Money Saving Advice for your SME
Finding ways to save money and operate more efficiently is all well and good in theory, but actually being able to come up with money saving ideas first and then go about implementing them can be quite a challenge.
Help is at hand in our latest blog. We’ve put together a list of what we think the best money saving tips are for small to medium size enterprises (SMEs). Take a look through our suggestions if you’re looking to cut costs and help your SME save.
A tried and tested way to save is to work on cutting down on your utility costs, by making your SME greener. Everything from your office space to your catering can be made more environmentally friendly and help lower the amount you’re spending on gas, water and electricity. Here are a few examples:
- Switch your light bulbs to LED or energy-saving alternatives
- Make sure you power down all electrical devices when they aren’t in use (computers, printers, machinery, switch off lights)
- Redesign your workplace to be more open plan and let in more warming, natural light
- Use draught excluders on old doors and windows
- Encourage recycling
- Install automatic taps and low-flow toilets
- Allow, or be more flexible, about staff working from home
Be Stricter with Inventory
Similarly to going greener, you could also take a more frugal approach to your inventory. Essential business items like paper and stationary shouldn’t be treated like an inexhaustible supply. By ensuring there is a clear owner for the ordering and distribution of stationary, and that they are clear on the importance of cost reduction, it’s likely you’ll soon find your business spending less on replenishing your supply cupboards.
Use the Cloud
To build on this point, you can also cut down on the amount of paper and documentation you’re using by digitising your records and using the cloud instead. Services like these will also enable employees to access their work more easily from anywhere with an internet connection.
By outsourcing certain functions you can utilise the expertise of others and spend more time focussing on your core business. Take your deliveries for instance; by using a reliable company like TNT to send your business parcels, you don’t have to become an expert in logistics.
Look for Free Marketing and Business Tools
Rather than paying for subscriptions to marketing tools and other business management software, with a quick search on the app stores or online you can find a number of great free alternatives. While these might not always boast the same level of quality or choice of paid for applications, the fact is that these can still be very useful and you can’t argue with the price tag!
Lastly, you might want to offer internships to students and graduates as a more affordable means of employing new people. This is mutually beneficial for all parties concerned. You can make business savings on wages and take on bright and enthusiastic individuals who could make a real difference to your SME; while those you employ are getting a great opportunity to take their first steps into the business world.
As well as saving you money, many of these ideas can help improve your business efficiency, and help to make your SME more productive and potentially profitable. What are you waiting for?