Owning a small businesses isn’t usually too costly in comparison to some of the bigger businesses out there. However, there are probably still plenty of ways you can go about saving money. Many of the tips in this guide won’t just mean you have more money to play with, they also means you’ll do good for the environment! Let’s take a look at just some of the ways your small business can save money:
Outsource Rather Than Hire
You probably need at least a few staff members to help you along the way. However, you don’t need to get a new recruit on board every time the going gets tough. Why not outsource rather than hire? This will save you time, especially if you only need a job doing once. You won’t need to worry about all of the legal implications that come with hiring somebody either.
Take on Work Experience Staff
You can save money when it comes to hiring staff by taking on those in need of work experience. If they need a role for their college/university, you can pay them much less than you’d pay a regular member of staff. There are legal implications, but usually the amount you pay them is up to you. Just remember that having great staff behind you is a quick way to success, so you may not always want to save money in this area.
Cut Unnecessary Luxuries
Cut unnecessary luxuries from your budget if possible. You need things to keep your staff happy, such as comfortable chairs and a coffee machine. That being said, you don’t need the most expensive coffee machine and state of the art chairs. Some things are worth splashing out on and can actually make you more money, while other things aren’t. At least until you’re earning enough to afford them anyway!
Most people don’t realise that the amount of paper they use is really bad for the environment. Of course small businesses can use lots of paper, especially if printing is part of the business. Try to cut back on paper and even go paperless when you can. It’s so much better for the environment!
Save electricity by turning things off when you leave the office at night. Not only that, make sure you make the most of natural light when it’s bright out, rather than using artificial lights. You’ll save money and your staff will feel more energised.
Find the Best Suppliers and Business Partners
Find the best suppliers for your business by building great business reputations. Buying in bulk can save you a lot of money too. There are businesses who can advise you when it comes to your finances. Financial modelling is a good idea for all directors who are interested in saving money. Find out more here.
Make Sure Your Staff Are on the Same Page
Your staff should be on the same page as you when saving money. It’s all well and good implementing these things yourself, but Jeff from accounting needs to stop printing out every email he receives too. Politely remind your staff that you’d like to save money and do good for the environment where possible.
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