Three Ways To Save Your Business Money

This year has been tough on us all, with the pandemic causing many businesses to lose out on profits and lose clients. Due to this and the uncertainty of the future, a lot of companies are looking for ways to cut costs. It can feel a bit of a minefield when you first try to seek ways to save your business money, but there are some simple ways that can save costs without impacting areas of your business too much. After all, there is a fine line between saving your business money and cutting costs to the point that your business suffers.

Here are three top ways that you can save your business money.

Look at your outgoing bills 

As a business, you can soon accumulate many outgoings. It can be hard to track everything that you are spending, and soon all the little costs can add up. It is important to look at your bills such as your internet and phone and see how you can make these smaller. You could look at using an all-in-one telecoms service such as 3cx phones, which can significantly impact your business. Another way is to get in touch with your current phone and internet providers and see what they can do to cut you a deal. It could be that they offer you a loyalty discount or find you a better and cheaper plan based on your usage.

Get smarter with your marketing

Marketing is an integral part of any business, but it is important that you are smart with it. Some companies tend to splash a lot at areas that they have heard work well or that have worked with other companies in the past. This doesn’t mean that they will work with your company. It is worth taking some time out to look at your current marketing plan, what you spend money on, and see what is working and what isn’t. It could be that you are spending a lot of money on print advertising when most of your income is being made from digital clicks. If this is the case, switch your expenditure around and cut costs in the areas that aren’t working. See how much this makes a difference, and continue to change things around until you find a balance between what you are spending and your return on investment.

See if you can hire freelancers 

It could be that you have areas in your business that you hire whole teams for but don’t need it. If you are a small business that requires a new website, for example, it is often cheaper to hire a freelancer than a full-time employee to do this. By hiring a freelancer you know the rate upfront and only pay for the work that you receive or the hours they put in. You also don’t need to pay for upfront costs such as national insurance, tax, sick pay, or holiday pay. Freelancers can often be more specialist and get the job done quicker than someone in-house as they can dedicate all their time to that one task.