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When it comes to budgeting, every start-up/SME has to hold on tight to their purse strings for a while It’s kind of like being back in Uni; you know what you’re working towards and you know that this period of being stone broke will be worth the end result!
With the festive season upon us, gifts to be purchased and trips to be made…December can be a particularly stressful time for anyone and especially someone trying to build their business during the busiest period of the year. So with this in mind, these cash saving tips will ensure you have a little extra in your pocket to buy Santa some luxury cookies!
1.Use the internet all of the time. I mean it; people really don’t take enough advantage of the free services available online. For example, if you have a conference call lined up that’s going to roll on for hours…why not use a free conferencing platform like Zoho Meeting.
2.Your parents probably said this 3 times a day for the majority of your childhood – turn off the lights. Electricity is not free. Only use what you need and you’ll start to see dramatic reductions in your utility bills.
3.How big is your office? Do you have any free space? If you do, then it’s time to start charging for it. Many landlords will be receptive to the idea of sub-letting the space – and you won’t know until you ask.
4.Hire Interns. This one has a ‘handle with care’ label attached, because I’m not advocating free labor. What I’m suggesting is that you take on an intern whom you feel you can educate in return for their contribution to your business. This does not mean hiring someone to make you 10 cups of coffee a day. Internships are about give and take. If you go about it the right way, hiring an intern is a great way to increase productivity and decrease your payroll.
5.Save paper. I know shredding paper is fun (oh…just me?!) but you don’t need to shred everything. Anything that’s not confidential and only printed on one side can be re-used for in-house purposes.
6.Following from that, get thrifty when it comes to purchasing printer ink – that stuff isn’t cheap! Try buying in bulk or using recycled cartridges.
7.If something can be expensed, then expense it.
8.Use freelancers. This is becoming more and more popular with businesses and is a great way to hire someone when you need them, for the period you need them. By doing this, you’ll save on staff training, sick pay, holiday pay and insurance costs.
9.Don’t spend a fortune on office decor. Craiglist is your friend here.
10.Use a budgeting app such as Mint or Learn Vest to keep your daily finances in check.
If you apply all of these tips over the next few months, you’re going to see some pretty hefty savings roll in. Good luck!
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