March 15, 2013

Small Business Money Saving Tips

If you are running a small business, with the poor current economic climate keeping business costs to a minimum is imperative, here are a number of ideas that could help reduce your business overheads:
Ask your existing suppliers if there are discounts for prompt payment. Many will be keen to receive your payment earlier to improve their own cash flow.

Regularly review your energy suppliers and their tariffs. Prices can fluctuate greatly. Many energy companies offer a discounted tariff for a period and at the end of that period, if you fail to contact them, automatically put you onto a higher 'normal' tariff. So shop around, there are many internet websites that can specialise in this, and note when any promotional period is over so that you can evaluate if you are still with the supplier providing best value for money.

When choosing new general suppliers always obtain at least three comparable quotes. Ask to contact existing customers so that you can gauge the quality and service provided. Look for online reviews of the supplier. Remember that the cheapest is not always best overall if your receive a substandard service or quality of material, as it may cost you vast amounts to correct problems due to issues arising form this.

Always ask suppliers for a discount. If you don't ask then you will never get!

Look at the way your business is financed, what is the real cost of providing the working capital? Your accountant may be able to help you with this.

Consider outsourcing parts of your business. Many routine jobs can be outsourced at a lower cost. Companies that specialise in outsourcing often have lower costs, either due to economies of scale or a geographical advantage.

Review staff efficiency. Are all members of your staff required at all times. Would you be better served by agency staff during seasonal highs for example.

small business money saving tipsAre you paying too much tax? One of the biggest financial commitments for a business can be tax, is there a way that you can legally reduce the amount of tax you pay. It may be worth engaging an accountant that specialises in this area to review this for you.

This article is not intended be comprehensive and the author does not guarantee the accuracy of any information provided in this article and recommends that you do not take any action, whatsoever, based on the information provided. By the fullest extent permitted by law, the author does not accept any responsibility for any actions you may or may not take based on information contained in this article. This article contains general information and is not a substitute for specific independent professional advice.

Harries Watkins Jones, South Wales Chartered Accountants with offices in Bridgend and Pontypridd.

Accountants Bridgend
Accountants Bridgend Blog

Article Source: [ Neil Harries ]