Running a business is certainly no easy task, in fact, it takes a lot of dedication and hard work. One thing that you will probably find as well is that you have a number of expenses eating into your profits every month.
This is not good for you or your business as this usually means less money in your pocket at the end of the day. However, there are a few things you can do to save money within your business and here are a few tips:
#1 – Inspect your bills
Chances are that you are renting some kind of office space or retail premises for your business os it might be a good idea to analyse your bills. This will be taking up a large chunk of your expenses sheet so it is always a good idea to analyse this area.
You should be looking for anything you can save money on. Are you spending too much on electric each month? Could you find an office cheaper down the street? These are all questions that you should be asking yourself and if you answer yes to any of them, do something about it. Saving money on bills is usually easy.
You might want to consider where you could save money in your business premises too. Perhaps turn off the equipment when you leave the office or install energy saving light bulbs. All of these things add up.
#2 – Use freelancers
Often, there will be things within your business that you either won’t have time to do yourself and don’t want to do yourself. Such things might include updating your website or even having a new one designed completely.
If this is the case, you might be tempted to hire someone to look after this for you. This is the wrong decision as hiring someone means that you are bound by the law to pay a weekly wage including sick pay and much more.Basically, it is just a headache for you. A better option is to hire a freelancer whenever you need one. If you need an update to your website, hire a freelancer. If you need something designed, hire a freelancer. Freelancers work whenever you need them too and handle their own taxes etc. Because they are usually sole-traders, they can often do great work for great prices too.
#3 – Use free software
Most businesses these days will use software such as Microsoft Word and/or other document software. As you might have already found out, this can add a huge cost to your business in licensing fees. One alternative is to use free, open-source software. There is a lot of this kind of software out there including things like Google Docs, here’s an example, OpenOffice and many others.