9 Money Saving Tips for Small Businesses

1 August 2017

Money can be tight for businesses, especially for smaller companies or start-ups. If you don’t have the luxury of putting chunks of your monthly profits aside into a savings account, then you’re probably looking for ways to reduce your outgoings whilst generating more sales. Here are our money-saving tips to help your business boom.

1 Reduce waste

Consider the amount of printing your company does. Do certain documents need to be printed out? Could you go paperless? How much paper do you throw away? Encourage your team to reuse and not discard paper. Instead, secure printed sheets together using a clip or staple them to make a notepad. Alternatively, put sheets back in the printer and use the clean side.

2 Expenditure overview

Be vigilant when reviewing your monthly bank statements. You may not be aware of your outgoings until you sit down and sort through them. There may be forgotten expenses or subscriptions to services that you no longer use. Identify the necessary expenditures and cut down on unnecessary ones.

3 Advertising services

Already paying for advertising or communication services? Ensure that you’re getting the most from them. If a platform isn’t fulfilling its purpose, it may be time to get rid of it.

If you’re sending out invoices, newsletters or any other form of direct marketing communications to your customers, mention other products, services or promotion that your company offers.

Social media advertising is a cost-effective advertising solution. Post regular updates, special offers and engaging content to draw people to your site. Paid adverts are great value for money as you can directly target your local demographic.

Inbound marketing and SEO optimisation can also draw in big figures for your company with relatively little expense.

4 Office equipment

You can save a lot of money by purchasing refurbished computers. Many offices update their equipment every few years, and the old units are sold to companies who spruce them up and sell them at lower prices. You can even buy used furniture to deck out your office.

These are ideal solutions if you’re just starting out and need to stay within budget. Evaluate what equipment needs to be new and what can do being second-hand.

5 Meetings

If you spend more time catching up with your colleagues in meetings instead of working, you’re losing money. Time could be more efficiently managed to boost productivity, and setting an agenda is the best way to do this. Justify the reason for each meeting and set clear objectives for your team to follow.

6 Outsourcing

Businesses on a budget should be mindful of hiring team members for very specific roles. Some tasks can simply be delegated to other people. If there are jobs that are too big for in-house or if it involves something specific that your team cannot do, outsource it. You won’t be taking on another payroll and the flexibility of outsourcing could be ideal for your business.

7 Referrals & reviews

Outbound links are great for boosting your SEO and making your website more trustworthy to Google, but they’re also great for acquiring leads.

Ask your contacts, services and any other organisation you’re associated with to clearly list your business on their website. You can also ask them to pass on your details to new prospects they think are suitable.

Reviews on directories like Google My Business and HubFind can boost your online presence and drive customers to your site. Discover how to ask customers to leave reviews here.

8 Energy efficiency

Do you forget to turn off the lights or leave the heaters on overnight? Little things we take for granted not only cost your company money – they’re also bad for the environment. Write down a checklist of items to turn off before leaving the premises, and this list in a communal, easy-to-spot place.

If you really want to lower your utility costs, ensure that your lighting is energy efficient by switching to LED or fluorescent.

9 Cloud computing

Although handy, servers and hard drives can be costly to keep and maintain. Free cloud computing is a great alternative for smaller businesses that are looking for a simple way to share documents with team members. Google Drive is a free online drive that’s favoured by many businesses. You can later choose to upgrade to a larger data plan if the free 15gb becomes too small.

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