Money Saving Tips
Yes, they are basic and common sense but the bottom line is, they save you money!
- Compare: This is one of the most costly mistakes most business owners make, simply because they become complacent. Yes, it is very easy to become complacent and lazy but doing so can cost you. There are certain products and services that need renewing every year or maybe more regular. Many companies that you buy from, offer you a good rate at first but then after the first year, will increase their price. They rely on the fact that you can not be bothered to compare prices with other providers and will automatically renew with them. Don't be caught out and take a few minutes to check to see if you are getting the best price. Check your utilities today and see if you are receiving the best price:
- Switch It Off!: How many times have you or your work colleagues left equipment turned on when you have finished using it? Leaving electrical equipment on is simply burning electricity and that basically means burning your hard earned cash. Ensure you switch electrical equipment off if you have finished using it and make sure you switch them off over night, at weekends and holiday periods. Not only will it save you money but will reduce the risk off fire. Don't be shy about asking other members of your staff to switch them off. They may be reluctant to at first and will probably think you are being a little bit of a penny pincher but remember, it's not their money they are wasting it is yours. Turning off just one computer and monitor can save you £35-£45 per year, just imagine how much you can save if you have several computers, printers, monitors, fax machines, photocopiers (a photocopier left on overnight can waste enough energy to print 1000 sheets of paper) etc....Put up signs and ask people to be a little more conscious.
- Lights Off Please: How many lights do you use in your place of work? Ensuring you are more efficient can save you up to 15% on your lighting bill. Once again, people switch the light on for no reason and then don't even turn it off after exiting the room. Switch your bulbs to energy efficient bulbs and cut the cost even more. They last nearly 12 times longer than an ordinary light bulb and on average save you £100 over the lifetime of just one bulb.
- Heatwave: Do you really need the heating turned on at full? How many heaters are on when the weather is hot? There are probably more than you think and by simply turning your thermostat down by 1C, allows you to save up to 8% on your heating bill.
- Get Paid From The Companies You Buy From: Yes, it sounds crazy but it is true and the best part is, it is 100% FREE. Over the next year, you will need to buy products and services from different companies. It might be ink cartridges, paper supplies, car insurance, flights, accommodation etc......Whatever it is you buy, you need to pay for that purchase. Wouldn't it be great if the company you bought from, gave you up to 40% of your money back, straight into your bank account? Read here.
- Use The Plastic: Use cash back credit cards for all your business purchases. If you need to buy goods, then it makes sense to get rewards for doing so. Combine cashback credit cards with ecashback and you will also receive cahback on your goods. Obviously, ensure you pay off your cards each month.
- Check The Taps: A leaky tap can cost you upto £400 per year in wasted water.
- Rent Out Your Car Spaces For Parking: Do you have spare car parking spaces? Well, believe it or not, people are willing to rent those space from you and there is a website that you can advertise your car parking on. Click here to take a look and start making money from your spare car parking space.
- Car share with a colleague: It's simply, why not ask a colleague if they would like to take it in turns to drive to work. It will reduce your fuel bill and also help the environment.
- Buy Energy Efficient Cars: Energy Efficient cars are a great way of reducing fuel costs and road tax, they will also be helping the environment.
- Anyone For Tea: Encourage employees to make a drink for everyone at the same time, rather than boiling the kettle several times. Heating the kettle uses a large amount of electricity and overfilling it for just one cup is wasting money.
- Save On Your Mailing Costs: It's something all businesses have to pay for but there is a way that you as a small business can save on your mailings and you can try it FREE.
Pitney Bowes
- Why Pay A Web Designer? No doubt if you have a website, you will be paying money to a web designer but why waste money. SBI
- It's FREE To Talk: Using Skype can be a great way to cut the cost of your telephone bill. Skype is FREE to use, if you talk to somebody else using a Skype account via your computer.
Skype for Business
is also a good way of saving money on your phone calls.
- Buy With Neighbouring Businesses: It's common knowledge that the more quantity you buy, the cheaper it becomes. The annoying thing is, as a small business owner, you may not need so much stock and therefore buying in bulk, would only lead to having far too much stock. Why not ask other neighbouring businesses if they want to share the cost of buying certain stock, in order to reduce their costs. They too will be in the same position as you and would probably welcome the opportunity to save money. For example, Stationery, ink cartridges etc are great products that every business needs. Companies such as Viking Direct offer large discounts for bulk orders.
- Negotiate: Remember, you as a buyer are in the best position. In today's present economical climate, everyone wants your custom. Negotiate for everything and do not be afraid to ask for discounts, afterall, all they can say is no but to be honest, most businesses will want your custom and will probably offer you some kind of deal
- Buy Second Hand Equipment: Do you really need to buy brand new equipment, how important is it to you? The truth is, most businesses could manage with using second hand equipment. Yes, I know it is nice to buy new equipment but if your pride or snobbery means your business will fall more into debt just because you want new equipment, then you really need to consider buying used equipment and let someone else take the depreciation costs. The Internet has made it very easy to source second hand equipment through auction sites and classified websites.
- Camparison Sites - Yes, it is obvious but don't forget to compare prices!
- Sell Your Old Phones: Don't throw away your old mobile phones, they could be worth a few pounds! Do you or you employees have mobile phones Envirofone
- Rent Equipment: Do you really need to buy? Yes, we have all done and will no doubt continue to do it in the future. We all buy equipment that we feel we need, then only use it once before it it left to gather dust. Before you rush out and waste your money buying equipment, assess if you only need it for 1 job, if you do, rent it or better still, borrow it from a friend or another business.
- Use Email: If your business involves a lot of correspondence with other people, why not use email where possible, rather than traditional mail for keeping in contact with your customer (See email marketing)
- Promotional Flyers: Add promotional flyers into the bags of customers once they have made a purchase or in with their invoice. It's free advertising and if you place a flyer offering a promotional discount within a certain time period, customers will be more enticed into taking action.
- Ask For Testimonials And Referrals: There is no better advertising than word of mouth from a customer whom has already bought from you. Asking a customer to leave a testimonial on your website or one that you can print in your brochure, is a surefire way of giving your business more creditability
- Write A Press Release: It's a free and very effective way of promoting your business. Editors always need content for their publication and there will be times when they need to fill empty space before it goes to print. Therefore, they welcome editorial content that they do not need to write themselves and to which they can take from a file at the last minute. Simply write a press release on new products or about your business (write it in the third person) and send it to newspapers, magazines and radio stations. If they publish your press release, you will have received FREE advertising that would normally have cost you a fortune.
- Write Articles: Offer to write free articles (See Article Marketing)