In these tough economic times, businesses and entrepreneurs can no longer rely on others for financial support. Banks are not lending, customers are not paying on time and investors are few and far between.
It is more important than ever to cut costs and become a Business ‘super-scrimper’ and with our handy top 18 tips, now you can. Whatever the size and stage of business you are involved in; there are plenty of tips which could work for you, and the costs of savings could be huge. Without further ado please allow me to introduce the Sibbalds Top 18 Super Scrimper Saving Tips for Business Owners……
1. Why not become a limited company? Setting up a limited company in the UK is much easier than it used to be, and could save your business hundreds or thousands of pounds in tax, as well as other benefits such as limited liability and improved customer perception. Obviously, advice is needed before taking any action.
2. Outsource your workforce – hire freelancers for particular projects and jobs, this way you’re only paying for staff to complete the work, when it needs to be done. Try these websites Odesk.com, peopleperhour.com and elance.com
3. Be flexible about home-working. Hot desking can provide hot savings if done correctly.
4. Setup your business premises in areas where there is decent business rate relief (the less space you have, the lower the cost).
6. Use your own networks to recruit the right talent, rather than costly recruitment firms. Ask your friends, family and current staff if they know anyone suitable for any vacancies you might have.
7. Don’t be tempted to purchase office space just because it has a fancy postcode. Use mail forwarding if you would like to give your business a more credible address.
8. Remember to grab tax breaks like National Insurance holidays for new businesses setting up outside the South East, apprentice subsidies and other employment grants.
9. Why not hire an intern? This way you can spot young talent and also give a young prospect some valuable work experience.
10. Need new office furniture and equipment? Why not check websites such as eBay to try and grab a bargain – there are even listings for brand new, unused, furniture.
11. Trim your stationery costs by reviewing your regular orders. Could you bulk order to save on delivery charges and utilise your stationery better?
12. Register your websites domain name cheaply online rather than having a website developer do it for you. Use sites such as godaddy.com to get the best possible price.
13. Online storefronts are cheap and relatively easy to set up with Amazon Webstore – integrated with Amazon’s marketplace. Ebay runs a similar service. Pay Pal also offers a growing range of services, allowing businesses to start selling online quickly and cheaply.
15. In need of a new website? Why not try building your own, using a user friendly platform, such as WordPress. It costs as little as £6 a month, and is very easy to use, even if you have little knowledge in html website design.
16. Why not use social media to engage your customers and increase your brand recognition. Facebook, Twitter and LinkedIn are great ways of promoting your product or service with minimal cost, and if done correctly can positively increase sales.
17. If you would like to engage social media but struggle to find the time, use sites such as Hootsuite to do the work for you. This programme allows you to schedule tweets and updates, and 10 minutes spared one evening will allow you to schedule a week’s worth of posts. Who said social media had to be time consuming?
18. Use quiet hotels, business spaces, business clubs or coffee shops to do business on the move. As the old saying goes, ‘Time is Money’ and that 15 minutes you spent waiting for a client to arrive in a coffee shop, could have been spent reviewing your emails or proof reading your marketing materials. In business every second of your time is crucial and it is vital you don’t waste it.
So there you have it, the top 18 tips from Sibbalds on how to save money for your business. Do you agree with our list? Do you have any further tips you think would be beneficial for business owners? Please leave your comments and tips below.
*Post inspired by an article on http://realbusiness.co.uk/article/20008-forty-ways-to-save-a-fortune
*Image sourced from Kyden