Top 5 ways for your business to save money

As a small business owner who is just starting out the last time thing you want to do is spent money before you have even started to earn it. Being frugal should be the name of the game if you want to keep your business afloat. Here are the top 5 ways to help your business save money.

  1. Reduce staff costs

You can reduce staff costs through the benefits you offer out to them. One way is to replace taxable salary with national insurance free or tax free benefits. This could include pension contributions, childcare vouchers and car park facilities

2. Contract instead of hiring

By hiring a contractor or freelancer instead you can save money almost immediately on thins like office space and equipment, training, insurance, sickness and holiday pay.

 3. Cut down travelling to meetings

It’s important to have face to face meetings with your clients but it is necessary to do that every week?  You can save major time and travel expenses using technology to teleconference on an occasional basis.

 4. Negotiate lower prices with your suppliers

Your negotiation skills will be put the test with dealing with suppliers. Always get the service quoted by at least three other suppliers. After this, inform the supplier that you are collecting quotes and you plan to go with the best one available. This way, they are more likely to meet or beat the quote you have given. 

5. Share workspaces

This is growing in popularity around Europe and America. Shared workspaces allow multiple businesses to occupy a single office. They also drastically cut down on rental costs.