Jo Why Lee

London - United Kingdom

    A Few Ideas on how to Save Money in an Independent Business

    September 1, 2014

    If you are a business owner, or you are self-employed, you will already know how important it is to save money where possible in the business. Even if you are not cash strapped and your cash flow is healthy, its always important to make the most profit as possible. To do this, business owners need to look at every aspect of their business and analyze where money could be saved. So whether you are a new business owner and are looking for a few tips to save money in your business, or you are a seasoned entrepreneur and are simply looking for some new fresh ideas on how to save money, this article will give you a few handy tips that you can follow.

    Save electricity

    It sounds simply but you can save quite a bit on your electricity bill by installing eco friendly lights in your office premises. Obviously, the bigger the premises, the more money you will save, however, even with a little office, you will still save money. Another handy tip is to turn off everything at night as appliances on standby still waste your money.

    Control your cash flow

    With any new or established business, cash flow can often become a problem if invoices are not paid on time. In fact, a large amount of companies fail within 3 years due to cash flow problems. To avoid this, try to only deal with customers who pay promptly. If this isn’t an option due to a lack of customers available, constant communication is with the customers or companies that owe you money is vital

    Buy in Bulk

    Buying stock or items to sell within or to help run your business is part and parcel of what business entails. Whether it is purchasing Picture Master printer ink cartridges, or Sainsburys A4 paper, buying in bulk will save you a lot of money in the long run. Write a list of all your outgoings and try to buy as much of that in bulk as possible.

    Limit Outsourcing where Possible

    Outsourcing is a common trait for a lot of companies, however, it can often be expensive. A good way to start saving money is to limit the amount of outsourcing that your business budgets for. Instead of outsourcing, you could train up in house staff, or gain experience yourself in the given field which would save your business money in the long run.

    There are many methods and techniques to saving money in and around your business, however, these 4 methods are a good place to start. Take control of your business and maximize your profit as much as possible.

    Read Jo's other blog entries >

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