When it comes to looking at business finances, you want to think critically about what you are spending your money on. Having your own business can get very expensive at times and will often make you look for cheaper alternatives for the wrong things, which might just be a false economy. Here are some things that you are probably already spending a lot of money on that you could be saving instead of finding worse quality alternatives.
#1 You are probably spending an extortionate amount on utility bills
You probably spend a lot more on bills than you do on anything else. It’s a huge money drainer and is one of the many prices you pay for having a business building. However, there are some ways you might be able to cut the cost.
Getting a water audit is well worth the money as it might help you save hundreds of pounds. To find out more about how to save on your water bills in your business, click here: https://www.businesswaterquotes.co.uk/.
#2 You are probably spending a lot on stationery supplies
Supplies such as paper can be a huge money waster. Not only are you paying for a resource that generates a lot of waste and can be very disruptive to the environment, but you also need to accommodate it.
This includes stationery supplies, storage and the amount you throw away. It can be far more beneficial to go paperless and go digital because not only is it better to have everything on cloud storage as it is easier to organise, but you can also share documents easily and have multiple people edit them, which makes your paperwork less messy.
#3 You might be missing out on grants
By not even acknowledging government and trust grants, you are missing out on a big money saver. Grants are a little like loans, but you don’t have to pay them back. If you meet certain criteria, you can be eligible for business grants, which can mean that the government can give you back some money. Government and trust grants are very useful and well worth looking into, as you are more likely to be able to get one than not.
#4 If you use telephones a lot, you might want to look for alternatives
If you do schedule telephone calls frequently, it might be more financially friendly to switch to a VoIP (Voice over Internet Protocol) service such as Skype. Not only is this better for your wallet, but it is easier to get multiple people on the call this way, and if you are still working from home, this can be a good, cost-effective way to manage your communication in your business.
Whether it’s saving money on your telephone calls, researching government or trust grants, going digital and cutting costs on paper and stationery supplies, or even looking into bills such as your utilities, you can save money in your company by being intuitive about what you already have.