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Saving money tips for tradespeople

When you're looking to be more cost effective as a business, saving money tips from others can help give you ideas and point you in the right direction. Read on to see some of the things to consider.

Running your own business throws up challenges every day. As a result, saving money tips can really come in handy if you’re going through a quiet patch.

Being cost-effective is probably right up there in the headache stakes when it comes to your business. As well as making money, saving wherever you can is also key to small business success.

What are some good business money saving tips?

Be more productive

A cost-effective business tip to save money is by being more productive. The more money you bring in, the more you should be able to save.

Why not look at how to bring in more leads and job opportunities?

Investing in your employees can also help you do this – when you’ve got more hands, you can do more work or charge more for your services.

Charge more

Money saving ideas for small business don’t have to involve making cuts. Instead, you could increase your prices. By charging more for jobs you are bringing in extra money that can be saved.

For example, have you considered using a pricing template to help you improve your profit margin?

Haggle with suppliers

Businesses can prosper when they take the initiative. It’s always worth calling your suppliers and asking them to do deals on your purchases.

Plan what you spend

Keeping tabs on money coming in and out is a cost-effective business method to help you save. Setting up a practical planner for saving money requires you to look at the best ways of managing your cash flow.

A great way to manage your cash flow is by having a budget planner for saving money.

Reclaim VAT

Our saving money tips extend to tax areas as well. If you didn’t already know, when you are VAT registered, you can claim VAT back on a range of business expenses.

Cover a smaller area

Being a cost effective business can sometimes mean keeping it local. If you have lots of customers close to your base, why not reduce your working area? Longer journeys can mean wasted time and fuel costs if you don’t win the job.

Keep your customers happy

You can save money on promoting and marketing your business by getting customers to do it for you. If you keep customers happy and satisfied, they’re more likely to share their positive experience with family, friends and neighbours. You can win new work just by being good at what you do.

Spend less on business essentials

As a member, you could savings on insurance, tools and fuel

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Look at your marketing spending

Moving your paid marketing and website spend to an online directory such as Checkatrade can reduce the cost of hosting a website yourself.

You’ll also benefit from an increase in customer leads through our homeowner searches.

We’ll even supply you with free marketing materials to really boost your business.

Save energy

Another area ripe for money saving are your lighting and heating bills. They’re probably among your highest business expenses.

For example, why not check out energy-saving ideas that can boost your profits and make you a more cost-effective business?

Get a grant

The government provides grants for small business. Getting outside financial support can help you save money and grow your business at the same time.

How about business money saving tips for your tools and vehicles?

There are plenty of ways you can spend less on vital business assets. You can:

Spend less on business essentials

As a member, you could savings on insurance, tools and fuel

Tell me more

What are our saving money tips to reduce business expenses?

Business expenses can be hard to control. Once you start keeping tabs on what you are spending you can then look at money-saving tips to bring down these costs.

For business money saving tips you could:

  • Outsource jobs: This will help to eliminate overheads and allow you to take a referral fee and can also work if you have staff with specialist skills but not enough regular jobs
  • Buy in bulk: Many companies will offer discounts when you buy in bulk, so stock up on materials and tools that you use regularly
  • Save on insurance: Insurance is essential, but it can be expensive, so consider options like comparison sites, or the discount you get as a Checkatrade member

Key takeaways

  • Good business is as much about following useful saving money tips as it is about making money
  • Having a planner for saving money is a great way to budget by matching money in with money going out
  • Money saving ideas for small business come in all shapes – find what works best for you and reap the benefits
  • Think about trade discounts and trade membership to be a more cost-effective business

Ready to take your business to the next level?

Becoming a Checkatrade member can help you out

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DISCLAIMER
This is information – not financial advice or recommendation. The content and materials featured or linked to on this blog are for your information and education only and are not intended to address your particular personal requirements. The information does not constitute financial advice or recommendation and should not be considered as such. Checkatrade website is not regulated by the Financial Conduct Authority (FCA), its authors are not financial advisors, and it is therefore not authorised to offer financial advice.
Always do your own research and seek independent financial advice when required. Any arrangement made between you and any third party named or linked to from the site is at your sole risk and responsibility. Checkatrade blog and its associated writers assume no liability for your actions.  Read our full disclaimer here.

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