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Expert Answers to Biz Questions

Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

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How To Save Money As A Small Business Owner

 

In the early stages of running a business, money can be tight. It can be difficult to keep a handle on your cash-flow situation, particularly when you’re faced with upfront costs.

Likewise, the current government restrictions in the response to the coronavirus pandemic might be causing you to tighten the purse strings. Whatever your reasons, with these simple money-saving tips for small businesses, you should be able to navigate the storm.

 

1) Negotiate with suppliers

If you’ve got a supplier that you’ve built up a strong working relationship with, you may be able to negotiate a better deal with them for the products and services they supply you with. If your current supplier is unwilling to budge, don’t be afraid to look for quotes elsewhere. You’ll be surprised at how many suppliers will change their tune when a rival offers to beat them on price.

 

2) Locked down? Get a lock-up!

If your business is currently affected by the Covid-19 lockdown and you’re renting a commercial premises, you could be wasting exorbitant amounts of money on rental costs with no real answer to when your business can begin trading again. It may be more cost-effective in this scenario to use a service like Safestore who offer secure lock-ups for your small business items. This way, you can pay less in the interim. Once government restrictions are lifted and you are no longer working from home, you can retrieve your equipment and place it in your new commercial workspace.

 

3) Hire smart

Experience is not everything, and in many circumstances, it can end up costing you more. Next time you are placing a job advertisement online, forget about asking for years of experience – ask for recent graduates instead. This way, you will open the field to fresh minds who are keen to bring something new to your company for an entry-level wage.

 

4) Cut down on working time

Do your employees need to be on-site for a full five days a week, or could you get away with operating with a skeleton staff on a Friday afternoon, for example? These relatively small cutbacks could save you hundreds of pounds each week without hugely affecting the finances of your employees.

 

5) Embrace social media

Why spend money on advertising when a well-maintained social media page with a little bit of personality could work even better at promoting your brand? Engaging, thought-provoking and even polarising content can work wonders for getting your name out there – and it doesn’t have to cost you anything more than your time.

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