Sunday, July 21, 2024

How small businesses can save time and money

Running a small business isn’t easy. There are unexpected costs and problems at every turn, so it makes sense to ensure you’re saving money wherever possible. Here we’ve taken a look at some ways you can encourage growth in the future, by saving time and money now…

Hire the right employees

This may seem obvious but some small changes to your recruitment policy could result in you saving time and money in the long run. When hiring, rather than thinking about what you will be able to get out of an employee, why not think about what they can get out of working at your business? People who feel they’ll be challenged and learn new skills at a company are far more likely to stay motivated while they’re there. Motivated members of staff will help ensure your business gets tasks done on time and to a high standard, which ensures no time or money is wasted. To help ensure your staff stay motivated, if possible you could look at offering learning opportunities. You should also place a focus on work culture – that way you’ll have happier employees and a lower staff turnover rate.

One tip you could take on board for hiring is to have your employees do the headhunting. Not only does it save money, but it will attract people to your organisation who are similar to the ones that already fit in. It helps you to build an effective and cohesive team, whilst making your current employees feel as if they’re helping to shape the business and their workplace too.

Put a parcel delivery system in place

One easy way to cut down costs is on parcel delivery. Huge amounts of small companies underestimate the costs involved when it comes to sending out packages. Whether you send a few dozen packages a week or a few hundred, you could significantly cut down your costs simply by finding the cheapest courier available. At, we group together customer orders in large volumes before booking them through a single account. Due to the volume of orders, we’re in a position to negotiate prices with our trusted couriers and then pass the savings onto you. Those savings could make a huge difference to your bottom line, giving you extra funds available to invest in the growth of your business.

The right clients

When you’re just starting out it can be tempting to take on every client that comes your way. Sometimes, however, it’s best to exercise caution as the wrong type of customers could end up negatively impacting your business. It’s a good idea to spend time researching the type of client that would benefit most from the products or services you have to offer. Different departments can provide you with data which you can then use to create customer ‘personas’. With this information, you’ll know who to target your marketing efforts towards and you’ll know who the right customers for your business are.

The right customers, managed well, can lead to new business. So if you’re looking to save time and money, focus on getting the right clients, because their word of mouth recommendations will save you a lot of marketing efforts.

Elliot is the Editor at ABCMoney. He manages a team that writes and contributes to many leading publications across a number of industries.

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