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Money-Saving Tips for Your Business

11th February 2019

If you want your business to be profitable, there are two things you can do. The first is to increase your sales so there’s more money coming in, which is the side of running a business that most owners concentrate on. Another way you can increase the profitability of your business is to look for ways to cut costs and spend less money, which is immediately attainable. There are a number of ways this can be done. Here are a few examples.

 

Use Contractors and Freelancers

If you’re running a small business, your budget might not stretch enough to hire a full-time team. For this reason consider hiring contractors, or freelancers, as they’re often a lot cheaper to hire. You also only have to pay for the work they do rather than paying a salary even though there’s little work to be done.

 

Run Your Business from Home

This really depends on the type of business you’re running, but being able to operate from your home is going to save you paying rent on office space. If this isn’t possible, you should consider a shared or communal office space.

 

Buy Used Equipment

The cost savings of this tip are obvious. You do, however, have to look closely at what you’re buying. There’s a lot of perfectly good equipment that goes to waste, but there’s also a lot that deserves nothing more than being thrown in the bin.

 

Find the Cheapest Utility Prices

Electricity, gas, and water bills are going to be some of your biggest regular expenses so it makes sense to find the cheapest prices you can. Spend time doing your research and you’ll have no problem finding the best business energy prices.  

 

Energy Saving Measures

When you’ve found the cheapest energy prices, you can make further savings by being smart about your energy usage. For example, turn all non-essential lights, appliances and machinery off at the end of the working day. Install double-glazed or even triple-glazed windows where possible, and make sure your windows and doors fit tightly.  

 

Build Your Own Website

Having a website is an important part of running any kind of modern business. With so many consumers using the internet to find products and services you’ll be missing out on a number of potential customers if you can’t be found online. The temptation is to pay for a professional website designer because you think you haven’t got the time or the knowledge to build one yourself. It’s really much easier than you think, thanks to the many website builders you can find online.

 

Go Green

Not only is this good for your business it’s good for the environment too. Your customers are also going to be impressed you’re doing your bit for the future of the planet. One of the ways you can do this is to reduce paper waste. Many of the changes you decide to make are also going to save you money.

 

These are just a handful of the ways you can save money. Take these tips on board and you’ll be surprised at the difference they make to your business.  

Posted by Mark at 4:24pm

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