Five top tips to save money as a small business

November 28, 2018

There is a constant need to stay focussed on cost reduction that small business owners know only too well. The old saying of look after the pennies and the pounds will look after themselves has never been truer. The biggest constraint on small business owners is time, so to help we’ve pulled together five top tips any business can adopt and help reduce unnecessary expenditure.

1. Switch business energy and save £400 a year

Business energy can be a huge business expense. Remaining with the same supplier means you will pay over the odds on their expensive out of contract rates. Use a site such as Love Energy Savings to compare the best deals for your business energy and self service on their website, or if you are pressed for time one of their helpful staff will switch for you over the phone free of charge!

2. Shop around for business insurance to get the best deal

The exact same process should be applied to business insurance. Comparing the market and switching regularly helps get you the best price and saves your business money. Try a trusted site like Simply Business who can tailor your policy and their excellent online portal saves time by enabling you to manage your policies online.

3. Book travel in advance and save up to 60%

Travel typically gets more expensive the closer to your travel date, so the sooner you book your travel, the more likely you are to get the best price. Rail fares are a great example where early bird discounts are available, in fact you can save up to 51%! Of course it’s not always practical to book train travel well in advance but, if you can, then tickets can be purchased for a fraction of the cost, use a site such as the trainline who have a really intuitive app which not only allows you to book in advance and save money, but also removes the need for paper tickets, which is much more convenient.

An often overlooked way of saving on business travel is booking parking in advance using a car park comparison site such as ParkCloud or ParkVia. Many people don’t realise that you can book City Centre parking in advance as well as airport parking, train stations and ports. For airport parking, if you book in advance you can save up to 60% vs. the turn up on the day price.

4. Save time and money with an absence management system

When it comes to managing staff absences, many small businesses struggle with manual systems or spreadsheets. In todays digital age there are plenty of high quality and very low cost online absence management tools such as e-days. The low cost subscription tools bring two main advantages to small business owners – freeing up time from HR admin and cost reduction from reducing unauthorised employee absence.

5. Reduce your business fuelbills

There are two ways to reduce your business expenditure on fuel for your van or company car. Firstly, make your vehicle as fuel efficient as possible. Inflate your tyres to the correct pressure and see a 3% improvement in fuel efficiency. Reduce the weight of your vehicle by not carrying unnecessary items with you (particularly in the boot!) and don’t fill the tank to the top as the extra weight will make your vehicle less efficient so the journey will cost you more. Smoother driving will also reduce fuel consumption further. You can also find the cheapest fuel in your area, using PetrolPrices.com

Each of these handy tips will reduce your business expenditure and although none are game changing in themselves, if you add them all together across a year the impact can be a nice surprise to the bottom line of your business.

Content produced by Tiger Consult Ltd

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