7 simple ways to save money in your business

Running and owning a business is hard work, so finding some quick and simple ways to save money is a great way to not only save you some time but lower your stress levels too! Not to mention the satisfaction of actually spending less and saving more. So look no further, we’ve compiled a handy little list of simple things you can start today to save money in your business.

  1. Start local

Look into how much free local PR you can get. Get in touch with your local newspaper if you’re holding an event. Call up radio stations. Let your community know that you’re here and why they should know about it. Team up with a local charity and do something good for your community. Get a local buzz going and you’ll experience some quality word of mouth marketing (The best kind of marketing as it’s totally free!) Seek out other local companies which compliment your business and maybe sponsor an event together. Utilise social media and find other businesses that can help you. Marketing is king, and if people don’t know you exist, you’re going to have a hard time.

  1. Make use of free services

There are so many excellent services that you can take advantage of to save those pennies. Search for free online courses and seminars related to your business so you can keep up with current trends and stay ahead of the pack. Check out sites like Canva that let you create your social media posts, email headers, leaflets and posters for absolutely free. Plus, find sites with royalty free photos to make your posts look more professional such as Pixabay. Why not sign up to free mailing lists that are related to your business. They’re usually jam-packed with great nuggets of info to make your business better. The free resources are out there, so it’s time to start taking advantage of them!

  1. Barter, barter, barter

Renegotiate your bills. This can be really tricky for some people, the thought of bartering is just so…’un-British’, but it’s essential when owning a business. No longer do you have to stick with one energy supplier and stay loyal to them, simply use a free to use business energy comparison website to compare all energy tariffs and switch. Work smart, not hard and think about switching suppliers. Not only will you get a buzz out of hopefully saving some money, but you may also save more than you thought you could. Plus, once you save money on one bill, you’ll want to try the same with the rest! Do your research, shop around and get bartering. After all, you’ve got nothing to lose but maybe a few extra pounds to gain!

  1. Outsource the annoying/ time-consuming work

Owning a small business usually means you don’t even pay yourself a full salary, so it’s hard to justify hiring full-time help. However, you don’t have to hire different people for different roles on a full-time wage.  Get in touch with freelancers and contractors who can do the work for you. You’ll save on salaries plus they’re usually experts within their field, so the work they do for you is of great quality and in the long run, will pay for itself. Many companies now hire freelancers for their social media, copywriting, website building and so on. All the work that you just don’t have time for.

  1. Offer your expertise for free

No business owner likes the word free in relation to their own product or service but hear me out. Find events happening that relate directly to your company and offer to give a talk for free. It’s a great way to network and means so many more people hear about your business. It may be an hour or two of your time but could lead to some great sales. Just getting your face out there will help people identify who you are and what your brand is. When you sound like you know what you’re talking about, people will believe you, so show off your knowledge!

  1. Shop around for office equipment

Buy used office equipment. It’s usually in excellent condition and costs a fraction of what you’d spend decking out a new office. Take inspiration from Jeff Bezos (Amazon founder) and that iconic photo of him in his first office, with just a desk, a computer and amazon.com spray painted on the wall. It can be so easy to try and emulate that ‘Google style’ office vibe with ping pong tables and in-house bar but, for now, save your money for the essential stuff.

  1. Find the best business loan for you

Unless you’ve won the lottery, then you’ve probably found yourself in a position where you need to apply for a business loan. A scary prospect whether you’ve been in business for years or you’re a young startup. Looking for the perfect business loan can feel overwhelming, but if you do your research, you really can find one that’s tailored to your exact needs. There are many finance products available on the market such as asset finance, invoice finance and merchant cash advances. Searching for a business loan that’s right for your business is difficult, but fear not, contacting a reputable business finance broker can help ease that stress and they could find you the best deal. Leaving you to get on with the important stuff.