5 money saving tips for small businesses

By QuickBooks UK

2 min read

Want to be leaner and meaner on your own business in 2016? Then look no further than these money saving ideas to get you started.

Your clients may still be on holiday, but you’re starting to get your head in the game for 2016. You may have already begun to think of ways you can make your own business more cost-effective this year, but in case you haven’t, we’ve compiled five money saving thought-starters to kick your budget overhaul into action:

  1. Paying too much tax?

It might seem obvious, but the mechanic often looks under his own bonnet last. Now’s the time to sit down and do a full audit of your business and see which incentives and advantages you have yet to apply. You might also start to prepare for future changes to your incomings and outgoings, such as the 30 hours of free childcare for three- and four-year-old children, which could significantly affect your budgets.

  1. Reduce hiring costs

The cost of hiring can be exorbitant for small businesses and reducing it may require you to think outside the box. Take some time to evaluate the business needs and allow others to step in and step up – you might not always need to fill a gap immediately. You could also incentivise other staff members to help find the next recruit with a spotter’s fee.

  1. Become energy smart

We’re all conscious of our power bills at home, but often drop the ball at work. Research by the Carbon Trust shows that UK employees are willing to embrace new measures to cut down on excessive energy costs, with up to £300 million of savings to be made. Early in the New Year is a great time to develop some new processes and get everyone’s buy-in to cut down on one of your biggest overheads.

  1. Office of the future or past?

Working from home or within a co-working hub is the best way to add thousands to your bottom line. Co-working hubs have changed significantly since they first launched – you’re bound to find just the right environment for you and may even be able to wow your clients in 2016 with new meeting and conferencing facilities. If you’re just starting out, hot-desking can also bring with it hot money saving.

  1. Outsourcing is the new black

If you’re not already outsourcing, you’re missing out on money saving. Whether it’s help with marketing, data entry or research, you could be paying half the fees you are currently outlaying. Check out www.odesk.com, www.elance.com and www.freelancer.com to get you started. Start small and learn the outsourcing environment before you commission larger jobs.

To get a better handle on your business finances and accounting this year, sign up for a free trial with Intuit QuickBooks.

 

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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