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September 29, 2021 Hints & Tips

Five ways for small businesses to save money

We know that when running a small business, every penny counts. In order to run a business successfully, it’s paramount that you keep track of your finances. Doing this enables you to recognise where you’re overspending or using non-essential services that make a dent in your profits.

Here are some of our top tips on how a small business can save money:

1. Turn off all equipment at the end of the night.

Doing something as simple as switching off your lights and computers can save you a lot of money in the long run! Statistics show that if you leave your office lights on overnight, each year you use enough energy to heat a home for 5 months!

Another way to ensure you keep energy usage to a minimum is to set up ‘sleep mode’ in your computer’s preferences. By setting a ten-minute screen delay you can save some serious energy. Sleep mode only uses a few watts, unlike screensavers, which use almost the same amount of energy as your computer monitor in full use.

Source: https://optimalmonitoring.com/turning-equipment-off-to-reduce-energy-cost/

2. Shop around for your electricity and gas.

Switching energy suppliers is one of the main ways you can save money on your household bills, but it isn’t just homes that benefit from this. Many small businesses have had to cut back on their spending in the past 18 months, which could mean reviewing their utility bills. If your business has never compared or switched before, you’re likely to be on a more expensive energy tarrif.

For more help with switching your energy and utilities head over to our sister brand www.kinex.co.uk

3. Be more eco-friendly!

That’s right! Taking steps to make your business greener can also benefit you financially! For example, utilising the natural office lighting will slash your energy bills whilst helping the planet.

Did you know that using natural lighting not only saves money but also boosts office productivity? It is proven that natural lighting can positively impact your mood, which means you’re also benefitting your employees.

4. Use social media to your advantage!

Social media continues to be the fastest growing form of communication in the business world. If you’re looking to save cash, perhaps now isn’t the time to invest in an external marketing agency, but instead use the free tools at your disposal. It’s reported that around 44% of people use social media to research businesses and products and are more inclined to purchase from a business with a strong social media presence.

5. Stop overpaying for your card payments!

Much like your electricity and gas bill, it’s quite possible that you aren’t getting the most for your money when it comes to your card terminals. The team at Inspire Payments are passionate about cutting the costs of card payments and providing support for small and medium businesses. Our team promise faster payments and flexible agreements for you to get the most from your card payment services, along with offering free legal help and business cash advances.

Find out more about how Inspire Payments can save you money on your card payments.

We’ve highlighted just a few of the ways you can save money as a small business. For more information about saving money on your card services, you can also email enquiries to: hello@inspirepayments.com.

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