If you’ve just launched your SME or are an entrepreneur still struggling to find your feet, it’s likely that you’ll constantly be looking for ways that you can save money.
From wages to running costs and marketing materials, a lot goes into running your business, and while you don’t want to scrimp and cut too many corners, looking for ways to cut back in an effective way can help you to ensure the longevity of your company.
Read on for some suggestions of creative ways that you can save money.
1. Think of new ways to promote your companies online offering – It’s important that you are letting people know what your URL is, so try putting it on your letterhead and business cards and in e-mail signatures-wherever potential visitors are likely to see it. This will help you to cut costs but ensure that you continue to get your message out there.
2. Consider where you are working from –Because most of us spend our entire working day either on the phone or on our laptops, it’s easier than ever for companies to operate in a mobile way. Having an office space a few days a week is a good idea because it means that you have the opportunity to hold meetings, but consider letting your staff work from home on the other days to save money.
3. Make use of website builders –Every good business needs an effective website that helps promote the brand and gives customers an insight into what they can offer them. Instead of hiring a developer, make use of platforms like Squarespace, which are great for small businesses keen to increase their online exposure.
4. Avoid buying new office equipment –When you do secure an office space, either on a temporary of fulltime basis, you will need to kit it out with furniture and monitors for your staff to work on. Sure, shiny new office equipment might look the part, but it’s no good if it leaves you with no money in the process. Save all that stuff for when you are well-established and can afford to splash out.
5. Consider using freelancers and contractors – Competition is steep, which means that fulltime employees can cost a lot these days, so why consider freelancers instead? Training costs money and takes time, two things it’s unlikely you have an abundance of when you are still finding your feet.