Simple Ways To Save Money On Your Business.
Running a business can be hugely rewarding, but for many people, it’s also a risky proposition because of the financial overheads. Admittedly, at the start of any business there is the risk of making a loss, but as the company grows, profits should soon come in.
Effective money management is key, and there are some simple ways in which costs can be kept to a minimum.
If you own your business or are considering the possibility, here are some ideas in which you could be saving money.
Save the planet
We should all be caring for our environment, at home, and at work. First of all, save the trees. Gone are the days when offices had filing cabinets overflowing with paper. Using your computer, save all your files directly to your hard drive. Be sure to back them up on an external drive or save your documents in the cloud, with a service such as Dropbox.
Another way to go green is to buy energy saving lightbulbs. They are more expensive than most but will save you money over time.
Try second-hand
You don’t need to purchase the very latest in computer equipment for your office. Laptops, office furniture, printers, storage space, etc. can all be bought second-hand. There are many websites that sell used furniture and equipment, try eBay and Craigslist.
Go compare
It is important to buy insurance cover to protect your business. However, there are so many options out there; it can be a minefield to know what is right for you.
Try some insurance quote comparisons to ensure you get the best deal. Remember, when it comes round to renewal day, you don’t need to stick with the same company.
Work from home
There is no need to rent an office space when you could just as easily work from your home. There are many advantages to this, including having your home comforts around you and being able to balance your family life while working.
If you have employees, but don’t necessarily want them sitting around your house, communicate with them through Skype and collaborate on documents using a cloud service.
Share office space
As advantageous as working from home is, some people find it a distraction. Instead of leasing an office space by yourself, there are smaller companies out there who may benefit from sharing the costs of renting with you.
Ask for discounts
Many office suppliers will offer you a discount if you buy in bulk. So what if you have more ink cartridges than you know what to do with, at least you will always have spare available. Only use this idea if you are going to use the larger quantity.
Cut down on travel
If you find you are regularly traveling to meetings, stop. Use a video-conferencing service and meet clients and staff remotely. Also, consider how you are traveling to work. Work out whether public transport is cheaper than using your car.
Save energy
In much the same way as you would do at home, cut down on electricity and telephone costs by looking at price comparison sites. After all, none of us look forward to receiving those monthly bills, so choose wisely and find the cheapest renewals.
Budget
Sounds simple, but many people don’t budget effectively. Plan your spending, taking into account your taxes, staff wages, and other overheads. Use the advice in the rest of this article to cut back on unnecessary expenses.
Raise your prices
If you sell a product, you need to be competitive in whatever market you are working within. If similar businesses sell their product at a higher rate, consider doing the same. Obviously, you don’t want to raise your prices too highly as you will lose your buyers, but you’re not running a charity either.
Use social media
You need people to know who you are and where your business is located. However, you don’t need to waste a lot of money in ordering business cards and flyers to attract custom. Set up a website to sell your wares and advertise using social media.
Good word of mouth is essential for any businesses, so encourage your family, friends, and customers to pass the word on you.
Paypal, Amazon, and Facebook enable you to use their services to advertise and sell also.
Work on the move
If you can’t afford an office space, and you find your home a distracting place to work, then other options are available. Some people now use their car as a mobile office, using their smartphones as a mobile hotspot for wi-fi, or parking outside cafes to ‘borrow’ their internet.
These are just a few ideas to save money on your business. If you have more ideas, share them in the comments.
*This post has been written for Morning Business Chat.
