One of the trickiest things, as a small or medium-sized company, can be the sheer weight of admin and other essential items which need paying for despite limited funds or bodies to do them. From acquiring and managing basic services and equipment to book-keeping and advertising, there are a whole heap of things that seem to drain both money and time but yet appear to be unavoidable. Yet with a bit of research and some forward-planning, it’s relatively straightforward to save significant sums of money, as well as time.
The first and easiest thing to do is check whether you’re getting the best deal with services you buy in, such as your phone line and broadband, and to swap if you’re not. Independent telecoms suppliers such as us, will be able to look at your current package and almost certainly find you savings, even if you have to pay an exit fee to your current provider.
If you’re hiring any electrical equipment, again consider whether you have the best deal, and even whether you may be better off buying.
Next, consider what other services your company cannot live without. Account management and advertising usually come under this section.
With accounts, look at whether you can either pool the costs of a book-keeper with one or more small local companies in the same boat, or whether you can trade skills with someone so you get a cut price deal from them, and offer the same in return.
This is where local networking can be very advantageous, and not just to your sales figures. Knowing what professionals there are in your area and having a personal connection with them could save you a substantial amount of money. Likewise, they may seek your services at a discounted rate, meaning both parties win and also that they are likely to think of you if ever they are asked for recommendations in your specialist area.
If local networking groups are not very active near you, consider setting one up the benefits of joining are very clear, so you shouldn’t have any trouble attracting interest, and they can be as simple as a meet-up in a pub, so there is minimal organisational hassle.
As far as advertising goes, again see if you can do skills trades with anyone offering these kinds of services, including the copywriting and design that goes into effective leaflets, posters and billboards. While substantial advertising spend is inevitable if you are to market yourself widely, consider additional streams that don’t have massive cost attached. Promoting yourself on social media, for example, is free but can end up netting you significant gains whatever your business.
With some thought and care, and business friends in the right places, substantial savings should come your way.