9 Clever Savings for Cash Strapped Businesses

by Kyle Taylor on January 28, 2014

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Monopoly Money

It’s a tough, tough world, you know – and for small businesses times are lean. The economy may be appearing to pick up, but plenty of us are still feeling the pinch.

If you’re finding that your business is a little strapped for cash, there are probably innumerable possibilities running through your worried head. Will you need to lay off staff? Do you need to try to beg the bank into parting with their cash? Or stemming the flow with one of those new age online business loans from Everline.com? Or maybe you should just admit defeat and let your business fade into obscurity

But before you head off into the wilderness after your awkward conversation with Marion the receptionist, stop. Think about the small economies you can make within your small business. The old adage “take care of the pennies and the pounds will look after themselves” isn’t just good advice from your granny, it’s also a smart approach to take when making cut backs. Start small and you’ll be surprised how much you can save. Here are 9 small, smart savings which could help your small business to economise.

1. Outsource
Have a small project that needs completing but don’t have the skills in house? Outsourcing can be a very cheap option and, if you choose your freelancer carefully, you could get a lot of bang for your buck. Try websites like People Per Hour to find skilled people with very reasonable rates. These websites offer plenty of protection if your outsourcer doesn’t deliver, so there’s little to no risk involved. Much cheaper than getting someone in on a day rate or hiring a new team member.

2. Huddlebuy
This is a great website for small businesses looking for savings. The site offers special deals on all manner of services and products which small businesses need.

3. Business addresses
Want a posh postcode to impress clients? Don’t splash out on office space, simply get hold of a mail forwarding service. All of the prestige, but at an infinitesimal fraction of the price.

4. Tax breaks, subsidies and grants
Everyone likes a handout. Keeping your eyes peeled for grants and tax breaks could help you make big savings. They can be easy to miss so make sure you stay up to date with sites like the government’s business finance and support finder.

5. Buy office supplies online
It’s much cheaper to buy office supplies on the web, whether you’re after pens or desks, use a specialist online office wholesaler. Alternatively, if you’re really scrimping, look for office furniture on freecycle sites – you’ll be surprised what you can find.

6. PAYG financial advice
Pay-as-you-go support from a financial advisor will keep your costs down and your finances in shape – much cheaper than a full-time accountant.

7. DIY online marketing
Decent marketing can require a big budget, but making the most of online channels is very cheap when you do it yourself. There are tonnes of tutorials and guides out there from big online marketing geniuses. Try YouMoz, Econsultancy and Hubspot for affordable access to awesome advice and resources.

8. Train online
In fact, don’t stop at online marketing training. Get your staff up to scratch in all areas with very affordable online training. Udemy.com is a great source.

9. Switch energy suppliers
Whether you’re working form home or your own office space, get switched on about your energy bills. Find out if you’re paying over the odds with Make it Cheaper and USwitch.

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