Whether you’re a gambling person or not, setting up a new small business is a daunting experience. Let’s make no qualms about it; this is more than just putting $100 down on the roulette table. You might have what you think is a winning concept, but keeping yourself afloat during the early days is one of the toughest tasks a small business owner will face. Thankfully, there are a few common sense things you can do to prevent your costs spiralling out of control in the early stages.
Monitor Your Phone Bills
Realistically, paying for a landline and a business mobile phone for employees is an expense that can be slashed. Providing you don’t take a plethora of inbound calls on a daily basis, consider getting rid of your landline. Yes, it’s a radical idea, but think about it – what does a phone do that free alternatives such as Skype or Google Talk can’t?
It should go without saying, but also make sure that you’re getting the most for your money with your mobile tariff. You wouldn’t sign up to a shoddy deal on your personal phone, so why accept it for your business? Many mobile contracts come with unlimited SMS messages and internet, but will your employees really be texting people and surfing the web enough to justify this?
Don’t Buy Impulsively
When you’re operating on a tight budget, you really can’t afford to give in to impulse buys. This also applies to the ordering of stationary and other office supplies. You pay for convenience when shopping around at the last minute, so make sure you don’t get stung by inflated prices by always having enough supplies in advance.
Similarly, you should operate this way with outsourced work. Say for example you desperately need a leaflet printing within 48 hours; you will find yourself at the mercy of the suppliers who can work this to their own advantage and hold you to ransom.
Take On Some Freelancers
Whilst it may make work a lonely place to be, delegating work to freelancers can be one of the most efficient ways to save money. This is for a number of reasons. Firstly; you won’t be paying full time staff to be around when they have nothing to do. Secondly; many freelancers can work from home which means you can have an extremely small office space just for yourself (and even work in your bedroom, providing you avoid the obvious distractions!) This is an invaluable way to save money.
Many companies burn away money on the road, whether it’s through not using the most efficient routes, not making the most of their fuel or driving too fast. A vehicle tracker can help you monitor the behaviour of your employees (if they’re driving a company vehicle) and yourself on the road to ensure that you’re not wasting money on transportation.
This helpful article was provided by Jack Oldham.