A change of season often heralds a change of mood and, with autumn drawing in, it’s a great time to re-evaluate your outgoings as a business. If you’re ready to make a few changes to your expenditure, these 5 smarter spending tips will help you spend less and grow more this September.
1. Learn, don’t outsource
Perhaps you have a press release which needs writing or your website could do with some extra search engine optimization, if you or an appropriate team member have the time, it’s worth considering paying for a one off training session with an expert. This way you can bring those useful skills in house, which will cost you substantially less than outsourcing on a regular basis.
2. Have perfect timing
Are your suppliers willing to offer you a discount or incentives for early payment of invoices? If they’re not, it’s economically in your interests to delay payment until the final day of your payment terms. This keeps your cash flow in your kitty and earning returns.
3. Use the “three quote rule”
It may prove to be an investment in time, but using the three quote rule will pay off in the long run. It prevents you from taking on a contract with a supplier hastily without searching the market and gives you plenty of haggling power when it comes to crunch time. Many suppliers will meet competitors’ prices to win your custom.
4. Buy used equipment
Not every aspect of your business needs to be cutting edge – as long as your service and your products are top notch. Printers, office chairs , water coolers; you can save a surprising amount of money by purchasing used office equipment which is more or less as good as new. Peruse the web for likely sellers.
5. Swap experience for skills
Taking on interns and work experience students can be a drain on your existing team’s time and resources, but if you have a clear plan and schedule in place, you could enjoy lots of free work in exchange for giving young people some helpful workplace experience.
The key is organisation. Draw up a loose plan for all interns and, before a new candidate gets started, tailor it to the useful work they can do during that period. They may even have useful skills you can harness such as social media know how.
Are you on a money saving drive this autumn? How do you plan to cut costs in your company this season? Share your ideas and opinions with our readership below.