Running a business can be expensive for independent business owners. With rising interest rates, increased employee costs and suppliers upping the prices of essentials; many are in search of business cost saving ideas.
Entrepreneurs are important to the UK economy, contributing a huge £1.9 trillion last year. To make sure that their company is as profitable as possible, business owners must implement and maintain cost saving ideas.
This year, make sure you launch into 2018 as efficiently as possible with our simple business cost saving ideas.
Revamp your advertising
Consumers are targeted with advertising on a daily basis, and thanks to new technology there are more ways than ever to promote products. Traditional forms of advertising such as television and billboard placements are becoming increasingly expensive. Small businesses are looking to non-traditional methods for business cost saving ideas.
Influencer marketing is a great way to promote your business to a wider audience. Some of the most popular online personalities can charge thousands of pounds to promote a product, however those with a smaller following can be cheaper.
Get in touch with influencers with followings relevant to your customer base, to see whether they’d be willing to work together. If you run a restaurant or provide solutions, local influencers may even be willing to promote your business in return for some free services.
Rethink meeting structure
Does your business waste valuable time with unnecessary meetings? If your staff are constantly moving between appointments, they have less time to carry out work that will help grow your business. Review your calendar, and try to minimise the length of meetings, or combine multiple meetings with the same people.
In some cases, it’s necessary for employees to meet with customers away from your office. It’s important that your customers receive a personalised service, but you can now do this from the comfort of your desk. With free video conferencing services available online, you can have face-to-face meetings without the added expense of travelling. This also allows your employees to be more productive, as they aren’t wasting portions of their day travelling to and from different offices.
Review office expenses
When looking for business cost saving ideas, you are usually recommended to compare utilities such as energy and water to make savings. However, it’s important to compare sundries such as tea, coffee and paper towels. These are basics used daily, with a presumed low cost that adds up over time. If you have the storage space, consider purchasing in bulk to make the best savings.
When researching business cost saving ideas, many small business owners don’t think to check whether they’re paying too much for card processing. It’s a business necessity that can cost a fortune due to hidden fees. Some companies have extra charges such as PCI DSS compliance or authorisation fees, meaning that you could be paying over the odds.
You could launch into 2018 by making some fantastic savings on your card terminal. If you join Handepay before the 27th January, you’ll receive three months FREE terminal rental! What’s more, if we can’t save you money, we’ll give you £1,000!