ClockworkMarvin

As a business owner, you naturally want to find ways to cut costs and raise your profit margin. There are methods to make your business a success for less, particularly if you are in the early stages of setting it up or if you are currently facing difficult times.

There is nothing worse than getting to a point where you have to make half your workforce redundant or close your business down. Here are 10 ways you could start saving money today, so you never have to face that situation:

1. It may seem obvious but the less space you have, the lower the costs! However, if you’re downsizing what are you going to do with everything in order to fit in a smaller office? You could consider self-storage as an option. Companies like Kelly’s Mobile Self Storage will deliver a storage pod direct to your door to collect everything, package it all up safely, and then store it until you need it back!

2. Outsource work and use freelancers for particular jobs and projects. Create an advert on sites such as Elance, a freelance site where experienced workers can apply to complete your tasks. Posting the job is free, and you can then browse profiles, portfolios and reviews to find the right person for you, whether that be a writer, marketer or even a designer. So, there is no need to hire a full-time employee with a full-time wage when you can simply get extra work completed as and when you need it.

3. Hiring interns is a great way to save money for your business, as they are hard working and eager but require a lower salary. Not only will they be a benefit to your business you can also provide them with valuable experience to add to their CV. It is also an opportunity to discover future employees if the fit is right for you both.

4. Think outside the box and use alternatives to traditional advertising. Social media, for example, is free and can be used in a wide variety of ways to get your message out to thousands of people, allowing you to then talk to and engage with current or potential customers. Take advantage of services such as HootSuite, Twellow and Tweet Reach to gather followers.

5. Likewise, social media – particularly LinkedIn – could be used for unearthing your future talent as opposed to using a costly recruitment firm.

6. Go green! Reduce energy and therefore costs through simple moves such as turning off machines when not in use. You may also want to consider switching your energy supplier, using the likes of Make It Cheaper for help and support.

7. Rather than hiring a full-time employee to answer phones and handle e-mails, which is a useful but time-consuming task, use a virtual business for your administrative tasks. A virtual assistant such as eReceptionist will ensure that no calls and therefore no opportunities are missed. It will answer and direct your calls – all for just 30p a day! Bargain!

8. Take advantage of services such as Telegram that can save lots of money on long or international phone calls.

9. Absolutely everything is online these days, so save money on training by using web-based resources instead of bringing in external consultants or sending employees out on courses that might then incur travel expenses as well as tuition fees.

10. Cut down on maintenance. For example, if your cleaning service comes in daily, cut it down to twice weekly or even weekly and take a more pro-active approach to staff being responsible for tidying desks and emptying their waste bins at the end of the working day.