Running your own business can be a costly exercise, no matter how big or small it is. Luckily there are plenty of ways to cut costs down to make sure you’re not spending when you don’t have to.
Comparison is part of business and home life. Keep an eye out for special deals at the bank or building societies, for example, get free bank accounts for the first 24 months. Seek out the best broadband deals and mobile phone contracts to make sure you’re getting the added value from shopping around.
Yes, it continues to be headlines news: energy and fuel bills. We have to meet them, but as the costs have gone up, so we have to find ways to manage them. There are many ways to save energy in the office, you could install energy saving light bulbs or install a smart-meter which some of the “Big five “energy companies recommend. Tempt staff to switch off when they leave for the day by giving a prize out when quarterly bill goes down. It’s a win win.
The classic is leaving equipment on stand-by, so go on, turn it off and be kind to your business and the environment. Even self adhesive thermal strips around doors can keep out drafts which account for nearly 10 per cent of heat loss. Technology continues to help businesses in this area, so apply daylight sensors to lights to maximise the use of daylight which is free.
Travel costs and pooling resources
Many large corporate companies have car sharing schemes. It can be scaled up and down depending on size of business. Shared travelling is brilliant for saving on costly fuel consumption, and means fewer car parking spaces are required.
Conference calls are another way of cutting costs; why not check in with your clients on a conference video call? It’s almost as good as being in the boardroom without forking out on train tickets and petrol.
There’s a shift in thinking that small businesses have to buy all their own equipment, so join a small business consortium to share the expense.
Purchase second hand
Be clever, look out for second hand office equipment sales. Perhaps you’ll be lucky and find a couple of designer office chairs at knock-down prices. Business loans can help in the short term to get these essential things.