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6 Tips to Save Money When Running a Business

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Want to know how you can save money? Then follow our top tips for making savings on the costs of running your business.

  • Begin by listening

Keep your ear to the ground and listen to your colleagues regarding their money saving ideas. Dont underestimate your colleagues knowledge and experience when it comes to making savings. It just might be that there is something they know about, that you dont. So have regular team meetings, informal get togethers and a suggestion box, where colleagues can share their thoughts and ideas.

  • Computers and software

Conduct an audit of the computers and software that you have in your business against those that you need. It may be that youre paying for licenses that youre not using. So review the IT requirements of your business.

  • Create a paperless business

Wherever possible, go paperless. It will help you make savings on some of your business expenses including the costs of stationery, printers, printer cartridges and postage to related costs such as recycling costs, storage and space. As well as going paperless with regard to your customer correspondence, think about using paperless systems within the business for pay slips, newsletters and business briefings.

  • Save energy

Save money by saving on energy usage in your business and help the environment too. There are some simple steps you and your colleagues can take to save the pennies and pounds in your business. From turning lights off when a room is not in use to ensuring your computers are switched off at the end of the day, each small step you take to save energy will help your bottom line. Also, when it comes to your utility provider check that you are getting the best deal, shop around and look on price comparisons sites to find the best deal just ensure the site you are using is ofgem accredited.

If you run a fleet of company vehicles, have a no idling policy and train your staff in energy-efficient driving techniques, to help you make the best use of fuel. When it comes to your business premises and your vehicles, be sure to keep up with the regular maintenance, because if you dont, youre likely to face larger bills in the future. So the motto of this story is dont scrimp on maintenance.

  • Save on marketing

Marketing your business is important. Social media and the internet provide a whole host of opportunities for you to get involved in marketing your company at little or no cost. Of course, getting the professionals in to help is important, but you can support your marketers works in a number of ways; from writing a regular blog entry to giving your customers online advice. Dont underestimate the specialist knowledge you have of your industry and the help this could be to your customers.

Also, ensure you are making the most of the marketing opportunities offered to you via your membership of your local chambers of commerce and other trade or business organisations. From posting your press releases on industry websites to joining online directories or taking part in networking events – ensure you are making the most of the marketing opportunities that come your way.

6) Save money on Insurance

Insurance is likely to be one of your chief concerns and expenses when running a business, and its important that you have the right cover without cutting corners. As a business owner, theyll be a number of areas youll need to consider, from your employees to the public, from your fleet of vehicles to the products you manufacture, distribute or sell. Theres a lot to consider, so talk to an experienced insurance advisor, such as the team at Be Wiser Business Insurance to find insurance tailored to your needs.

As you know, Employers Liability Insurance is a legal requirement for all businesses that have employees. In fact not only do you need it, but you also need to display proof of it on your business premises, as not doing so could mean you incur a fine. Employers liability insurance will safeguard you, your business and your employees if they are injured or become sick as a result of their work. Its an essential expense and one that will give you reassurance.

In addition, if your business comes into contact with the public, then you should consider taking out Public Liability Insurance. In fact, in a few instances, this too, is a legal obligation. Public Liability Insurance covers you if a customer has an accident on your premises or indeed, you damage a customers property during the course of your work. In broad terms, Public Liability Insurance should cover invitees (those you invite onto your property), licensees (when you or your contractors carry out jobs on a variety of sites) and trespassers (those who enter property without invitation). All in all, such insurance will cover a range of bills and losses including medical expenses, repairs, business disruption, loss of income and compensation. So its a must to give you peace of mind.

Depending on the sector your business operates in, there are likely to be other insurance policies youll need, so speak to an experienced advisor to ensure youre covered. That way youll get insurance cover tailored to your needs, without paying for unnecessary extras that you wont use.

So there you have our six tips to save you money when running a business. We hope youve found them helpful and that weve set you on the right path to making savings in your business.

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