Top 6 Money Saving Tips for Businesses
With many countries gradually dragging themselves out of the financial recession (or still trying to), it seems that many of us business administration managers have become even more frugal with our business finances. With this in mind, businesses are taking note and tightening their purse strings.
So, if your business is struggling in the current economic climate, why not try some of these money-saving tips and see how much you could save. Below are 6 great money saving tips aimed at helping your business become even more frugal.
1. Credit Control Tips
Sadly, late payment of business debts is a serious problem facing many businesses in the UK. Whether your business is large or small in size, you have to take credit control seriously. So, stay on top of your finances by making sure your business debts are paid on time as you will incur an extra charge for any late payments!
2. Reduce Your Gas and Electricity Bills
When running a business it’s extremely important to keep a close eye on your expenses. Where can you save money? What costs could you cut? One of the simplest ways of cutting costs is by reducing your gas and electricity bills. Shop around online to find the best deals in your area and make sure you do your research before signing on the dotted line. There are loads of sites out there that help you find the cheapest business electricity deals, so keep your eyes peeled.
3. Waste Management
Many businesses don’t realise that the cost of dealing with your company waste can eat into your profits. Sending waste to landfills can be expensive and cost between 4-5% of your annual turnover. By minimising waste through recycling and reusing materials, businesses can make considerable savings year on year. For example, there are companies available that will buy used oil from you so that they can produce bio-fuels. Alternatively, sell old equipment which you no longer use on Ebay.
4. Protect Your Business Against Employee Theft
Shockingly, a large amount of UK employees admit to stealing from their workplace. Although on many occasions, it’s usually a case of ‘borrowing’ a pen or a pad and forgetting to return it. Nonetheless, even such petty thefts of office stationary can add up to substantial amounts of money over a long period of time. However, in other circumstances office thefts can be far more serious and yet astoundingly common. A recent survey has reported that nearly a quarter of all employees have borrowed a laptop and never returned it. Secure your companies valuables by installing CCTV and provide storage facilities so that employees can safely lock away their laptops. Also make sure you keep track of all the laptops you give out.
5. Buy in Bulk
This one isn’t that hard to be honest. Instead of buying stationary, toilet paper and even coffee when required, simply buy in bulk! These are items which will be needed time after time. You will receive a substantial discount when buying in bulk and this should be done with all the materials you use on a regular basis.
6. Cheap Travel
Now I know first class is the best way to relax when travelling on a business trip, but why not use economy class? Not only will this slash hundreds of pounds or dollars off your ticket price, but it will also save you a small fortune. This also applies to travelling by train. If you’re wise then you’ll make sure that you book in advance. You can typically save between 40-50% on the overall cost of your ticket.
About the Author
Rahul Mistry helps people be more prudent with their finances.


Creative Ways to “Get In”









