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7 money-saving tips for your SME

Being frugal with your money in business can help you to build a foundation where your company flourishes. By saving money, you will be able to weather any storm which comes your way, and you will be able to upgrade your business to the next level when the opportunity knocks.

Let’s look at seven money-saving tips for SMEs:

Tip 1: Limit printing

By cutting down on what is printed, you will need less space to store the printed documents. You will also be working towards a greener business. Secondly, you will cut maintenance and office supply costs as you won’t need to maintain a printer if you are paperless, and your ink and paper costs will go down drastically.

Tip 2: Review your software subscriptions

Often, we pay for subscriptions on software, we either aren’t using or have too many subscriptions. Take a good look at what software you are using and how many subscriptions are essential for each one. This may decrease your subscription costs.

Tip 3: Hire young

By introducing a graduate programme to your business, you can hire young talent who can gain experience while working for you. You will get individuals who are keen to work and who will know about the latest technology and trends in your industry. One aspect to be aware of is that if you hire inexperienced employees, they may make some mistakes on their way. With this in mind, you need to make sure your business will be able to handle the potential mistakes they could make.

Tip 4: Invest in your employees

Onboarding a new employee takes time and money. They need to learn about your business and how they can use their skills in your business. By building a business which inspires employees to stay, you will spend less time and money trying to get new ones up to scratch. Look at what the standard perks are in your industry and work out which ones are valuable to your employees and implement them.

Tip 5:  Review the latest technology

Technology changes extremely quickly and many people believe having the latest and greatest will make their business succeed but this is not necessarily the case. If you see new technology you want to buy for your business, try to lease it for a time to see if it has a good return on investment. By leasing equipment, you may also not be responsible for maintenance and repair costs depending on the contract you signed with the supplier.

Tip 6: Outsource

How much time have you wasted trying to do activities in your business which you struggle to do? Depending on how critical the activity is, you should consider outsourcing it. By outsourcing your accounts and human resource department, you will have experts who can ensure your books are up to date and deal with HR requests which you may struggle to deal with. Outsource your weaknesses, so you can focus on your strengths and build a great business.

Tip 7: Fine-tune meetings

Have you ever been in a meeting where you thought this could have been an email? It is important to carefully consider meetings you want to have in your business. When you know what meetings you require, you need to ensure there is a clear agenda and that everyone is aware of what they need to focus on in the meeting. You should also start and end your meeting on time. This shows you respect the other attendees’ time.

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