Whether you run a business or work for yourself, in these tough economic times, it pays to be savvy with your finances. Here are our top tips for any small business looking to save money.
1. Cut energy bills
Save money by switching energy providers. If you’re a limited company or have commercial premises you’ll need a special business tariff, but you can still shop around for the best deal by using a energy price comparison website such as UK Power, Energyhelpline, Makeitcheaper, Simplyswitch or PH Business Services. It’s well worth doing, as savings can be as high as £1200 a year! For sole traders or those working form home you can still make savings, as you can usually deduct a proportion of your household bills as a business expense. So use a price comparison website to switch your gas and electricity provider – some of them will even give you cash back.
2. Use a laptop
Consider using a laptop computer instead of a standard desktop computer, as laptops consume up to 75% percent less energy than desktops.
3. Outsource your work
In some cases you can save the money it would cost to employ a new member of staff by outsourcing work to a virtual assistant instead. Using a virtual assistant can be a great low-cost way to deal with those niggly jobs you don’t have time to do yourself.
4. Use a virtual office
Impress clients with a posh postcode for next to nothing by using a virtual office address. From around £10 a month (a lot less than it costs to rent a city office) you can benefit from using a prestigious mailing address on your letterhead. A virtual office will also provide mail receiving and forwarding services, telephone answering services, and meeting room hire.
5. Use free or low-cost online resources
Make the most of free or low-cost resources available on the web, such as Microsoft Office Live Meeting.
6. Save money on your office phone and broadband
If you’re working form home try and find the best deals with domestic suppliers for phone and broadband. For business/office premises check out phone and broadband packages on websites like Broadband Choices, Business Advisory Service, Makeitcheaper or uSwitch. A further option is to use an override provider, which will give you a number you can access without changing your phone provider and get much cheaper calls – around 5p to a landline, however long the call is, or 6p/min to call mobiles during the day. They’re also good if you need to make a lot of international calls, with rates from 0.5p per minute to a US mobile. Try Alpha Telecom, 18185 or 1899. Also try Skype to make phone or video calls via your computer, which is free if you’re calling another Skype user.
7. Use free or subsidised training
Save money on expensive training course by utilising government-funded subsidised courses from Learn Direct. There are courses in Business and Administration, Customer Service, Team Leading and Management. B] are also currently running a series of free business skills training courses which may be worth looking into.
8. Find out if you’re eligible for a business grant
Business Link is a government service that supports established and new businesses in the UK. Check its Grants and Support Directory to find business development help. You can search for financial assistance and advice, plus it also has some general money-saving tips. Your local council may also be able to advise you on grants available. Ask them about funding, as the funds on offer will differ from council to council.
9. Try bulk buying
Rather than purchasing office supplies every week, save money by bulk buying each month. Try wholesale operators like Costco, whose warehouses are designed to help small-to-medium-sized businesses reduce costs in purchasing for resale and for everyday business use by offering brand name merchandise at substantially lower prices than are typically found at retail outlets.
10. Rent unused office space
If you have unused office space look into the possibility of subletting it so that you can share the rent with someone else, and make the most of any space that you are currently paying for but not benefiting from.
Do you have any tips for saving money? Leave a comment and let us know.