10 savvy ways to save your small business money
“Look after the pennies and the pounds will look after themselves.”
In today’s financial climate, this saying has become both relevant and important. Whether you are a small business or a brand new start-up you can save money by taking the time to assess your outgoings and be creative with your money saving solutions.
- Be smart with your advertising. Communicate on online forums and social media. You’ll interact with potential clients and customers (for free) which is a great way to create organic relationships with the public.
- Start a blog. No doubt you have a great deal of knowledge on your service or product, so use it to your advantage by writing about it. Offering helpful tips and advice online is both free and a beneficial way to advertise your business.
- Check out VoIP. VoIP is basically a phone service that uses the Internet. Many small businesses are opting for this cheaper alternative that can save them up to 60% over their traditional telecom costs.
- Reassess your phone plan. Even if you don’t switch to VoIP, it pays to shop around for the best deal possible to save your business on its monthly call costs. Choosing the right phone number is often overlooked, but by using either a Freephone 0800 Number or a local, Virtual 01 or 02 Number, you can attract a particular market to your business and grow sales.
- Turn off equipment when it’s not being used - turning off the computers at the end of the day can save an additional 50% of energy consumption.
- Hire a freelancer. This is a good way to get a job done quickly and efficiently, plus all time spent is well documented so you know exactly where your money is going.
- Hire an intern. This works in favour of both parties, a post-grad will be grateful for the experience, and your business will reap the rewards of an eager employee at little or no cost!
- Get to know your business neighbours. Small businesses should help each other out. Split costs if you can, or offer your customers exclusive deals etc. Twitter is great business tool for reciprocal promoting – the options are endless.
- Go green! While this may mean an initial upfront cost energy-efficient technology will save you money over the life span of your computers, phone systems and other tech tools. There are often tax benefits to green technology as well. Not to mention it’ll help out the environment.
- Don’t scrimp on the right phone solutions. There are plenty of options available to small businesses to support the growth of your company and analyse the highs and lows of your incoming calls – it is worth investing in from the start - to not lose out in the long run.
If you have any further ideas feel free to let us know – the more the merrier!