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Small Budget, Big Results: 7 Money-Saving Tips For SMEs

When running a small or medium-sized business, money is often at the forefront of your mind. It goes without saying that smaller businesses will have only a fraction of the budget of a large-scale corporation. However, there are still lots of things you can do to save a bit of cash. Keep reading for 7 money-saving tips.

Posted: 16th August 2022 by Finance Monthly
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1. Outsource

As you probably know, hiring internally is very expensive, and can often go beyond the cost of just a salary. Things like digital marketing, payroll and accounting can be outsourced pretty easily. This allows you to benefit from expert help without having to pay the extra costs of an employee and training for them. 

2. Use the cloud for storage

Instead of forking out for expensive hard drives, use cloud storage to keep everything in one place. This will protect your documents in the event of theft or damage and will also work out less expensive in the long run. Not to mention that having everything in a unified place will make it easier for everyone to be as productive as possible. 

3. Take advantage of remote working

Although remote working can seem intimidating when you’re not used to it, there are many advantages of remote working. You can still track employees’ performance when they work from home, and the added benefit is that you don’t have to worry about the physical costs of keeping employees when they’re remote. 

Video interfaces and other unified platforms are perfect for your communications system, especially when some or all members of staff are working remotely. 

4. Embrace word-of-mouth advertising

When you’re smart about it, you can advertise your business on a very tight budget. Word-of-mouth advertising is and always has been one of the best ways to advertise businesses or products, so make sure you get outside and get creative with your advertising methods. 

5. Review all expenses

Every little thing adds up so make sure you take the time to review all of the small expenses and you’ll be surprised at how much you can save from cutting out anything that isn’t strictly necessary. It may seem counterintuitive to spend your time looking into everything tiny thing that your business spends money on, but it will definitely help you to save a little extra cash. 

6. Buy in bulk 

Buying in bulk is very important when trying to save money. Almost anything you can think of can be bought in bulk. As a rule, the more you buy, the cheaper the price per unit. Not only this but it’s better for the environment to buy in bulk because the products will come with less packaging and also don’t have to travel as far. 

7. Reduce unnecessary maintenance costs

Do you really need a daily cleaner for your office? Could you perhaps clean your own windows or use the dishwasher less often? 

Take a moment to look at how much you’re spending on maintenance and how much of that is really necessary. Encourage all employees to clean up after themselves, tidy the kitchen during quiet periods, and so on. 

As you can see, you don’t have to have a big budget to get big results. With these money-saving tips, your SME will be able to cut costs without sacrificing quality. 

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