I’m always on the lookout for ways to reduce my spending both in my business and personal life. Let’s face it who wouldn’t rather be sunning themselves on a family holiday rather than spending their hard-earned cash on electricity! So whether you are looking to book trains going to Littlehampton or print new business cards there are always little ways you can save a few pennies.
7 Ideas For Reducing Unnecessary Business Costs :
- Shop Around: Always get 3 quotes, ask others for recommendations and if possible use comparison sites – especially useful for utilities, such as electric and insurances.
- Go Paperless: By reducing the amount of paper you use in your small business you not only reduce costs but you also save yourself time (digital files are much easier to locate than paper ones) and increase your green credentials.
- Online Promotion: There are so many ways in which to promote your small business for free, utilising these not only reduce your spend but also increases your profits. Social media and blogging are all great ways to promote your small business to a large audience on minimal or no spend. Further Reading: 10 ways to promote your small business for free or a limited budget.
- Sign Up To Loyalty Schemes: If you regularly buy from the same supplier see if there are any loyalty schemes you can sign up to that will reduce your costs in the long run. If you work in cafes for a change from your home office collecting points and coffee stamps can save you a few pennies in the long run.
- Networking: Networking provides you with an opportunity to not only meet people but learn new skills, develop and grow your small business. I love leaving a networking session not only with a list of achievable action points from an amazing speaker but also spending time with like-minded people always motivates me.
- Buy Second Hand: Especially when you first start out the idea of having a fancy new home office or the latest laser printer all sounds amazing, but realistically your cash can be spent somewhere else and as your business grows you can start investing back into equipment. There are always businesses selling equipment because they are either growing out of that product or closing down, I know lots of jewellery makers who purchased tools, kilns, and molds secondhand. Secondhand is a practical approach to business.
- Budget: Set a budget for your small business each money to stop yourself from incurring any unnecessary business costs.
Do you have any other ideas or suggestions for reducing unnecessary business costs or spending? I’d love to hear.
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