The New Year is a great excuse to analyse your business plan in-depth, as well as to put the stoppers on any unnecessary outgoings. A few small changes can have a huge impact upon annual expenditure, so read on to discover six top tips for saving your small business money in 2017.
Buy in bulk
Buying resources in bulk is one of the easiest ways to save your small business money in the long run. Everything from printer ink to desk chairs can come in at a fraction of the cost when you buy in bulk, so plan ahead and spend a few minutes evaluating exactly how much of each item you’ll need before placing an order. The ability to cut out the middle man is another cost-effective benefit of buying in bulk, so be sure to make large office warehouses or online suppliers your first port of call.
Utilise free tools
From content creation to email marketing, there are a host of free tools available that promise to make the logistics of running a small business an altogether smoother experience. Services such as social media sharing platform Buffer offer cost-free packages to smaller businesses, enabling users to get the most from the platform’s features without getting tied down by heavy monthly usage fees.
Build an energy efficient office
Investing in high quality, energy efficient tools can easily be pushed to the bottom of the list due to the outgoing expense, but will actually save your business lots more in the long run. You need to know that you’re investing in the things that will make the biggest difference. Smart meters give you information on how much energy you’re using in pounds and pence in near real time, so allow you to spot the activities that are costing you the most. If your small business has fewer than ten employees, you could even get your hands on a complementary smart meter
Create a catalogue of freelancers
As small businesses grow and develop, there naturally comes a time when you’ll feel the need to expand your workforce – whether that means finding someone with a specialist skillset, or simply delegating a few admin tasks. If you don’t have the budget or space to hire a new employee in-house, one solution is to begin putting together a catalogue of dependable freelancers. Sites such as Fiverr and People per Hour are a great place to start, with everything from designers and copywriters to experienced web developers always looking for new projects to take on.
Seek out second-hand equipment
When it comes to computers, printers and office furniture, second-hand is often the way to go for businesses with a low starting budget. If you’re lucky you can get furniture for free on websites like Gumtree, while auctions, local Facebook groups, and newspaper adverts are another great way of sourcing the equipment you need.
Get hands on with technology
The vast majority of small businesses rely on the web to build connections and showcase their brand on a global scale. It’s becoming increasingly easy to create your own website for a low monthly fee – and going digital can also mean going paperless. With thousands of tonnes of paper wasted yearly, now is the time to think about the extra cost it’s having on both your business and the environment.
Time is one of the most valuable assets of any business, particularly SMEs. Make a conscious effort to forfeit a small amount of time when your business is in its infancy to address ways in which you can save money going forward. Consciously addressing and implementing small changes will undoubtedly have a profound impact on your overheads for years to come