5 Money-Saving Tips From Successful Small Businesses

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When you are setting up a new business, money can usually be a bit tight. Most small business owners are focussed on two things: Growing their business and reducing costs. Looking at ways to keep costs down can save you lots of money that can be put to better use to help grow your business.

Lets take a look at some ways in which already successful small business owners managed to cut costs or prevented themselves from having to pay out for large expenses.

Utility Costs

One of the most obvious first costs to look at is your business utilities. You can use comparison sites to compare the prices and services on offer for everything from your gas and electricity supplies to broadband, telephone, and business mobile phones. Can you find a better deal by switching suppliers? Probably, and thousands of small companies manage to save money this way with very little effort on their behalf.

Staffing Costs

If you are a sole-trader or a single entrepreneur, you may not be too concerned about staffing costs at the moment because you may not be in a position where you need to hire staff. However, it is worth bearing in mind that as your business grows and your workload increases, you may struggle to manage everything by yourself. Outsourcing your essential everyday admin tasks may be an easier and more low-cost option than taking on permanent staff and all the added responsibilities that go with doing that. Using a virtual receptionist or a mail sorting service will free your time up greatly from tasks that although are essential for you business, are not profit making activities. You can use your freed up time to focus on growing your business and securing more sales or fulfilling customer orders without being bogged down in time-consuming paperwork or being tied to the telephone line dealing with calls.

Save Energy

The Carbon Trust regularly release fresh data that shows business owners can save money each year by reducing the energy that their company uses. Simple things like turning off lights at night, powering down computer and electronic equipment when not in use, and switching to energy efficient bulbs can save you a lot of money off your energy bills over the year.

Lower Insurance Costs

Business insurance can come with a hefty price tag. You can lower the cost of your business insurance by having certain things in place that insurers like. Such as a working fire alarm system, smoke detectors, CCTV, security lighting and secure door and window locks. Finding a locksmith that can give your business premises a thorough inspection will be a great move. Your locksmith will be able to assess your security needs and recommend a plan of action to make your premises more secure. Addressing your security needs will also help to greatly bring down the cost of your business insurance policy.