If you’re a small business owner, you’ll know that costs can sometimes appear out of nowhere. Even the most financially-savvy planner will have some unexpected bills, and it can be a bit of a blow to the business money pot when this happens. To prepare yourself for the unexpected, it is a good idea to make sure that you save on other costs wherever you can, so that you’re not left in the dark where money is concerned. The last thing that you want is for your business to be in debt, so we’ve put together some simple tips to help you to stay above water.
Try your hand at haggling
If you own a small business and you want to save a bit of cash on the supplies and services that you need, learning to haggle could help you greatly. You have to be clever about this, so give yourself a budget that you’re willing to spend on a certain product, and see how low you can haggle the price with a few different companies. The likelihood is that if you’re making a big order, they will seriously think about dropping the price tag a little. Another way to do this is to offer a ‘trade’ of sorts, so tell them that you can provide them a service if they cut the price to what you want. Other small businesses will be happy to do so if your services can benefit them.
Employ fresh graduates
Whilst you always want to make sure that you have the best staff, experience doesn’t necessarily equate to adequateness. Many fresh graduates are looking for jobs all year round, and they don’t have the experience that you’d usually ask for from a candidate. This isn’t all bad, though, as they have a lot of skills as a result of doing their degrees, and they could bring something new to your small business. Sometimes it is good to have a fresh outlook on things, and graduates won’t just go with how it’s always been done. The plus side of this when it comes to money is that you won’t have to pay them the wage that experienced employees expect, but they will still do a great job.
Aim for carbon neutrality
Not only is recycling and reusing good for the planet, but it can be good for your finances, too. When you don’t have to print something off, you’re saving yourself a lot of money on printing and paper costs, and also saving yourself the stress of having to sort out all of your physical documents. You can keep everything on the Cloud which helps you to keep it arranged, and you’ll always know where everything is. On top of this, you won’t be in trouble if your system crashes, or if anything happens to your documents in-house. There are also recycling schemes that give you money back for getting rid of your used plastic, paper and glass, so look into these!
Outsource your phone calls
Sometimes, the amount of phone calls that you receive on a daily basis can be overwhelming. When you’re trying to get on with things in your small business, you don’t want to be sitting on the phone all the while, even though you know that it is really important to uphold communications with clients and potential clients. If you outsource your calls and have a virtual receptionist, you can decide what they will say to your clients on the phone, what platform they will use to forward the messages on to you, and you don’t have to pay out to have a full-time member of staff answering the phones for you. If you want to save a bit of money, check this out.
Be smart about your office space
Are you splashing out a lot of money each month to have a state-of-the-art office space? This could be one of your financial downfalls, as renting office spaces can be expensive, particularly in city centers. There are many ways that you can cut the costs of this, from moving your office out of the expensive areas, to sharing an office with another company. Don’t think that you have to have everything that a larger business would have, as you’ll be paying out a lot for the privilege, and this could be draining your business finances. Stick to the office size that you need, don’t think that you need all of the luxuries, and share the space if you want to slash the rent.
Whatever it is that you need for your office, there is a likelihood that somebody else is selling it off for a cheaper price, second-hand. Don’t be fooled into thinking that this means that the quality is lower, as this isn’t always the case. Some bigger businesses change up their office furniture every few years, and will get rid of things that are perfectly fit for use. There are many ways to get your hands on a deal this way, from looking at auction sites like eBay, to checking out sites like Freecycle in your area if you don’t want to pay out at all. This is another way to save your business a lot of money, whilst also giving the planet a helping hand, so shop pre-loved!
Use social media
Advertising in magazines, on television, and on the radio, can be an expensive way to market your business. Social media is one of those great tools, because you will be advertising yourself every time you post an update, and it is completely free. Of course, you can pay a little to put an ad up every now and again, but even regularly updating your accounts will refresh the interest in the services that you are providing. If you don’t frequently use your business social media, you’re missing out on a lot of opportunities to get better profits, so post things yourself or get somebody in who can do the job for you, and knows the ins and outs of social networking.
So, try out these simple money saving tips if you have a small business, and you’ll be well on your way to success!