7 Money saving tips for small businesses 2023
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With the cost of living crisis at the forefront of everyone’s minds, many businesses are looking for ways to cut costs, and for small businesses in particular who often operate on paper thin margins, every money-saving decision is worth its weight in gold.
We’ve compiled a list of 7 money saving tips for small businesses to help you save some hard-earned cash in 2023.
Embrace remote working
The price of office space can be costly, especially in the cities, and is often the most expensive monthly fee for SMEs. If you’re a small business owner operating this way, ask yourself if it’s necessary to have a physical office space or whether you might instead benefit from remote working.
The pandemic showed us that remote working, if done correctly, can prove to be just as efficient as office work and as well as saving you a huge monthly bill, can even boost employee productivity and satisfaction.
If working from home isn’t feasible for your business, other options include relocating to a more affordable space or setting up a virtual office (which gives the impression that your business is operating from a prestigious location while in actual fact, you’re working remotely.)
Use open Source Software
Software, from the basic to the complex, is essential on some level to every business, but before you spend hundreds on software purchases or updates, experiment with free open-source alternatives.
For example, instead of paying for a Microsoft Office licence, test out the free, open-source version. Sure, you won’t have access to the full suite of features, but depending on how your business operates, it may offer enough of the tools you need.
Whilst you may not be able to use free versions for every paid platform available, using open source alternatives of just a few programmes allows you to channel that budget into other, more useful software such as automation tools which can save you money longer term (more on that later).
Cut unnecessary costs
Perhaps the most obvious way to save money is to cut back on unnecessary business expenses. Are you paying for subscriptions you don’t frequently use? Does your company regularly travel for in-person meetings or events which could take place virtually?
The most common avoidable costs include printing, sending and storing documents and so moving these processes online is the best way to save money.
Additionally, if marketing commitments are eating up a large portion of your budget, consider adopting a social media strategy which is more cost effective, and even free in many cases.
Reducing all of the unnecessary costs (no matter how small) will soon add up, helping to scale back on needless spending and save money.
Go Paperless
Cutting down on the amount of paper that your business uses is not only good for your pocket, but also the planet!
Switch to digital documents to scale back your paper usage and move all internal documents such as company handbooks to the cloud. Not only will this help you speed up business processes, but you’ll no longer have to fork out for ink, paper and postage, saving you money in the long run.
Find out how much your business could save annually by sending and signing documents online.
Look after your team
Recruiting and training new members of staff can be both time consuming and expensive, with the cost of recruiting a new employee reported at an average of £3,000.
It’s therefore important to look after and develop your team. Demonstrate opportunities for growth in the business, invest in company culture and offer benefits and rewards.
Although a small budget may be needed to achieve this, spending a little money on the people who do the best work for you means investing in a relationship that will ultimately bring more profit to the company over time.
Outsource / Automate processes to save time
Time is money right? Often the quicker you can get something done, (ensuring top notch quality control of course), the more profit you make.
Speeding up certain processes is therefore an effective way to save money and so taking a step back and knowing when to delegate is an important skill. Whether the solution is outsourcing tasks to freelancers or bringing contractors onboard, outsourcing things such as marketing, design, payroll and bookkeeping will ensure the work gets done without having to pay expensive recruitment or training fees.
Another way to save time is to automate processes via online tools or software. This can be anything from an automatic reply to acknowledge a customer’s email or could even tackle more complex activities such as invoice management or document approval.
Alongside freeing up employees time, automating tasks minimises the risk of human error and avoids the subsequent expensive clean up costs and hours spent redoing work.
Invest in an efficient eSignature solution
eSignature software fully eliminates any costs associated with printing, sending and storing documents. It also eradicates hidden costs caused by human error and speeds up the overall signing process.
Investing in eSignature technology is cheaper than continuing to send out paper documents and is especially helpful for companies operating globally who will be able to send and receive documents almost instantly from wherever they are in the world.
If you’re looking to adopt eSignature software into your small business, check out our top 10 questions to ask potential providers to ensure they fulfil your business needs.
Save with Signable
If you’re looking to scale back on business costs in 2022, eSignatures are a great place to start. With secure and legally binding software, employees can quickly and easily send documents for electronic signature, giving them more time to focus on the bigger picture.
Interested in giving it a try? At Signable we offer a 14 day free trial, so sign up and start saving money today!