Several Ways for Small Businesses to Save Money

Owning a small business can be a serious drain on your personal finances, which is why on the Kiran Trivedi blog, I wanted to share several ways for small businesses to save money.

When You’re a Small Business Owner, Every Little Helps

You’re really putting yourself out there when you start a small business. You don’t have the security and the safety net that comes with working for someone else. Yes, you reap all the rewards, but all the financial risk falls on you as well.

If your company goes bust, you’re the only one who’s going to suffer financially. This is why, to ensure the stability of your own personal finances, you need to find ways to save the money you spend on the business. As some famous adverts have said; every little helps!

Kiran Trivedi’s Top Money Saving Tips for Small Businesses

In fact, there are a thousand ways to cut down the bill of running a small business, including…

• Buying Office Supplies in Bulk: Office supply retailers, as normal chains do, often have special offers for customers who buy in bulk, which cuts down the significant cost of office supplies.
• Embracing Online Marketing: Don’t waste cash on a flashy ad campaign. Rather, set up a blog and social media accounts and use them to effectively market yourself to your target audience for free! You can even monetise your blog and your YouTube page and bring some extra revenue in!
• Turning Things Off: Do you know how much electricity you use when you leave an electrical device or a light on overnight? A laptop constantly left on for a year, for example, will add around £50 to your electricity bill. Get in the habit of turning everything off before you leave and save a serious amount of cash!
• Using the Government to Your Advantage: There are a thousand ways the government try to help small businesses grow i.e. tax credits for certain industries. It’s in their interest to make sure small businesses succeed. Use this to trim down your company’s expenditure.
• Reducing Employee Turnover: A study by experts at Oxford University published earlier this year revealed that the cost of replacing an employee can be over £30,000. Don’t end up letting this drive down your bottom line; treat your employees with respect!

Once Again, Say it with me People, Do Your Research!

All it really takes is some common sense to save money as a small business owner. Best advice I can give you? It’s the advice I always give you here on the Kiran Trivedi blog. If you want to save money as a small business owner, do your research!