Sunday, May 22, 2022

    6 cost-cutting tricks for small businesses

    For any business finding new ways to save money where possible is always a smart move. But for a small business, it can make a huge difference. If you’re a start-up, in the early stages or have been up and running for a while, making a few clever cuts can really help save the pennies. Here are just a few ways to do this.

    Go digital only

    This might be tricky – or near impossible – depending on what industry you are in. But going digital-only can help save on printing costs and save on the hardware itself, paper and ink or toner. Unless each staff member has an allowance, printing can be done freely and become a hidden cost eating away at your budget. And by going digital, you will also boost your eco status. It will take some adjusting, but if you are a business where printing is not essential, it is worth looking at.

    You have the option of taking small office spaces for rent according to your team size without having to deal with unreasonably high rent costs. Small businesses can now work in a fully equipped office without the hassle of setting it up from scratch. This will save you a lot of cost at the end of the year.

    Go green

    Going digital-only is not the only way to boost your green credentials and save money at the same time. Whether you are a business based at home or rent an office to operate out of, there are some simple adjustments you can make to go green and they all come down to one thing: energy.

    With lights, computers, printers and the many coffee rounds, it is easy to see how the energy bill can climb. There’s one simple thing you can do to reduce these costs: installing LED energy-saving bulbs – these bulbs have been found to cut the electricity bill in our homes by 90%.

    Find the middle ground

    If you have been running your business from your home, you may now have reached a crossroads in the running of it. Have sales boomed and you are now running out of space to contain your stock? If this is you, you may now be thinking about renting a small office space to work from and store your items. However, this can be costly and see you tied in with long contracts. A cost-effective solution is to rent a self-storage unit. Storage units, like these available from Cubic Storage, are a safe and secure way to free up space and still run your business effectively.

    Reduce meetings

    Have you ever sat in a meeting and thought: ‘this isn’t needed right now’? Well, an unnecessary meeting can actually be a great cost to your business. Want to find out how much your Monday morning meetings are costing. You can calculate the true cost of your meeting here. You can reduce meetings by using a traffic light system. If the issue is red, you can make it a meeting to be addressed urgently. If it’s a green, you can ask for it to just be an email.

    Invest in technology

    Technology has evolved massively. There is not a sector which has not been touched by the advancements made, so take full advantage of this. If your current computer is running on the slow side and the printer regularly loses connect, it might be time for an upgrade. While this is a cost to the business, in the long run, it can boost productivity and efficiency.

    Get tactical with your travel

    This one can save you a lot of cash, but with some clever planning. If you need to travel for meetings and events, you should aim to plan as far in advance as possible. As the saying goes: the early bird catches the worm. And in this case, the early bird gets the best deals. If you need to drive, look at leaving before or after rush hour, that way you won’t be wasting fuel or time being stuck in traffic. If you choose to catch the train, here a few things you can do to save (quite a few) pennies.

    • Avoid peak times – this is usually early morning and late evening, Monday to Friday
    • Split the tickets – it can sometimes work out cheaper to split your tickets and in some cases these do not even require you to get off and change.
    • Get a railcard – if you qualify then a railcard offers you discounts on travel. Great if you’re a frequent traveller.
    • Avoid booking fees – While it may not seem a lot at the time all those little booking fees will soon add up.

    There are many ways to cut costs in your business, from changing a lightbulb to planning more efficiently. While at first, these may not seem to make huge savings, over time, they will make a big difference to your overall spend. Thinking outside of the box and making the small changes now will make the biggest impacts later on.

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