Smart Money Saving Tips for Small Buisness

money saving

Money saving is often high on the list of small business reforms. As a business owner, you will know all too well that money is precious.

Everything you spend contributes to the level of profit your business achieves. That’s why it’s important to keep an eye on money saving and reducing unnecessary spending in your business.

Doing this will avoid your business falling or even worse, failing. However, I don’t advocate ridiculous frugality – true story, my friend worked for an accounting firm (many years ago) whereby staff had to show their small used pencil before they were allowed a new pencil.

There are better business money saving ideas than taking extremes… and losing good staff in the process.

 

money saving

Shop around for deals

Every business needs supplies. Whether that be stock to put out in your store or stationary and other important supplies for your office.

While you might think that you’re getting a good deal on your supplies, you should bear in mind that there are always more affordable office supplies from different companies.

Like you, they are a business that needs to keep their customers so the threat of you leaving may encourage them to provide a discount. Shop around to make sure you know you’re getting the best deal and saving yourself a pretty penny or two.

 

money saving

Eliminate over-time

One of the biggest reasons for expenditure being raised is due to over-time. Over-time is important because if someone calls in sick or is on annual leave, you need the manpower to cover the missing person.

However, many clever business owners are now eliminating paid over-time. How does this work? Instead of being paid to work an extra hour or two, your staff members are simply owed the hours. It’s sometimes called flexi-time.

So if, for example, someone needed to head out to a dentist appointment, if they had saved up over-time they could do so without losing their regular salary.

Just be sure to put a limit on how much over-time people can save up, otherwise you could land yourself in a position where you’re losing money again.

 

money saving

Don’t spend money unnecessarily

It’s important to keep an eye on spending within your company that isn’t necessary.

Many companies like to celebrate their staff members and how hard they’ve worked by going out together for meals. While this is a really nice thing to do, instead of paying for it through the company you could change it so that everyone pays for just themselves.

That way you’re still able to celebrate with your staff without running the risk of dipping into funds that your business needs.

Other unnecessary spending includes:

Anything that you can think of that doesn’t really need to cost as much as it does should be eliminated so that your company can thrive.

 

Try these clever money saving ways and you will begin to notice the profits you make slowly begin to grow, as they should.

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