As a small business or start-up, generating sales is considered the number one priority. However, monitoring your outgoings is just as important. You may find yourself getting creative with how you save money; we take a look at some brilliant ways to cut the costs and help your business thrive.
Know your customers
Getting to grips with your consumer market should be the first thing you do before launching your startup, as it will save you money if done properly. By having a deep understanding of your audience, market and customers, you will only produce products and services they want, saving time and money by only producing things which could be successful. Knowing who you’re targeting will also help when it comes to advertising and marketing; you don’t want to waste money showcasing what you do to someone who is never going to invest. Take time to get to know who you want to use your services.
This may sound easier than it is done, however, practical thinking about things you wouldn’t usually consider could save you a few pennies. If your business is regularly printing pages, think about what you’re using. For example, when it comes to your printer, consider using high-quality compatible ink alternatives rather than original cartridges – this switch could offer savings of up to 80% without compromising on output.
Reduce waste and go green
Recycling is a big money-saver for business – it’s not just about waste though. While you should be recycling everyday waste (paper, card, plastic etc.), think about utilising office supplies. Are you and your staff using every page, front and back, of a notebook for example? Not only will this reduce the amount of paper being wasted, but it will also reduce the number of notebooks the business will need to stock.
Meetings are important to help a business move forward, but smartly addressing them is key to their success. If you’re having a meeting with an external party, one (or many) of you will need to travel. This will see your car mileage increase, price of fuel, wear and tear on the car, you may eat lunch out instead of bringing one to work and during travelling, you’re losing valuable time which could be spent doing work. Of course, if you get the train you just face train costs and maybe a fee for some form of transport to get to the location. This travelling will also affect your ‘green’ credentials – especially if it can be avoided.
Before agreeing to a face-to-face meeting, think about low-cost, sometimes free, alternatives. A video conference is one of the best solutions to get that in-person feeling without having to travel and incur a cost.
For online businesses you’ll need a stable internet connection for smooth operating, however, don’t believe the misconception that you need to pay for business broadband. Unless you’re working from a large office your home broadband package will keep up with your demands. You can even cut costs further by finding the cheapest broadband deals in your area and switching to a cheaper and faster provider.
Investing in employee wellbeing, while there is a cost, will save time and money in the long run. As a start-up, you want to set a standard for your staff. By implementing wellbeing strategies – they could be something as simple as free fruit – can help boost their mood by feeling like the employer cares. If they feel happy and healthy at work, this could reduce sick days and, if they love where they work, will also reduce employee turnover – cutting the cost of training new staff.
Sometimes you need to invest a little money to make big savings in the long run. However, making small changes to different areas of your business could make a huge difference.