These days, with the cost of living crisis affecting households and businesses across the nation, it’s more important than ever for small businesses to find ways to reduce their expenses as much as they possibly can.
Fortunately, there are a number of tips and tricks you can use to help cut costs and save your hard-earned money. Read on to discover what they are and how to incorporate them into the day-to-day running of your business.
Evaluate Your Needs on a Regular Basis
Sometimes, we are not always fully aware of all of the unnecessary bills we are paying. That’s why it’s important to conduct regular audits of all of your business’s outgoings, to make sure that what you are paying for is actually worth the money.
For instance, perhaps you have a software subscription you don’t really need, a piece of equipment you’re renting that isn’t used enough to warrant the cost, or you’re paying for expensive refreshments which could be swapped out for cheaper alternatives.
Carrying out frequent evaluations of what you really need and what can be jettisoned is a simple but efficient way to help your small business save money.
Hire the Best Candidates
With research revealing that a lack of productivity has cost British businesses over £140 billion a year, it’s more important than ever to make sure your staff aren’t slacking.
While it may not be possible to keep tabs on your team members constantly, there are a number of methods you can use to help improve your employee productivity. These include encouraging effective communication, analysing your employees’ individual skillsets to ensure they are in the right roles, and creating a positive and proactive working environment.
It’s also important to hire the right people for the right jobs in the first place. Recruitment can be an expensive and time-consuming process, so it’s vital that you make sure you try and get it right first time, and only select the best people to be part of your team.
Compare Business Water Contracts
Sometimes, you can lose money in places that you would never have thought would have an impact. For instance, perhaps you are paying more for your business water bills than you should. To make sure your profits aren’t flowing down the drain with the water, you can compare business water rates using a trusted service like The Business Water Shop, to make sure you have the best deal. If not, then you can take advantage of their competitive rates and switch to a better supplier.
Prioritise Freebies and Second-Hand Equipment
This may sound obvious, but whenever possible, try and take advantage of free services and second-hand products. For example, preloved computers and printers can work just as efficiently as new models, and so can company vehicles.
Meanwhile, you can also make the most of free technology, from social media sites to free open-source software and messaging tools, to save money while still accomplishing various essential online tasks.
Monitor Your Electricity Usage
One of the biggest price hikes in recent years is the cost of electricity. As a result, if you want to help your small business reduce its expenditures, it’s recommended that you take a long hard look at your electricity usage and find ways to lower it. In other words, you and your employees need to make a dedicated effort to ensure that any electrical device that is not currently being used is turned off.
For instance, if your office printer is only used a few times a day, turn it off when it’s not needed. If there is a room in your business premises that is not being utilised, don’t leave the lights on. Does anyone want a coffee from your expensive espresso machine? If not, then switch it off until they do.
Change Your Bank
Just like with your business water contract, it’s possible that the bank you are using for your company’s business account is not offering you the best deal. To find out, it’s important to dedicate some time to researching the terms of your current bank account and then checking out other banks to see if they can offer more favourable rates.
While it may seem like a stressful undertaking to switch bank accounts, it’s actually not nearly as much of a hassle as you may think. All you need to do is head to the nearest branch of your preferred bank, fill out some forms, and your new bank will take care of the switch for you.
Summing Up
As you can see, implementing some helpful money-saving techniques doesn’t have to be complex or time-consuming. By making a few strategic changes here and there, you may just be pleasantly surprised at how much money you can save on a monthly basis.
