As you know, I have a few small business ideas and very little money. Therefore, any tips on saving money when running my own business are very welcome!
The following is a guest post from an affiliate that provides teleconferencing support to small businesses. Obviously, they are hoping you’ll sign up to try their services, but the post has some good ideas worth considering beyond just a sales pitch. What’s your best money saving tip for small business?
Money Saving Tips for your Small Business
If you have started up or are thinking of starting up a small business, then at the top of your list will be a plan on how you can save as much money as possible. Running your own business is not just about being business-minded, you have to be a good accountant, a good HR officer, a great organiser and a fantastic communicator.
Accountancy is undoubtedly one of the most challenging aspects of being your own boss. If you are mindful and frugal, though, there is plenty of money to be saved. That is, of course, assuming that you are or will be your own accountant. Many people with small businesses find it too time consuming and frustrating to run their own books, so it often works out much better to hire a professional accountant. You will obviously have to pay them a pay them a fee, but this will free up a lot of time for you to concentrate on other aspects of your business.
In terms of taking action to save money, teleconferencing is one of the most effective practices you can employ in your business. A conference call often turns out much cheaper than a series of regular phone calls or, indeed, a physical meeting with clients for which travel costs will quickly mount up. A lot of companies these days offer free conference calling packages, which often include smartphone apps like the one from Powwownow. This means that you can effectively run your business from the palm of your hand.
Another great way to keep your cash is to bring your energy saving techniques from your home to your office. You’ll be surprised at how much you can save over the course of a year by simply switching lights off when you or your employees leave rooms, not leaving office machines on standby and only filling the kettle to the required level when it’s time for a coffee.
If you have a few employees who all travel in by car, try to organise a carpooling system whereby people travel in two cars instead of eight and save money as well as the environment. Speaking of saving the environment, you could only order as much stationary as is necessary to avoid excessive waste.
The best you can do is encourage your employees to exercise an energy and money saving scheme at work as well, perhaps with some kind of incentive. You will really begin to notice the difference on your finances if everybody is moving in the same direction.
**Disclosure: I was compensated to post this article which was written by an affiliate.