Nine Big Savings Tips For Your Small Business
In the current economic climate small businesses and start-ups all across the world are having to work extra hard to stay afloat and in profit. With most countries teetering on the edge of recession a lot less money is being spent both by consumers and in the business-to-business markets. Consequently it pays, as a small business to look at every area of your business to see where savings can be made to keep a healthy cash flow pumping through the business.
For ‘larger’ small businesses this might come down to letting staff go or cutting wages, but if you are a freelancer or sole trader or work from home mom and you are at the small end of the market, where can you make those savings when you are already cutting corners? For you it is time to think out of the box and time to learn how to be thrifty. Try the following tips to bring a bit of old school thriftiness to your small business:
(1) Cut Down On Snacks, Food and Drink: This will trim both your waistline and your bottom line. Bring in home cooked meals or sandwiches to your office and a flask of tea or coffee. Forget unnecessary trips to the deli round the corner from the office. If you want to eat a mid-morning snack or nibble on something in the afternoon, bring some fruit with you.
(2) Go Thrift Shopping: Second hand stores aren’t just for hipsters. If you need a second or third business outfit try looking in the local second hand shops before heading off to buy another designer number. Keep one good suit for meeting clients and try to find a couple of decent ones second hand for everyday office use. You’ll be surprised at just what you will be able to pick up in these stores. Here’s a tip – head to the rich neighborhoods to explore the second hand stores. Also, keep an eye out for decent office equipment in the second hand stores. Again, you’ll be amazed at the quality of stuff you can pick up in there.
(3) Rummage in the Rubbish: Not literally, obviously, but keep an eye out on hard rubbish days as well as checking out any yard sales you might drive past. People are always chucking out chairs, desks, monitors, computers, printers. You might just find an incredible bargain.
(4) Take Advantage of Free Wi-Fi: If you’ve got free wireless hotspots near you, whether in coffee shops or in your local library, then why not consider using them instead of your own broadband. If you only conduct a small amount of business online then this could be cost-effective. Just don’t spend all your money on coffee and cakes!
(5) Get Rid of your Landline: If you’re thinking about ditching the broadband, why not get rid of the landline instead? Keep the broadband but get rid of your old landline phone and use voice over the internet communication methods again. It will save you a small fortune in line rental and charges.
(6) Visit Trade Events for Free: Bit sneaky this one, but no one ever bothers checking your ID once the trade event is under way and everyone has registered. Just walk in a little later and enjoy all the benefits of the trade event without the massive costs!
(7) Embrace Video Conferencing: Instead of spending a large part of your budget on business travel, encourage your clients to deal with you via Video Conferencing instead. It will save both of you time and money.
(8) Hot Desk: Why rent a whole office when you can share one? These days it is possible to rent a desk space in shared offices for only a small amount of money – and you might only need to rent one when you have to deal with clients. In addition these hot desk offices are normally excellent places for networking with other businesses.
(9) Work from Home: Continuing on from the hot desk idea, why not ditch office rental altogether and build a home office? If you have a suitable space and are in a business that involves consulting or design, PR or marketing, then there is no reason why you cannot have a smart office at home. What’s more the cost of setting it up, equipping it and the use of utilities at home for business are all tax deductible.
Esther is a small business blogger and writer. She covers everything from business loans to marketing, SEO to social media. She also maintains a blog for a payday loans UK site.
cc licensed ( BY ) flickr photo shared by Alan Cleaver