Top Money Saving Tips for a Small Business

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Many entrepreneurs know the benefit of cost saving to operate a successful business. There are various smart ways to implement cost-saving methods within a business that does not cut corners. There are certain situations where it does not pay to save on costs such as professional services which should never be skimped on.

Economising on certain procedures, processes, operations or services can be done in small businesses and larger corporates. Every penny counts and adds to the bottom line.

Saving on Utilities

Whether you are sharing office space or renting a building for your business only, you can benefit from using a business utility broker. Professional utility brokers can save you both time and money in gas, electricity and water use for a business. Companies such as Utility Bidder take your needs into consideration and find the best prices in gas, electricity or water as a bespoke business utility broker.

Utility prices have been dramatically increasing over the past 5 years, and using a comparison site is a smart choice to find the best possible suppliers and prices.

Shop Around for Quotes

Taking out business, goods, liability or fleet insurance is part and parcel of the business game, and this can often be a costly premium. Shopping around for quotes is the best way to save costs when insuring your business. Experts agree that finding three quotes when considering insurance is best practice to see what you can expect to pay and who offers better premiums.

Consider Cloud Computing

All businesses will require software to operate in the digital age. Invoicing, inventory, document storage etc. will be needed and can prove to cost a pretty penny. Using open-source services which are freely available – think Google Drive or Documents – can save on unnecessary costs by purchasing software that acts as well as the free products. Saving documents to the cloud on Apple or Google is easily accessible and free of charge.

Micro-Contracting

Hiring experts short-term can be another cost saving method. If you need a tax expert once a year or a marketing specialist for a campaign, it makes sense to outsource services instead of hiring a full-time employee. The pay considerations when outsourcing workers versus permanent workers are a significant saving on a business’s payroll.

Sustainable Operations

Cost effective operations which are sustainable over the long term are a valuable asset to not only the business, but the environment too. Energy and water efficient practices within a working environment may be costly to install at first, but save money over a period of time.

Ensure your appliances and lighting are energy saving products which last longer and cost less. Grey water systems can be useful if you run a factory or need to keep the building gardens irrigated. Toilets should be fitted with dual flush systems which save on utility costs and water. Utilising recycled items or natural cleaning products is kind to the planet and your budget.

With an array of methods to cut down on costs, it pays to make small changes in all areas of business in smart and simple ways.


Image Credits: Riccardo Annandale

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