Running a small business is very different from working for someone else. You are responsible for salaries, expenditure, and making sure that the functionality of your business is as smooth and sleek as it can be. Your bottom-line profits will have an impact on your lifestyle and your family, so it’s even more important to make cost savings where you can. There are several things you can do to help your small business save money. Here are 8 of them.
Working from home
Whilst renting premises might be what you always envisaged, working from home could save your business a small fortune. Rentals can prove costly, as can the associated running costs. That is why it might be worthwhile looking into setting up your business from home instead – particularly if you have the space. Many people convert their garage into an office or use a spare bedroom to work from whilst others choose to extend their homes instead. You might be surprised at just how much money you could save even over a year.
Co-working
If working from home isn’t an option, why not consider co-working? It’s a functional solution that is becoming increasingly popular, particularly in large cities where rentals can be prohibitively expensive. Co-working is similar to standard office rentals, but instead of renting an office space on your own, you do so alongside other businesses. You are provided with all the facilities you need such as meeting rooms, photocopiers, desks, etc but the costs are apportioned amongst each business. It’s also a great way to make business contacts with people you otherwise wouldn’t likely meet.
Time tracking software
Time tracking software is a multi-purpose software that can save money as well as streamline processes – particularly if used to its full potential. It’s a quick and easy way to track employee working hours, reduce payroll time and monitor salaries and expenses. It’s a great way to analyze how your employees are using their time as well as being able to monitor how many hours as being spent on specific projects.
Go paperless
Going paperless not only saves you money in costly stationery supplies such as printer inks, filing cabinets, and paper supplies but can also save space. Premises are rented on a square foot basis, so if you no longer need to house several filing cabinets, you can probably rent smaller premises. All of your files will be easy to access using shared servers, which can also make it easier for staff to work remotely.
Utilities
Utility bills can mount up over time, so it’s important to save money where you can. Ask staff to implement a switch-off policy whereby monitors, PC’s and photocopiers are switched off at the wall every night. Consider having LED bulbs fitted to reduce energy usage, and where possible, have motion sensor lighting installed.
Ensure that heating is on a timer and switch to industrial heating oil when commercial boilers are being used. Whilst the savings might be small, they can and will mount up over time, which could save you a lot of money in the long.
Marketing
If you outsource your marketing, are there any elements that you could do yourself? Paying costly agency fees can account for a huge total spend over the year. If someone is being paid to post ads for you on Facebook or write regular blog posts on your behalf, why not train one of your staff to do it instead? Agencies will add a hefty mark up to any services they provide. Doing things in-house can make a huge impact on your bottom line.
Recruitment
If you are looking to build your team, then you have perhaps considered finding the right candidates via a recruitment agency. Whilst they will do a lot of the leg work for you, you will find it a whole lot cheaper to post an ad yourself. You will have to sort your way through a pile of resumes but, it shouldn’t take too long and could save a fair bit on agency fees.
Ongoing training
Training your staff regularly can save money. You might find that staff are taking far longer than necessary to carry out standard tasks. Perhaps they are also performing duties that aren’t necessary. Staff training will ensure that things are being done in the right way and as efficiently as possible. Time is costly, so make sure staff are utilizing theirs wisely.
