Last Updated on September 1, 2021 by Melissa S.
As a small business, every penny spent matters. It’s your job as the owner to oversee the financial side of things, which will ensure you’re being savvy with your spending and not getting into debt. Unlike the big giants who seem to have an abundance of cash, small businesses have to work within their means to keep the operation afloat.
To keep costs down, here are some useful money-saving tips that all small businesses can benefit from.
Buy Used Equipment
If you have office space for your small business, the equipment you purchase doesn’t have to be brand new. While large companies can afford to splash out on the latest laptops, computers, and tablets, you can buy second-hand equipment that is as good as new. What’s more, used equipment is generally much cheaper, helping to save you money. As long as your employees have what they need to do their work, you don’t have to splurge on high-end gadgets.
Stick to Social Media
When it comes to marketing a small business, you may think you need to put an ad in the newspaper or buy an advertising slot on TV. However, more and more companies are using social media as a way to get their name out there. Platforms like Facebook, Twitter, and Instagram are effective tools for marketing your brand, without having to worry about spending a fortune. If you set up a business page on Facebook, for instance, you can promote your products or services for free. Instead of budgeting for ad slots, sticking to social media will save you money.
Hire an Accountant
Another great way to save money in your small business is by hiring an accountant. Because of their expert knowledge on a variety of tax planning options, accountants can assist you to make the most of each tax year, as well as keep you on top of tax deadlines. If you’re after an accountant Aylesbury, Palmers Business Support provides accountant services. Palmers can help you with your year-end accounts, personal tax, business tax, and more to help you save money.
As a small company, you will need to complete projects and tasks with as few employees as you can. This will include wearing different hats as and when required. Each member of your team must be multi-skilled. However, your company can struggle to find talent sometimes. Outsourcing tasks to a freelancer or another agency for one-off tasks and activities will mean you’re only paying out for the work completed, rather than any idle time.
When you run a small business, there are all kinds of utility costs to think about, especially if you have a premises. Whether it’s gas, electric, or water rates, it may be time to go green. Increasing energy efficiency in the office can save you money on utility costs. Reducing your carbon footprint will also mean you’re doing your bit for the environment. Introducing a recycling scheme, using smart, energy-saving technology, and switching to a green energy supplier are just some of the ways you can make your small business greener.
Regardless of what kind of small business you run, there are many things you can do to save money, keep afloat, and stay on track with projects and tasks.