Although the UK economy has made a step in the right direction to recovery, with predicted growth for 2014 hitting around 2.4%, businesses of all sizes are still doing their best to save money and shield against financial hardships.
It’s a simple ask – how can a small business owner cut costs and save money long and short term? According to This is Money, businesses of all sizes could make savings and should be looking to “take care of the pennies and the pounds will take car of themselves”.
Here are just ten money-saving tips for small businesses looking to save on everything from ink cartridges to virtual assistants.
Using local networks could not only lead to more customers, it could also help to find non-competitor business to run joint marketing promotions with.
Don’t rule out remote workers
Allowing workers to work from home can cut costs. There are also plenty of websites out there where freelancers can be hired directly on small contracts, e.g. a copywriter to create content for a new website landing page.
Shop online for cheaper suppliers
Everything from ink toner to office furniture could be cheaper online. Look for firms interested in offering great rates to recurring customers.
Use local education resources to find new talent
Approaching local schools, colleges and universities can be a superb way to spot up and coming students who could bring fresh talent into the company at a low wage.
Use fulfilment services to save time
Time really IS money for the small business owner. Look into outsourcing the most time-consuming activities – product ordering/posting, admin, mailing lists etc. There are lots of firms out there offering highly customisable services to small businesses.
Skip paid marketing in favour of social media
Set up a Facebook Page, Instagram account and Twitter feed – whatever best suits the company, and use them as promotional tools.
Use online marketplaces to source cheap goods
Second-hand office furniture, printers and related accessories are often filling the pages of markets like eBay and Freecycle. Fancy an updated look? Don’t rule out going down the used furniture route.
A posh postcode may not be having as much of an effect on the businesses as expected. Think about moving to a cheap office space or setting up at home, even just for six months to see the savings add up.
BYO website services
BYO – Build Your Own – websites are a superb way to get a professional-looking website for a fraction of the cost. They’re perfect for fledgeling businesses or sole traders testing the water online.
Use crowdsource websites to find design gems
A small business owner with a great business plan and fantastic idea may not also be graced with the talents of a graphic designer. Looking to crowdsourcing sites for everything from full website templates to a single logo commission.
Libby Carins has written for numerous small business product websites, including Internet-Ink.co.uk. She currently works as a freelance marketing writer.