HOME

About Us

Transport

Electricals

In the Home

Business

Children

Food

Holidays & Vacations

Vouchers

Travel

Work

Retirement

Property

Home Improvements

Savings

Taxation

Insurance

Warranties

Borrowing

Mortgages

Leisure

Useful Books and Guides

Swap Trading

Saving Money Tips

Small Business Support

DIY Online

Internet Online Privacy

Link To Us

SAVING MONEY IN BUSINESS

If you are running a home based or small business here are some great principals for saving money;

• DIY - keep costs down by getting as much work done yourself and keep hiring contractors for specialist work. If you have staff get them doing odd jobs like painting and cleaning, whilst some may see it as downgrading them, others may like the variety and the chance of a change. Alternate tasks if possible and discuss options collectively or individually first. Use all staff productively whilst keeping them happy. Make everyone aware of the need to save money, which is vital to keep the business viable (and keep them in work)
• assess needs against wants, a new business need not be flash, but needs to be professional and to a decent standard. Using second hand gear suggests the business has been established a while, new stuff makes it clear you are just starting out, and costs a bundle too.
• haggle - drive a hard bargain with suppliers, let them work hard to secure your business, give them hope, get them to come back and rethink their offer to you. Get nothing but their "best price" for everything. Supplying businesses is highly competitive.
• do not be afraid to switch suppliers if you are let down by late deliveries or shoddy goods, or get better deals elsewhere. BUT tell your current supplier first, some will work hard at saying sorry with free goods and big discounts. Give them hope, they will often reward you.
• assess the extras - watch for overpriced consumables for apparently "cheaper" machines and equipment. Look at, and compare running costs in electricity, fuel, servicing and repairs and consumables, a slightly more expensive model which is cheap to operate may in truth be the best and most economic buy.
• cheap is not always BEST. Many business people thing they have won when they buy goods CHEAP - assess what you are buying and from whom. Always get VALUE - which covers quality versus price, that is true of the goods or services being bought AND the suppliers own delivery and backup service.
• buying in bulk errors - assess the need to buy in bulk just to get special deals and prices. Stock for a few months ahead makes sense but avoid buying years of stock, it takes up valuable space and is unnecessary money tied up, plus it may deteriorate.
• look for end of line deals - not current stock can be just as good and sourced for great prices.
• review a supplier - have an annual meeting with your suppliers and tell them this a routine thing with you, this can start to worry them, and they will be keen to keep your business. Explain your "worries" with them over price and service highlighting issue you may have had. Often you can come out with an improved service and maybe revised discounts and even a few free offers.
• clear clutter - have a periodic clear out, and tidy up, you may be able to get some money in for sell offs of unused and unwanted goods or gear, even bulk deals, or at worse gain valuable space.
• money from scrap - waste metal and cardboard can be worth some money, check with local scrap buyers and assess value of storage - income against costs. It may be worth a little, a lot or nothing.

For more advice on starting and running a small business see our sister web site www.smallbusiness-support.net

Please feel free to Contact Us with questions or to give us information to add to our knowledge base.