You always need to keep a handle on your business’s finances if you want it to not just survive but also thrive. One of the most important things you should be doing is finding ways to save and cut back on your expenses. You might do this as part of your yearly budgeting and spending audit, but sometimes it can be necessary to identify ways to save at short notice. Fortunately, you can save money in many different ways so that your business can continue to flourish. If you’re not sure where to start, try these key areas that could help you to identify business savings.
Marketing
It’s very easy for your marketing budget to get out of control. There are many different marketing channels to consider, and you can spend a lot of time and money trying to work out what kind of marketing fits your business. However, it can also be easy to find some savings in your marketing. The first thing you can do is find out where you might be wasting money. Track the performance of all of your marketing efforts to determine whether you are spending money without getting the results that you expect.
Insurance
Insuring your business is a must, and it is also a way to save money, in itself. But it can also be a large expense if you’re not careful. Checking your insurance coverage and making sure it’s right for you could save a lot of money. Compare quotes with Tivly to see if you could be saving money on your premiums. Consider the type and amount of coverage that you have too. Do you have double coverage due to two policies overlapping? Do you have too much coverage that could be reduced so that you can save money?
Utilities and Premises
The cost of running your business premises can be one of the biggest expenses your business has. These overheads might seem like they’re fixed, but they can be reduced if you look at them in the right way. For example, you can explore switching utility providers to save money. You could also encourage your staff to help save energy and water, in addition to making changes such as installing LED lighting. In some circumstances, it could make sense to consider moving premises or even not having them at all. Remote working could allow you to ditch your office.
Tools and Software
Another key expense to providing your staff with what they need is the cost of tools and software. These expenses can sometimes build up over time as you adopt new tools and prices rise. Performing an audit can help you to identify tools that are no longer useful, or software that could be consolidated into fewer tools with the same features. Speak to your staff about which tools they find most useful and what they would be happy to let go of.
These areas could be key to helping your business save money. Take a good look at what you currently spend to identify savings.
