Every cent counts when it comes to business – you simply can’t afford to waste your hard-earned money on items you don’t need, or shouldn’t spend as much cash as you may be. It’s vital that you choose your company’s purchases wisely.
So what do you do? There are certainly items you will need to invest in, and others you don’t have to. There are also those purchases and subscriptions that you can get at a lower rate than you are currently paying at the moment.
Here are just some of the ways you can spend better.
- Shop around
As with your non-business life, you should look around for the best price on the service or product you want to purchase. For everything you’re getting quotes on, you should aim to get at least three bids – no matter how mundane the item you’re looking to buy may be.
The bids should be best suited to you and your business as well, such as with Microsoft volume licensing. This means you only buy licenses for IT products and service agreements that your brand needs, and none that it doesn’t require. So, you save money by paying just what you need for your own requirements.
- Offer expert advice
This could be something really simple – such as giving a talk at a meeting, teaching a class, or writing an article or column for a local publication. Doing such not only underlines your standing as a respected expert in your area of business, but it also gives your brand some attention and visibility with little cost.
- Reuse and recycle
You will need to buy hardware at some point in your business journey – it might be office furniture, or IT equipment, or even IT consumables. Do you need to buy all of those items as new?
The good news is: no, you can get second-hand or recycled items for your office. You can save a great amount of money on purchases such as used computer equipment, office furniture and copiers. So, search online, go to auctions or try the local classified adverts for items you may need to buy.
Recycling printer and toner cartridges will also help on costs. Also check for programs that offer rewards for using recycled cartridges.
- Use contractors and freelancers
If you’re just starting out, you may want to use people who work freelance or on a contract until your situation is more stable. This is because recruiting a full-time employee can be expensive.
It may also take time for your new employee to get up to speed. Yet with a contractor, they will already know how to complete the task and will invoice only for the work you require.
- Check your bills
Have you checked your utilities bills and bank charges recently? It may be that you’re not getting the best rate for your business. So much like as you would look for ways to save money with household costs, check for optimum costs on energy, bank and savings accounts, phone bills, broadband, and insurance.