3 Strategies For Small Businesses To Save Big Money

3 Strategies For Small Businesses To Save Big MoneySource: Flickr

There are certain costs that all business face. The day to day to running costs, such as rent for a building, heating bills, and fuel costs can all add up. They are necessary, and a certain amount will be able to be deducted from your tax. However, you don’t want to just be running your business to pay bills. For small businesses, this can be especially hard. So if there are ways to save, then you’re going to take that chance, right? Here are some strategies to think about, to help your small business save money on it’s day to day costs.

1. Save on Utility Bills

When you have a small office and a small team of people, you will have a certain amount of utility bills to sort and pay. So if you can cut costs there, then it can really help. You can do small things like switching up light bulbs to use more energy-efficient ones, as well as using light sensors, so they will switch off when no one is in the room. There are larger scale things that you can do to save money too. Think, for example, of something like geothermal drilling around your workplace. If this is possible, then drilling to install a ground source heat pump can be a long term way of saving money on heating bills. It is a fair bit of money up front, but it is likely to save you quite a lot of money along the way. So if your business is expanding, this could be something to consider.

2. Outsource to Freelancers

There may be some projects that crop up that need an extra pair of hands. It could even be something like marketing or social media, which no one in your team is currently equipped to handle. But instead of creating a whole new role, think about outsourcing the work to freelancers. They won’t be tied to the normal benefits of your company as they are a freelancer. So you only have to think about their hourly rate. If you outsource from abroad, that can a lot less than you might be paying too. So it is a good way to cut down on employment costs, but still get the same, if not more, work done.

3. Be Flexible

In the early days, when things are starting to expand, you might want to consider hot-desking for your employees. If you have to have space for all of them, then it could mean having to move to a new premises. So think about working from home options, so that they can be more flexible. It helps the employee, as it won’t mean time out of the office for things like dentist appointments. But it also helps you as an employer as you won’t have the cost of a larger premises. Hot-desking can bring with it some pretty big savings.

There are several different ways to save when it comes to small businesses. So just take some time to plan things out. Then you can hopefully expand, without it costing you a large amount.