Ten top tips on how SMEs can save money

POSTED: 1st July 2013
IN: Guides

In the current economic climate with many types of business costs rising above the rate of inflation, it is vital to save money where you can.

undefined1) Review energy tariffs

Energy costs have risen by an average of 15 per cent a year since 2006, doubling the cost for households and businesses alike.

Review the tariff you are on to find a cheaper one, making sure you sign up for paperless billing and pay by direct debit to get the cheapest deal.

2) Improve credit control

Collecting cash for jobs complete is vital to help maintain an effective cashflow and reduce potential bad debts.

3) Switch telephone line suppliers

BT and many broadband firms charge £14.50 a month for having a landline. However, there are suppliers that give as good a service for £9 a month, saving you £66 per line a year.

4) Use Skype instead of paying for phone calls

This tip is especially useful if you need to speak to customers overseas regularly. If both parties download the Skype software, then calls are free.

5) Review your broadband contracts

Broadband charges are constantly changing in a very competitive market with some deals available for under £5 a month and competitive business broadband packages available from small suppliers such as First Telecom.

6) Cut recruitment costs

Do this by using your own contacts and networks and social media sites to put the word out that your firm is looking for new staff.

7) Buy online

Many items you need for your business come at a cheaper price online and excellent second hand office furniture is available from Ebay or Amazon

8) Use a wholesale stationery supplier

Rather than buying from your local high-street stationer, use a wholesale supplier to save on office supplies.

9) Tax breaks

Make sure you are taking advantage of all available tax breaks such as subsidies for apprenticeships and National Insurance holidays for small start-up businesses outside the south-east.

10) Cut down on legal costs

Do this by using common templates from the Federation of Small Businesses and the government website YouGov.

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