Tips for Saving Money for Your Small Business

Regardless of the size of your company, everyone needs to increase profits and reduce costs to make sure that their business is as successful as possible. Thankfully, there are many different steps you can take to reduce the overheads of your small business to help increase profits. Here are just a few that you can start implementing straight away:

Cutting Gas and Electricity Bills

Gas and electricity are two of the biggest costs that businesses face. These are used for light, heating and running the equipment at your premises, but there are a few simple steps you can take to reducing these bills.

Firstly, turn down the heating or set the boiler to economy mode as this will use less gas. Also, consider only having the heating on at set times throughout the day and keeping it turned off whenever the premises are not in use.

To save money on the electricity, make sure the lights are turned off when you leave the room and switch off all appliances at the end of the day. It is also worth considering using energy saving light bulbs. Using these strategies will also reduce the negative impact your business has on the environment.

Saving on Printing Costs

Another large cost for many small businesses is the cost of printing, but it is possible to lower the amount of money you spend. The first step is to make sure you are using the right ink cartridges for the brand of printer you use. When you first install a Canon printer, for example, you should adjust the printer settings so that they use less Canon printer ink. You can do this by selecting either eco, draft or other similar mode depending on you make of printer.

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Next, make sure that you and any employees check each document properly before printing. This will prevent the need for printing documents again after mistakes have been spotted and rectified. Finally, if a document is only to be read internally by employees, email it rather than print.

It is also possible to save money on paper, too. While you may need the best quality paper for marketing materials, a lower quality and cheaper paper will probably suffice for many day-to-day documents you print.

Office Equipment and Stationery

Some costs for office equipment and stationery are unavoidable, but there are still ways that you can save money on the regular items you buy. Completing a regular stocktake of your stationery cupboard will help you to keep on top of things and avoid buying equipment and items of stationery that you do not need. Think about which items you use the most. It may be worth your while considering buying items that are regularly used in bulk for a lower price.

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Cost of Premises

Longer leases often cost less than shorter leases. As the cost of your premises is likely to be one of your greatest expenses, this is something worth thinking about. If your small business is well established and you are confident that it will continue to be a success, then it may be worth considering negotiating on the cost of your current premises or looking at premises elsewhere that will cost you less money. Speak to the person who owns the building and ask if there is any kind of discount for taking out a longer lease. If not, and your lease is nearly up, look around for other viable options that may cost you less in the long-term.

Using just a few of these small steps can help you to keep your small business’s costs to a minimum. If you choose to use all these tips, you may find that your overheads drop significantly and this will help you turn your business into a even bigger success than it is currently.

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Comments

  1. Cutting down on those crazy electricity bills is one of those things that every business needs to look forward to. We realized that the graph of electricity spending as climbing month after the other and we opted to use solar energy which although expensive to implement, will help save costs in the long run.
    Thanks for sharing the great tips.

    Cindy

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