As any small business owner knows, starting and running a business can sometimes put a real strain on your pocket. This strain can push many business owners to look for a variety of ways in which they can save as much money as possible in a number of areas across their company.
How To Save Money
By finding ways in which they can drastically cut back on costs, they will then be able to raise their profit margin and catapult their business to success.
If you are a small business owner looking for some much-needed financial advice, in this article we are going to take you through three tips that will help you save some much-needed money by avoiding any unnecessary costs.
3 Tips To Save Money in Business
When Possible, Buy Second-Hand
There are a lot of areas in your business where you can save money simply by buying second-hand. Some of these areas include second-hand furniture and some appliances (for example: a microwave for the staff kitchen), if they are in good shape.
However, there are other areas where buying second-hand just won’t cut it, for example: computer equipment. However, there are other ways you can find computer equipment, including contacting stores who may be selling older stock for better prices, meaning that you will buying brand new equipment for a fraction of the price.
Find the Perfect Workspace
Every business wants to end up in a big and successful office space in Abu Dhabi or Cape Town, but when small business are starting out, it just isn’t a possibility. However there are an array of office space options that are better suited to companies that consist of just a few employees.
A co-working space is one of these options, as it provides small businesses with all of the necessary amenities they need (internet, furniture and printing services) at a fraction of the cost of renting out a dedicated office space and having to buy the appropriate furniture.
Another option would be to work from home. This is the cheapest option as you do not need to rent an additional space and your employees, depending on how many your company employs, can work alongside you in your home office space (which normally consists of a spare room that has been transformed into a dedicated office space).
Cut Back on Phone Calls
If you have five telephonic meetings each week, you are going to find your telephone bill amounting to quite a large sum of money at the end of each month. However, there are ways in which you can cut back on the amount of money you spend on these phone calls.
When it comes to your cell phone, instead of using your credit when you need to have a meeting while you are out and about, invest in apps that make phone calls using internet data instead. Some of these apps include Viber and Whatsapp, and will drastically cut down the amount of money you spend on credit each month.
When having a conference call in the office, again you can turn to the array internet options you have at your disposal. Download Skype, or a similar program, that allows you to call multiple people at the same time via your internet connection, as this will save you a lot of money on your landline bill and there is no need to pay extra when you are already paying for WiFi.
The above three tips will help you reduce the amount of money your small business spends, helping you on your path to financial success.