When you run a small business, every penny counts towards your bottom line. Getting more sales is the best way to make cash, but saving money is another way to keep your profits looking healthy.
There are lots of ways you can cut back, and this blog looks at a few of the more innovative ideas to keep your business’ finance on track. Let’s get started.
Buy second hand office furniture and supplies
This is much cheaper than splashing out on new items. If you're just launching your business you really need to watch your budget. Check charity shops and markets for office furniture – older pieces often have more character, too.
If your business uses any computers or other tech, don't go for the latest top-of-the-line products unless you can really justify it. This doesn't mean you have to choose a creaky old laptop, though – refurbished models are often as good as new.
Use the web for overseas phone calls
International phone calls are a lot cheaper when you use a program like Skype instead of your mobile phone or landline. If a lot of your business is global, you may want to subscribe to an unlimited global plan, which allows you to phone landlines and mobiles across the world. Remember to only use it when you have a Wi-Fi connection, as data charges may apply if you use 4G.
Pool and share
Some items are cheaper if you buy them in bulk, but that's a big initial outlay. Find other self-employed people or small businesses in the same industry as you and get together whenever you need to make a bulk purchase. Pooling and sharing doesn't just apply to stationery and equipment, either – it could also extend to office space and training sessions. Speaking of which...
Do it yourself
If you often hire consultants to complete tasks for you, it might be worth attending a one-day course and learning how to do them yourself. This only applies if you use the service frequently (more than once a month) and if it's something achievable. Always weigh up the pros and cons. For example, it's easy to learn how to write a press release, but without a PR professional's contacts it can be hard to get it out there. Likewise, learning how to update your own website is simple, but creating a whole new site from scratch is much more complicated.
Of course, these are just a few examples of areas where you can trim costs or expenses. For other money-saving business tips, take a look at our blog on small business tax relief, stealth business costs and fresh ways to fund your business.
