Top tips for saving your business money

Top tips for saving your business money
Ian Graham
Ian GrahamExperian

Posted: Wed 2nd May 2018

The start of a new financial year is possibly one of the best times, if not THE best time, to review spending and decide how you can set your business off on the path for a healthy profit.

Although, sometimes it can be easy to forget that profit doesn't always have to come from increased revenue. The occasional cost saving exercise can make a huge difference over the course of a year.

Here are top tips from Experian to help save money in your business.

Why not review your marketing spend?

More traditional marketing methods like TV and print advertising don't come cheap.

However, these days there are plenty of cost effective marketing channels to choose from. Explore how you can improve your reach and engagement through cheaper methods such as social media, email and blogs.

Is it possible to re-negotiate with suppliers?

It's easy to become complacent with existing suppliers, especially when you're busy running a business.

But by being open to better deals and always striving for the best rates with your current suppliers, you may be surprised at how much you can actually save.

Have you considered outsourcing rather than employing?

Employees can be expensive so why not explore the ways you can outsource work rather than employing someone?

There are so many options, from virtual assistants to freelance designers, copywriters and social media managers. Outsourcing won't only save money, but also bring fresh perspective to your business.

Why not hire for attitude over experience?

In the occasions where it makes sense to employ rather than outsource, why not consider hiring newly qualified people with little experience?  After all, the job can be taught, passion and enthusiasm can't.

Are you green enough?

Basic running costs such as electricity can be a huge expense for a business. By being a little more conscious about the environmental, you can not only save money, but help the world too!

Could you go virtual?

One of your biggest costs to your business will of course be your office (if you have one).

Whether you own it or pay rent, buildings are a big expense. If your team is relatively small, why not think about working together virtually, making use of online 'offices' and video conferencing.

What about conducting a time study?

Saving money is about efficiency, whether that's being efficient with your electricity tariff, your employees or your processes.

One of the biggest inefficiencies in businesses is the way people spend their time. Lengthy meetings which achieve what could have been done over email or huge email chains which could have been resolved by a quick phone call.

Sometimes monitoring and reviewing how we spend our time can be a real eye opener, and in turn a real money saver.

If you'd like to learn more about how Experian Business Assist can help you make better decisions about your business, suppliers and customers, visit the Experian website today.

Ian Graham
Ian GrahamExperian

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