Money Saving Tips for Small Businesses

When you're running a small business, the little things matter. By keeping an eye on where you are spending and where you can cut costs, you can make real savings that will benefit your business. It is a good idea to set aside a time slot of a few hours every six months to sit down and work out how you can save money, to stop the little things from adding up. As well as staying aware of what you're spending, follow these top tips.

Go green to save on energy bills - 

Switch off computers at the end of the day or if you know you'll be out of the office for a whilePrint on both sides of paper when you can

Switch from paper towels to hand dryers in your office bathroom - a good hand dryer can be more hygienic as well as energy efficient

Get your ink cartridges refilled instead of buying new ones - this is usually much cheaper

Turn off lights when they're not needed

Office essentials

• If you know you need some new software, take advantage of free trial versions - these usually last around 30 days - to give you more time to research what is the best option for you and where you can get it cheapest
• When buying office furniture, use sites like Gumtree and eBay to pick up second hand bargains. If you're set on buying brand new furniture, remember that it's usually cheaper to buy in bulk

Running costs

• Shop around for the best deal on your company credit card, and look out for any benefits you can earn such as air miles
• Review your business insurance to make sure that you're not paying for cover you don't need
• Reassess your phone plan, and consider using services like Skype which let you make calls for free

Growing your business

• Try to use your own networks to recruit new talent, rather than recruitment firms which can be expensive
• Connect with your local university - many offer internship schemes to allow students and graduates to gain experience. Taking advantage of these schemes can help you to develop your business with a fresh injection of new talent, and often interns' wages are subsidised by their university scheme
• Hire freelancers to do short-term work that you can't do yourself - when you're just starting out and may not yet need a full staff, this can be cheaper than recruiting full time roles
• Use social media to boost your visibility - social media sites like twitter and Facebook allow you to interact directly with potential clients for free, while boosting the strength of your brand

Finally, it is vital to get a  good accountant. He or she will be able to make sure that your business is tax efficient, and help you to see where you can make changes or cutbacks. Good accountants usually offer different levels of service, so if it's just basic bookkeeping that you need you shouldn't have to pay for anything else.

John T Hughes writes for Juniper Accountancy, a professional Bristol Accountancy firm. As chartered Bristol Accountants we can provide your business with a complete end to end service to take care of all your accounting and tax needs.

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