Money Saving Tips for Small Businesses

Whether you’re a start-up or an SME, saving money and increasing your profit margin is likely to be a goal that’s towards the top of your business agenda.

In addition to the money that’s spent on business-specific activities, a start-up is estimated to spend around another £22,756 in their first year alone! So it’s understandable that you may want to put some strategies in place to help you save money.

Use Social Media for Recruitment

Replacing one member of staff with another can actually cost your business a lot of money. On average, it could cost some companies around £30,000 to replace a staff member when you take into account the costs of recruitment, the time spend on interviewing, absorbing the new member and the time spent getting them up to speed (which is estimated as 24 weeks to reach optimum productivity.)

Consider taking your staff search to social media as a first step. Twitter and LinkedIn are great places to start when you’re looking to build your pool of talent and you can also reach out to them directly using these free platforms, cutting down on your advertising and recruitment costs.

Staff Productivity

Keeping your employees productive is an important asset to your business. Make steps to ensure your workplace is as efficient as possible, which means avoiding unnecessary meetings and limiting the amount of internal emails.

Maximise your employees’ productivity and prevent members of staff from under performing as that could be a big drain on your resources. Here’s a few things you can try to boost motivation in your workforce:

  • Offer development or advancement opportunities to your staff.
  • Provide incentives to help boost productivity, such as organising a team afternoon out, or a free sandwich at the end of the month to say thanks.
  • Make your employees feel more valued by giving them more say in how they do their jobs.

Making sure your staff are working to their best potential can reduce the hidden costs that your business is incurring with under performing staff.

Online Comparisons

Comparison services are an incredibly useful way to save money when you’re ordering any products or services online. Whether you’re looking for internet services for your home office, or comparing which delivery services will be the most cost effective with My Parcel Delivery, the beauty of the internet is that you can conveniently compare great deals right at your fingertips. Take advantage of these online tools to find the best deals and reduce your expenditure on overheads. Take the first steps to helping your small business reduce expenditure by following our three money-saving tips. By keeping your costs down in these ways, you can make the most of your profits and perhaps invest the money into other areas of your business to help it grow.