It is vital that you maintain a stable cash flow when running your small business, so you have the capital to fund expansion. One way to do this would be to trim down your firm’s budget where possible, freeing up extra funds. Turner Little lists five ways you can save money on your firm’s outgoings.
Reduce office costs
You can save a lot of money on your firm’s office costs. Consider buying second-hand office furniture and equipment, which are cheaper than newer items. Purchase energy efficient electrical equipment e.g. a printer which uses both sides of paper, to reduce energy costs and promote yourself as a green company. Also when choosing office space, think about opting for short term lease agreements, where you pay rent month-to-month, so that if you move offices in future, your firm does not lose money.
Try social media marketing
Traditional marketing mediums like print advertising can prove expensive. Reduce your advertising budget by marketing your products and services on social media, allowing your company to reach a very broad audience. Figures compiled by Net Imperative, a digital business intelligence service, indicate that 84% of UK adults now use social media, so this strategy can prove extremely effective.
By conducting market research to determine which social media sites are most used by your average consumers, you can target your online content towards your key demographics. When managing online conversations with your consumers, respond to customer queries quickly and carefully, so you can promote yourself as a business which is dedicated to providing excellent service. It is also wise to measure your social media activity via metrics tools, so you can maximise return on investment.
Negotiate with suppliers
You can also save money by negotiating with your company’s suppliers. They will want to retain your business, so if you ask, suppliers may be willing to provide you with a discount or negotiate on prices, allowing you to reduce your supplies budget. Depending on their terms, your suppliers may also be willing to provide quantity discount – meaning that it can prove advantageous to buy in bulk, or offer discounts that you can benefit from when paying your bill early.
Use new technologies
There are a range of new technologies you can utilise to lower your business’ outgoings. Instead of buying expensive servers and office software, for instance, you could invest in cloud-based software. With this technology, you can host data for everything from word processing to book keeping, providing your firm the ability to save on hardware, installation, upgrade and support expenses.
Open corporate bank accounts
It is also important to consider how you will manage your business’ funds. It is advisable to open a corporate bank account as with these facilities, you will receive the bespoke services required to keep your company’s budget under control. As registered bank intermediaries, Turner Little can advise on UK corporate bank accounts, so you select the facility which is right for your firm’s circumstances.
Turner Little
Turner Little was founded in 1998 and it has since become a well-established UK based professional Company Registration Agent, Registered Bank Intermediaries and Business Consultants, as well as Trust provider. You can receive the monthly Turner Little newsletter by signing up using the form below.
