As a small or medium-sized business owner, it can be tough to make ends meet, particularly if you’re a seasonal business and generate most of your income in a few short months of the year.

One of the best ways to overcome this is to cut costs and save money as and where you can – and so below, we’ve rounded up some of the best ways to do exactly that…

Do it on your own

It’s so easy to hand over the responsibility of business tasks to someone else, whether that’s marketing, accounting, recruitment, sales, or training. Rather than paying another business to do the work for you, learn as you go and become a one-stop-shop. Of course, you should always weigh up the opportunity costs – if you’re no good with numbers and it’s going to take you weeks to put together your bookkeeping, outsourcing makes sense, but in the majority of cases, you can learn the skills you need to do the job and save money in the process.

Enlist professional support

One area where businesses commonly overspend is IT, with the majority hiring a technician to sit in their office. But nine times out of ten, particularly in SMEs, there’s no need for a full-time technician, meaning money is going down the drain. Instead, peruse IT Support Companies and choose the best based on your budget and requirements. You’ll pay per use or on a retainer basis, and you won’t have to pay a full-time technician in your own office.

Cut staff and outsource

Another way to cut costs and save money as a small business owner is to reduce your workforce and outsource some of your work. A marketing agency, for example, might choose to outsource social media to another agency, which will remove the pressure and time that is needed to manage accounts, whilst allowing them to hold onto their client and deliver good customer service. If you’re outsourcing work, then the majority of your time can be left to focus on sales and brand development, allowing you to find more clients and generate profit.

Cut back on unnecessary spends

Do you really need a subscription to every business trade magazine going? Do you need a premium subscription to Spotify, or can you get by with the free version or even the local radio station in the office? Businesses make so many unnecessary spends – from advertising in local newspapers to paying over the odds for corporate events and networking meetings. Reevaluate everything – if it’s not adding value or increasing profitability, then get rid of it.

There you have it – just some of the ways in which you can save money and build a more profitable business. If you have any other ideas, let us know on Twitter using @99socialUK.

Pin It on Pinterest