There’s no escaping the fact that these are troubled economic times for many businesses… customers can be difficult to come by in this day and age of austerity, and it’s even more difficult to get them to pay you on time. Outside investment sounds like a great idea but only a very small percentage of businesses who want investment ever receive it.
The old adage of ‘look after the pennies and the pounds will look after themselves’ may seem a little dated now but there is still an awful lot of truth in this. Whatever the size and stage of the business in which you are involved, there are a variety of ways to save money if you are prepared to innovate. When it comes to managing a small or medium-sized business, using the right tools and tips to stay on budget and increase efficiency is vital to staying financially afloat.
Tip 1 – Go Paperless
Though smaller businesses don’t have the same budget that larger companies do, the paper costs for smaller-scale operations quickly add up. You can lower a huge variety of costs by opting for paperless options including moving all of your account documents online, which will allow you to manage them on either your desktop, mobile or tablet devices. E-Mail marketing as opposed to paper mail can also result in significant savings.
Not only will these help to save costs, it will also immeasurably impact your companies imprint on the environment, it will also positively affect your level of daily efficiency.
Tip 2 – Lease Equipment Rather Than Buy
Leasing or renting equipment is often far cheaper than purchasing it outright. Not only will you save money in the initial costs when it comes to making the purchase, but you’ll also save money in maintenance (repairs and upgrades can often cost you a small fortune).
Tip 3 –Bundle your Services
When it comes to paying for utilities, go with the bundled options that most service providers offer—it could literally save you £100s each year. For example, many cable and Internet companies will offer a combined cable, internet and phone package for a better deal than if you bought each service separately.
Tip 4 – Seek Additional Investment
Although this may seem a little unusual, applying for a loan such as a guarantor loan can be highly effective at helping to bundle a number of outstanding debts together. This can be a great way to reduce your interest expenses as current interest rates can be much lower than your previous rates. So if you have the opportunity to lock in lower rates and you will only have to make one payment per month which could simplify bill paying saving time as well.
About the Author:
Amanda Gillam works as a blog writer for Solution Loans which specialises in Guarantor Loans. For more information regarding the finance available please visit our website. She holds a degree in financial management and enjoys writing about finance, transport, travel, sport and business.
