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.
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.