Owner of an SME? Then no wonder you’re here! At this stage of growth, you’re going to be all about expanding your business at a steady rate, without breaking the bank. Running an SME is quite the financial balancing act, so it really is no surprise you always keep your ears and eyes open for money saving tips – especially ones that really pay off!
Here are some simple money saving tips for small to medium businesses:
Don’t automatically think you need to rent an office – if you’re right at the beginning of your journey, get used to working at home. It might not be ideal, but it’s extremely cheap – no rental fees, no commute fees. You will have to be motivated and self-disciplined, but you can do that hands down if you’re already running an SME!
Consider self storage for expansion – if you are struggling for space. But only do this if you have loads of files, stock and paperwork filling up precious people space. It’s the ultimate, flexible office extension. You can choose to pay for the size of space you need, you can usually cut contracts very quickly and it’s generally super cheap. Expand your business on your terms in your own time.
If you do need a bigger office – and you need more space for a short period of time, or you want to avoid tying yourself to an office contract in-between moving premises, consider using a serviced office. They are essentially pay as you go offices with short lease agreements and many great pay as you go benefits so again, you’re not tied down to a hefty long term rental agreement.
Use social media – with a bit of research and time spent getting to grips with basic social media marketing strategies, you could gain plenty of traction for your website by using social media. Get on Instagram, Twitter, Facebook and YouTube and start promoting your business to (billions) more people than the few thousand your Yellow Pages or local display board offers you.
Keep staff costs low – if someone leaves the company, don’t hire someone else straight away – save a bit of money and spend time searching for someone who really adds to your business or consider whether or not you actually need to replace that person at all.
Go green – you should be doing this because consumers care about a company’s green ethos but also because it will actually save you money. Get your staff to be as energy conscious at work as they are at home. Shut down lights and computers when not in use, invest in LED lighting and limit heating use to when it is needed.
Buy when needed – try to avoid signing up for any monthly purchases that are not necessary. Stationary, in-particular can cost a lot annually, when it doesn’t need to be purchased monthly. Look at all your regular payouts and figure out which ones can become ‘pay as you go’.
Outsource what you can – if you have chunks of work that could be done on a ‘pay as you go’ basis then do that rather than taking on more temporary staff. Look at sites like People Per Hour, Fiverr and Fivesquids for basic jobs like blog post writing, voice overs and SEO. With more complex jobs you may need to pay more to get specialist help, but it will still be cheaper long term than hiring another employee.