Saturday, May 3, 2014, PM | Leave Comment
Well, it goes without saying that you need to save money when starting a new business. Actually, saving money is not only a part of new businesses but established ones as well. A business cannot really run without proper money saving strategies. If you are an already established one, you surely know how to tread the path; however, if you are a newbie in the business world, here are a few tips for you to save money.
Scrutinize your bills
It has been a while that you have taken a good look at your bills, be it of phone, internet, utilities, overnight delivery and similar costs. It is understandable; you have been too busy with your business operations. But going through your bills can be worthwhile. You never know you may actually be paying for facilities that you rarely use.
Scrutinize your insurance
You can save on costs if you reassess your small business insurance coverage. See, if your coverage is right for your business requirements, or could you make some adjustments to save more money. You can lower the monthly premiums by raising your deductible. However, make sure that you have enough cash for covering the higher deductible.
Be it copier paper or trash bags, buy large quantities in advance. This way you can take advantage of attractive warehouse shopping deals and sales. For signage and marketing collateral for events and trade-shows, finish them off early in order to avoid delivery charges and rush printing.
Get in touch with good direct debit collection companies
They provide full online management of reporting and accounts through the medium of cloud, thus, offering you security and allowing you to access eBacs anywhere with an internet connection. It gives you an overview of direct debits that have been processed, unprocessed, paid or failed.
Try to get hold of a service provider that does not charge monthly or annual fees; offers free BACS and free customer support. You will save much money this way.
If you feel that you are not yet ready to hire full time employees for your budding company, you can consider freelancers. This way you get a chance of paying only for the work that you need done, and you need not take any headache regarding raises, benefits and sick days.
There are some technological innovations that can help you cut down on your business-expenses:
Linux and open source
Right from server to desktop, Linux and open source have made the company owners re-evaluate the ways in which businesses and users interact with customers and hardware. The OS has proved that much more can be done with user interface than the same old task bar and start button. With this, businesses can use various tools like HR management, customer resource management, etc. Along with these innovations come great opportunities for cost savings.
Mobile payment systems
Mobile payment systems are now quite reliable and cost effective as well. With these your business can travel, and effortlessly receive payments for products and services.
With these you can email receipts to customers, thus saving on the price of receipt printer paper and printers as well. This may seem like a negligible cost now, but over time it does add up to quite an amount.
Groupware based on cloud
You can use a cloud-based groupware if your requirements are minimal and you do not want to pay for Exchange server. You can easily use Gmail and Drive, thus helping your business not drain its budget.
Make use of social media
This is a great way to reach a wider base of audience. This is where you can announce special deals, discounts, promotions, etc., with little or no expenses at all.
Use these money saving tips; your business will surely grow better.
Amy Wolf has been working with direct debit collection companies for a long time. She is also a popular blogger; her niche being finance.