Now the New Year is well under way, it is easy for a small business to get overwhelmed by day to day operational issues and forget its New Year’s resolutions for business improvement in 2015. Just to give you some food for thought, and spur you into action, we’ve put together the following five tips for reducing your costs this year.
As your business grows, you need more staff to make it happen. But don’t fall into the trap of thinking that these have to be full-time, dedicated staff. These days it is easier and easier to run a business with a skeleton staff at the core, hiring itinerant staff only when you need them. Technology enables people in many areas of business - such as marketing, creative work or administration - to work for you remotely without you having the overheads of office accommodation and equipment to worry about. This kind of strategic thinking will enable you to significantly reduce your expenses.
Get smart about purchasing! Are there other small businesses in your network with whom you could work together to either bulk buy or get a good deal? Could you trade off products and services with someone else? Always ask suppliers for a deal! You’ve got nothing to lose and they may well be prepared to be flexible to obtain/retain your business.
Adhere to the paperless office whenever possible. You can save so much time and cost by not printing things out unless absolutely essential. Also think carefully about how you can save energy in your business, just as you would at home. Choosing energy-efficient equipment and using resources efficiently will not only save you money in the long term, but will also reduce your environmental footprint. Recycle whatever you can and look into schemes that offer you incentives for doing this.
Always look for newer and better ways of doing things! Can anything now be done using technology that perhaps had to be done manually before? Are you making the best use of digital marketing and social media to advance your business? Always think outside the box. Do you really need your office landline? Why not use mobile phones and virtual offices? Do you need a separate fax machine when there are networked printers/scanners that can do the same job? Every time you use something think whether it is the only way or best way to get the job done.
Avoid Finance Charges
It’s essential that you keep on top of your finances; otherwise you can end up wasting a lot of money on finance charges for late payments on loans, credit cards etc. By making the effort to stay on top of things and pay bills when they’re due, you can save your business a lot of money every year. Use online payments to make things as simple as possible, and ensure that you schedule alerts to notify you when bills are due so that you do not miss payments.
If you are looking for a small business loan then make sure you do your research as to the best deals around. Dig beneath the surface to get the full picture, as hidden costs and unfair practices may not be immediately apparent. Have a look at one of our blogs from late last year about Misleading Lending to understand the kind of things to look out for when seeking funding for your small business.
At Fair Business Loans we would be delighted to help you move forward with your business this year. So if you are looking for a small business loan from a lender you can trust, then get in touch with us today to get things moving!