Last Updated on Mar 13, 2020 by James W
Running a business is not a cheap venture. You’ll have to pay for everything yourself. Or you’ll get a business loan, but don’t forget you still have to pay this back. You should always be looking to save yourself and your business money. Even more so if you’ve just started out and are trying to find your feet.
There are a lot of ways you can be a bit more thrifty in the running of your business. You can make small changes that will save you money. Or you can take bigger steps for more immediate savings. Here are some of the best ways you can save money for your business.
Outsource
One of the best ways you can save money for your business is to outsource to external sources. But this is often overlooked as a money saving enterprise. You should outsource work rather than getting it done in-house. The reason for this is because by outsourcing you ensure the project gets specialist attention. You’ll find the work will often get done quicker and to a higher quality than doing it in-house. You might also find that freelancers will cost less than paying your staff. Plus you’ll save money as you won’t need to get anyone to redo the work once you receive it.
Arrange Deals With Wholesalers
If you’re buying stock and goods direct from wholesalers, which you should be, you can arrange deals with them. You’ll want to bulk buy for the sake of ease and convenience. By going wholesale, you’ll never need to worry about paying retail prices for your stock. You should be able to arrange a commercial discount with the wholesalers. This allows you to stock up on goods and materials that you’ll then sell through your business for a profit. If you can commit to buying over a long period, you could get an even more substantial discount.
Track Stock
An idea that may not have occurred to you before is to track your stock. You can get your hands on GPS vehicle tracking kits that allow you to track trucks full of your stock. This ways you can work out where the stock is and how long before it reaches its destination. This means you can arrange orders more accurately and keep clients happy. As a result, you won’t need to issue refunds of compensation. It also means you can track the stock if it gets stolen, making it easy for law enforcement to recover it. As such, you save money by preserving your stock and not having to replace it.
Buy Used Office Furniture
When you move into your office, you’ll need to be sure that you kit it out. An empty office is no use to anyone, so you need to get furniture and such in there. This can be an expensive process, and when your business is starting up you’ve got enough expenditure as it is. A cheaper way around this is to buy used furniture. There are a lot of stores around that specialise in used furniture. A lot of it is of a high quality and affordable price. If you bulk buy the furniture, you might even get yourself a discount, saving even further.
