Money-saving tips for small businesses that you need to know

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Money-saving tips for small businesses that you need to know Are you looking for ways that your small business can save some hard-earned cash in a relatively simp

10. Team timingIf you do employ staff, are they working at the right times? This is particularly relevant to service ind...
09/06/2023

10. Team timing
If you do employ staff, are they working at the right times? This is particularly relevant to service industries where certain parts of the day are significantly busier than others.

Analyse when you and your team are flat-out and when there are lulls – then tailor shifts to ensure you’re covered at the correct times.

9. Buy second-handRegardless of what you’re doing, you probably don’t need the latest bit of kit to run your business pr...
09/06/2023

9. Buy second-hand
Regardless of what you’re doing, you probably don’t need the latest bit of kit to run your business properly.

Forget about buying brand new and make it a habit to shop around for second-hand goods on sites such as Amazon, eBay, Gumtree, and Facebook Marketplace.

Also, when buying electronics – big brands such as Apple often have areas on their site dedicated to refurbished equipment.

8. Go paperlessCutting down on the amount of paper that your business uses is good for your pocket and the planet.There ...
09/06/2023

8. Go paperless
Cutting down on the amount of paper that your business uses is good for your pocket and the planet.

There are a number of ways that you can scale back your paper use.

Encourage digital note-taking, discourage print-outs in meetings, introduce hot-desking instead of fixed desks (this reduces clutter), and move internal documents such as company handbooks to the cloud.

7. OutsourceDon’t waste your time plodding through tasks that you don’t excel at. To be a successful business owner, you...
09/06/2023

7. Outsource
Don’t waste your time plodding through tasks that you don’t excel at. To be a successful business owner, you need to use your skillset wisely and know when a job needs to be delegated.

Whether the solution is getting a freelancer onboard or using an online tool, take a step back and consider the value of your time and how it can be put to better use.

However, don’t confuse tasks outside of your expertise with tasks that you don’t enjoy. Sometimes you will be the best person for the job.

6. Look after your teamRecruiting and training new members of staff is time-consuming and expensive, with recruitment al...
09/06/2023

6. Look after your team
Recruiting and training new members of staff is time-consuming and expensive, with recruitment alone costing a reported average of £3,000 per staff member.

It starts with hiring the right people – then, once you have them in the door, you need to give them enough reasons to stay.

Demonstrate the opportunities for growth in the business. Invest in company culture. Offer benefits and rewards. Avoid micromanagement.

It may sound expensive (and challenging) but it’s nothing compared to the cost and admin involved in finding more great people.

5. Remote workingAs of April 2022, the cost of office space in London was the highest in Europe. If you run your busines...
23/05/2023

5. Remote working
As of April 2022, the cost of office space in London was the highest in Europe. If you run your business away from home – ask yourself if it’s necessary.

The pandemic showed us that remote working, when done right, can be just as efficient as office work. And of course, there are address services that allow you to give the impression of being based in a prestigious location, when you are actually working from home.

4. Not using it? Sell itComputers, monitors, TVs, phones, printers, desks, chairs. You’ll have things in your office tha...
23/05/2023

4. Not using it? Sell it
Computers, monitors, TVs, phones, printers, desks, chairs. You’ll have things in your office that you don’t use anymore. Pop them on an online marketplace (5 best sites to sell your stuff and make some quick cash) and see what you can get for them.

At the very least, you’ll free up some space.

3. Do meetings betterPoor old meetings. Read any article on running a more cost-efficient business and you’ll be told to...
23/05/2023

3. Do meetings better
Poor old meetings. Read any article on running a more cost-efficient business and you’ll be told to hold fewer meetings.

Firstly, you probably should.

Secondly, if regular meetings are imperative to your business, make them effective. Prepare an agenda. Set the goal. Only invite the people who need to be there. Begin on time. End on time. Come out with some actions.

Everyone has been in a badly hosted meeting. Not only are they detrimental to productivity, but they’re also harmful to team morale. So next time, before you hit ‘send invite’ – ask yourself whether this meeting could

2. RenegotiatePick up the phone, call your suppliers and tell them you want a better deal. Think internet, electricity, ...
23/05/2023

2. Renegotiate
Pick up the phone, call your suppliers and tell them you want a better deal. Think internet, electricity, stationery, rented equipment, and software providers. Some won’t budge. Others will.

You may find this uncomfortable, so it’s important to prepare before making any calls. Do your research into the suppliers’ competitors, and know exactly what you want to achieve.

1. Review everythingDo you really need a piece of software you used once 8 months ago? Is the coffee pod subscription ne...
23/05/2023

1. Review everything
Do you really need a piece of software you used once 8 months ago? Is the coffee pod subscription necessary? How much use is the company Netflix account getting? If it’s providing value, great – keep it. But you’ll be surprised by the number of things that you’re paying for that you’re just not using.

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