Top 10 Money-Saving Hacks for Small Businesses
Are you a small business looking to save money and cut down expenses? You are not on your own! This year has been challenging for even the most financially comfortable small businesses. Who would have guessed whole sectors would be brought to their knees by a virus? Certain industries have been hit more than others, the hospitality sector and travel industries have been dealt a particularly low blow – remember folks, this is temporary! We will bounce back, bigger and more bad-ass than ever! So what can you do in the meantime to survive the current crisis?
Top 10 tips for improving small business finances
- Encourage an eco-friendly ethos within your small business, reminding employees to switch off unnecessary lights and appliances; thinking twice before hitting that print button!
- In turn, encourage your customer base to embrace your eco-friendly credentials – would the customer be content to receive your information digitally?
- Reduce your meeting budgets by championing the use of video conferencing.
- Barter! Use your contacts to engage in the mutual exchange of services in place of payment.
- Pro-actively review and evaluate your advertising activity to ensure you are receiving a return on investments!
- Enlist the help of a PR specialist to explore free and creative methods of getting your message out there and your product to market.
- Consider pooling resources! A piece of machinery such as a Turbo Lifting Machine for flooring is expensive but not often used – a great cost-saving opportunity if 2+ floor companies were to share this device.
- Re-negotiate your contracts to ensure you are getting maximum value for money.
- Keep accounts on track by revisiting your terms & conditions. Consider including charges to minimise late payments. Go one step further and schedule invoice reminders to clients before the account goes overdue.
- Outsource! By outsourcing admin to a small business like Business Aide, you have the freedom to focus on the creative development side of your business. You save money by not having to pay a staff wage. Use our services during peak times only for maximum benefit! You will relax knowing a highly skilled Business Aide is efficiently working through all of your time-consuming admin tasks while your own precious time is invested back into your business.