Setting up in business is often seen as an expensive affair, but it doesn’t have to be. With access to the right resources and by taking advantage of cost cutting tools on offer, you can make sure that you make the most of your time and money.
Here are our top ten tips to save money for your business:
1) Make Sure the Numbers Add Up
Unless you’re launching an accountancy business you probably have an aversion to bookkeeping. Although seen by many as a tool for the HMRC to decide how much you should be paying from your profits, you can save incredible amounts if you get it right.
For instance if you work from home, you could claim part of your mortgage payments on tax. If you use your phone for business, you could add this to your business books. SimpleTax makes it easy for you to save.
2) Sharing
There are many ways to share costs with other freelancers or business owners, from sharing office space to even renting out part of your own home to bring in an extra income. You could also find that with a little confidence you can develop mutually beneficial relationships such as providing your services in return for use of equipment or products. As the old saying goes: “you scratch my back, I’ll scratch yours.”
3) Free Promotional Tools
The beauty of having a business online is that you’re usually only a click away from ways to market your business for free. From guest blogging on sites that complement your business to ensuring you have your business profile spread over the web, you can increase your presence without spending a penny. Of course, social media is now the favourite for encouraging customers and clients to act and when you consider that 80% of users prefer to connect with businesses through this medium, it does seem a little foolish to pass it by. Build up your authority online as an opinion-leader in your own field and your customers will view working with you as a privilege.
4) Online Organisation
Ten years ago if you wanted to keep track of documents, have meetings online, sync your bank accounts or create strategies, email and use calendars you would have paid a few hundred pounds for the pleasure. Now it’s all free! Google and others such as Evernote offer this service for zero pence making it a startup’s dream, while FreeAgent is a cost effective and user friendly accounting tool that syncs up with Google Apps and PayPal.
5) Daily Deals
Whether you run an eCommerce business online or you are looking for products and services for your business on the cheap, online daily deals can help. Regardless whether you’re a services business or a retailer, sites like Groupon can give you incredible exposure while offering goods and services for a fraction of the normal price. But if you have a healthy cash flow and would like to expand, keep an eye out for some of great deals on their website for printing, office furniture, and even business courses!
6) Reduce Fees
Operating as global businesses often means that we are all paying various onerous transaction fees when purchasing services from abroad in another currency. One online service who understands that sending money abroad is expensive is TransferWise. Now TransferWise allows for you to easily send and accept money from all over the world at the lowest possible cost! TransferWise has kindly offered a coupon for PPH users to get £5k of transfers free for use on the TransferWise website. Beyond reducing your international transfer charges you can also find other ways that you can reduce your fees by using the online tools – all you have to do is look. For example, you can reduce your transfer fees by choosing a direct transfer to your bank from your clients in your chosen currency. Others may give discounts if you bulk buy or combine your transfers.
7) Streamline Your Technology
The landline (or hard-line) telephone can rack up some enormous bills which have a huge impact on your business budget. Even if you choose plans for free you’ll still find you’re charged incredible amounts for calls to mobiles and abroad. Try streamlining your communications; take advantage of the online meeting places (on Skype or Join.me) and choose a way to share and chat over the web. There are also PA Services out there that will provide a landline number for your business and forward calls to your mobile so if you don’t want to, you don’t have to have a landline at all. You may struggle with broadband though!
8) Go Green
Going green doesn’t only promote you as an eco-friendly business – a USP that’s setting many companies apart from their competition; it also saves you oodles of cash too. For example, research shows that businesses could save an incredible 35% on their office bills simply by switching technology off when not in use. Even just turning off your PC every evening instead of leaving it running all night saves you £10 on electricity a month. Now imagine what you could save with a few extra changes!
9) Shop Around
In addition to reducing consumption, another way to save money on utilities is to shop around. In your personal life you’re probably bombarded with suppliers urging you to switch yet it’s amazing how many of us forget that the same benefits can be gained by switching business providers.
For example you can save money on:
Business broadband, landline, and mobile provider
Gas and electricity
Postage
Amenities
And much more simply – just by shopping around the market! It’s worth checking with impartial price comparison websites like Make It Cheaper, where they do all the legwork for you and compare utility prices fast and for free. In summary, if you pay for it, you can save money on it!
10) Use PPH
We couldn’t give hints and tips on how to save money in business without mentioning our very own services. Whether you’re a Buyer or a Seller, you can save money by joining to our site.
Sellers can work from anywhere providing professional services on the go, while buyers can get their job done quickly without the hassle of PAYE!
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