21 Feb

5 ways you can save money as a business owner

Office desk

Do you want to save money and increase your business’s profits?

We’re here to provide you with five simple solutions which could help you cut expenses, increase productivity and boost your income.

1. Invest in the latest telecoms

The Welsh government highlights how superfast broadband enables new technologies, which could help your business save money, reduce costs and increase profit.

Is your business suffering from outdated telephone systems and slow broadband speeds?

In the UK, businesses lose roughly £28,000 a year each from inefficient communication systems.

An outdated telephone system could seriously impede communications between employees and customers. Cloud-based phone systems are cheaper and more flexible than traditional telephone systems. This is because calls are made over the internet, so the cost is very low.

Investing in superfast broadband could also save your business a lot of time, as tasks will be done quicker, saving your business those precious pennies. Time is money after all.

Using a reliable telecom company which provides the latest phone systems and superfast broadband, like our friends at DataKom, could save you buckets of cash.

2. Outsource where possible

Businesses are wasting 120 days a year on admin, according to a study by Sage.

You can save by outsourcing your accountancy rather than using your own hours, saving both time and money.

Spending days doing your business’s bookkeeping means money out of your own pocket. If you give your bookkeeping to accountants, they will sort it for you. Here at Mazuma, we work on a monthly feeso it works out cheaper than doing it yourself or paying someone in-house a salary.

When it comes to crunch time, your accountancy company will sort out the numbers, so you can stay productive and successful.

Here at Mazuma, we take care of all your accounts from only £25+VAT per month. Saving you the hassles and pennies. Wonderful.

3. Go green

It’s no secret that businesses lose millions by not being energy efficient. 

Save the environment and money.

Switch up old lightbulbs for modern LED bulbs, shut windows to stop escaping heat, switch off lights, and keep heating at an optimum level.

These are all incredibly simple solutions which could lead to big savings. The proof is in a guide produced by the Carbon Trust. You could save between 10-20% on your energy bills, the equivalent of a 5% increase in sales.

Reducing the amount of paper waste you create will also save money. Make easy changes, such as using both sides of paper. This will reduce use by 50%.

These are small changes which will have a huge impact.

4. Move to the cloud

SMBs using cloud technology grow 26% faster and deliver 21% higher gross profits.

Cut costs and avoid buying expensive servers and office software.

Moving to the cloud also offers the opportunity to upscale easily and grow your business.

You’ll save money on pricey installations, hardware and maintenance. The cloud uses less power on balance – another great bonus. You also don’t have to worry about paying an in-house IT team.

The efficiency cloud computing brings will save your business money. It’ll also provide you the opportunity to make more money in the future as you can scale and grow more easily. You’ll be one step ahead of your competitors who haven’t made the move to the cloud.

For example, if you currently have local storage in your office where you keep all company or client files, you could move this data to services like Google Drive or Dropbox.

So, what are you waiting for?

5. Try hot-desking

According to research by Vodafone UK, the UK could save itself £34 billion by freeing up desk space and encouraging flexible working.

For those unfamiliar, ‘hot-desking’ is when staff spend time working away from their office, and share desks with colleagues when they are in. Giving your employees the opportunity to work remotely will reduce the costs of your office and improve productivity, as they are less distracted by things going on in the office.

If you own a small business, office space and have a team which could work remotely, it’s a money-saving solution which is worth considering

Tramshed Tech in Cardiff is a collaborative workplace where creative and tech business owners work. Working in a co-working space is not only cheaper than owning their own office, but there is also potential to collaborate with other like-minded business owners.

If you want to save money through outsourcing your accountancy, get in touch or get a quote.

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