When you are running a small business, every little penny really does count. This is why it is incredibly important that you regularly look over your finances and try to pinpoint areas in which you can reduce costs in your small business and create processes that will save you money in the long run but be careful to ensure you don't neglect funding your retirement. Sometimes what can put many people off doing this is that they think it is going to take up a lot of time and effort on their end, however, this does not have to be the case and we have come up with our top tips that will help you to make smarter business choices and keep outgoings as low as you possibly can to improve your bottom line.
Get Up to Speed with Technology
Nowadays, there is so much amazing technology at our fingertips and you will tend to find that a lot of this is free or that it pays for itself very quickly. New technology has allowed us to save money and advance our businesses in ways that were not possible even just a short five years ago.
Just a few of the handy ways in which you can use technology to reduce your business costs is teleconference services, remote desktop applications, open-source software and allowing for online payments. These small additional savings all add up, so don’t hesitate when it comes to trying out new tech that could save you cash.
Get Rid of the Landline
As a small business owner, what you really need to ask yourself is whether or not you need a landline. Landlines can be extremely expensive and a lot of the time, they are actually quite unnecessary. We would instead recommend that you ditch the landline and use your mobile phone instead.
You can always have installed a VoIP instead which is when callers are redirected to your mobile phone. This can massively reduce your business outgoings. You may still have to pay a line rental fee for the internet in the business, but without a phone system you can watch your costs go way down.
Get Rid of Paper
It’s the 21stcentury, do we really need to be using lots of paper now in our offices? Not only will you be doing the environment a favour, but you will also be able to save on lots of additional costs that can quickly add up such as the ink, paper, postage and other mailing supplies. You can always get a small printer to print off any documents that are absolutely necessary.
Transitioning over to digital invoices and a bill payment system is super easy and you then can easily access all these documents straight from your computer. This is more secure too and can keep you in line with new GDPRlaws, so it’s a win win.
Opt for Van Leasing
For many small business owners working in a trade, often having some vans is a necessity to carry out your work. This can be a huge drain on small business finances, however, there is one easy way in which you can cut the costs for this and that is through leasing.
Leasing is a way to ensure that your business has the very best vans on the market and that you don’t have to worry about any ongoing maintenance costs. What’s more, this also means that you know exactly how much is coming out of your accounts every month. If you’re not sure about the best van to choose for your business's needs, you can click here for Ford Transit Custom Vans that could help you with the transport needs of your business.
Market Your Business Online
While television ad, radios ads, and billboards used to be the main forms of marketing these can be expensive for smaller businesses. Online advertising offers a different option, which can actually be more cost-effective. The results that you can get from this can also be better than traditional advertising, as it’s more targeted.
Some business owners steer clear of online advertising as it’s something that can be daunting from the outset. However, spending some time getting to grips with this can allow you to get a much higher return on investment for your advertising budget, slashing how much you need to spend.
If you have staff in your business, then you want to make sure that they’re performing well. Monitoring these levels and ensuring that they remain consistent will give you the chance to make the most of your resources. Instead of letting staff become less productive, review their work levels and offer them assistance should they need it.
Having staff performing well will mean that you could avoid the need to hire an additional member of staff, saving you money.
If you’re a business owner and want to save yourself some money, without compromising on quality, then these are the tips you need. Follow them and you could watch your business outgoings decrease almost overnight, giving you more cash flow to deal with the important outgoings.