Ways for small businesses to save money

Small businesses are struggling, and there seems to be very little light at the end of the tunnel. We read about it all the time in the media and our high streets and business parks are littered with empty shop premises and office spaces. Whether you are an established small business or looking to start one up, there are a few ways that you can save money, which in return improves your cash flow and allows it to be used in ways that are far more beneficial to your company.

Many small businesses just accept their bills when they come in, and as most are paid by direct debit, dozens don’t even look at them. Take time out to check your bill properly, the overcharges that go unnoticed add up to millions of pounds a year, and you could be contributing to that total.

If you have been with your energy or utility company for a while given them a call and try and negotiate a better deal, or shop around and see if you can get them cheaper elsewhere. There are numerous companies that provide broadband and telephone services, and just because you have been with one provider for a long time doesn’t mean that they are necessarily the cheapest or the best.

Also check your companies bank and credit cards statements, there could be subscriptions for things coming out on a monthly basis that you haven’t used for some time, or years even, so make sure the only money leaving your account is for viable things that you still use regularly.

If your office furniture has past its best and desperately needs renewing, don’t rush out and spend a wad of cash on new stuff, when there is such a great range of used office furniture available online. A quick search will show you exactly what is available and it will cost a great deal less than buying new. Whether you need desks, chairs or whatever, see what used furniture you can get and save yourself some cash.

By buying in bulk in as large quantities as you can manage, and paying instantly without letting the statutory 30-45 day grace period elapse after you have received your invoice will often secure you a prompt payment discount. By implementing this with as many suppliers as you can, it can add up to quite a tidy sum over the year, and that, with the other tips mentioned here, can make your cash flow situation an awful lot rosier.