the profit being going straight back into the business, there are things you can do to save some cash.

Believe it or not, it is certainly achievable to cut costs without having to lay off any staff or

to minimise the customer experience. Read on to discover some of the best money saving

tips for your small business.


Hiring in-house employees can be expensive, and the real cost of an employee goes far

beyond their actual salary. That’s why it may be a good idea to consider outsourcing.

Although certain tasks have to be completed internally, areas like bookkeeping, online

marketing, payroll, and accounting can be easily outsourced.

Outsourcing can benefit your business in a variety of ways, particularly in saving money. This

is because you won’t have to pay the additional costs of hiring a new employee, and you can

receive expert-level help without you needing to provide any training.

Another huge benefit is that outsourcing enables you to utilise your existing staff’s talents

and the ability to give them more of the work they enjoy. This is particularly important in

small businesses where there may only be a couple of employees. And we all know that

happy and fulfilled staff leads to productivity and success.

Review All Of Your Costs

This may sound intimidating, but reviewing where the money in the business is going could

really help you to save some cash. Do you ever use the piece of software you purchased 6

months ago and only recall looking at twice? Are you overspending on small, trivial things

such as luxury coffee pods?

If something is providing value to the business, then that’s great. But you may be surprised

by the number of things you are spending out on that you either aren’t using, or they simply

aren’t providing the business much value. Reviewing your costs will help you to keep some

money in the bank, or allow you to invest in other areas, more valuable areas if you choose


Welcome Remote Working

Since the COVID-19 pandemic and the effects it had on the workplace, many people have

since become comfortable with working remotely. During the peaks of COVID, millions of

people all over the country were pretty much forced to work from home, and it is still the

norm today for lots of people. Many companies continue to promote hybrid working, which

is where staff spend some time working in the office and the rest of the time working from


The pandemic showed us that when remote working is done right, it can be just as efficient

and productive as office work. By allowing your staff to do hybrid working, the physical costs of keeping and looking after your employees will decrease.

Although many people find that telecommuting improves their quality of life and their

engagement with work, we understand that for some people and some businesses, working

from home isn’t practical. If that is the case, consider relocating to a less expensive place, or

one more local to the staff that would reduce their commute times.

Try Going Paperless

In today’s day and age, going paperless really can work! Not only could it benefit your

pocket, but it would also benefit the planet too. There are many ways you can scale back

your paper use, such as by encouraging digital note-taking and/or storing all internal

documents and procedures on the cloud.

Improve Meetings

In business, time is money. When attending/holding a meeting that doesn’t have a clear

goal defined for it, it is very easy to get carried away talking about other things that aren’t

relevant to what the meeting was originally supposed to be about. No matter how often

your business has meetings, make them effective.

Prepare what needs to be discussed in the meeting beforehand, and think about your own

contributions in advance too. Ensure a clear goal and timeframe is in place for each and

every meeting. This will give you the best chance of having a productive and successful

meeting every time.

The Bottom Line

The bottom line is, there are many different things you can try if you are looking to save

money in your small business. If you are interested in outsourcing your accounting,

bookkeeping or payroll, or just how we can support your small business in general, get in

touch with us today. We make your business, our business.


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