All businesses need to use their resources wisely. Yet this is especially true for small businesses, which often have to compete with much larger organisations.
In this article, we’ll share our five top money-saving tips for small businesses.
As a small business, you need to make the limited resources you have stretch as far as possible. For certain tasks, it’s more financially viable for you to enlist the help of external experts instead of hiring in-house.
Not only can outsourcing help you reduce your outgoings, but it also frees up your team’s time for more critical tasks. Moreover, outsourced workers are typically of a higher quality – since it’s carried out by specialists who focus on that domain.
2. Plan your finances
Many small business owners find the process of deliberately writing down a financial plan overwhelming. However, financial planning isn’t just about making forecasts and predictions. It’s one of the most essential ways you can cut down on spending.
Even simple things such as opening business bank accounts and taking the time to look through financial statements can help you understand where you can save money.
Do your research and utilise free guides on complex matters like year-end tax planning – or if you don’t feel confident, consult experts for greater guidance.
3. Embrace remote working
The pandemic revealed how expensive it is to maintain an office. It also suggested that employees are generally just as productive and enjoy many benefits as a result of remote working.
Since technology now allows for meetings, collaboration, and more or less everything else that traditionally used to take place in an office, it might be time to review your business set-up and consider if it’s time to go remote.
4. Hire interns and placement students
Your business can benefit greatly from hiring young people who are trying to get started in their careers. These people are typically curious, ready to learn, and conscientious.
Moreover, they have lower earning potential than people with longer histories of working experience, meaning that you won’t need to pay them as much as full-time employees during their time with you.
5. Utilise free tools
Free apps can take you surprisingly far nowadays. You don’t need to pay for pricey software until you’ve played the field and know exactly what you need. Some helpful free tools for your small business include:
- Hatchful – helps you create logos and social media assets
- Burst – allows you to download free, high-quality images for your website
- Xero – offers accounting, invoicing, and payroll services for small businesses
- Mailchimp – an email marketing and automation brand that helps you reach your target customers
Which of our above tips could help your small business save money?