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Thursday, July 25, 2024

How to save money in your small family business

 

It’s been a tough few years for small businesses in the UK. The pandemic took a big hit on small businesses, and many struggled to stay afloat. Brexit has also made it difficult to obtain the materials needed to manufacture products. Small businesses have faced numerous challenges in recent years. However, the economy is still in pieces, and there are likely to be more challenges to overcome.

 

Small businesses should try to save money to prepare for the next set of hurdles in the road. Here are a few ways you can cut back on spending and save more money.

 

Renegotiate old contracts

 

It’s time to take a closer look at your longstanding contracts with clients and suppliers. You could ask for a lower rate to save a little money. Explain that you are reviewing your older contracts and looking to renegotiate. Do your research and see if other suppliers have dropped their rates to accommodate for the effects of covid-19.  You can use this research to renegotiate your price and hopefully find a better deal. If your current suppliers don’t budge, you might have to work with a different supplier for a while.

 

Switch to energy-efficient options

 

You can make small changes across your business to save money. If you have an office, you could switch energy providers to save money. You can reduce your bills and help the environment at the same time. Win, win!

 

You could look into finding a more energy-efficient option for your processes as well. You could look into green energy sources. It requires some investment at first – but can save you money in the long run.

 

Cut down on maintenance

 

You could start carrying out maintenance work yourself. An office cleaner is not an essential role. You could ask your employees to help out with the cleaning. Create an office rota to keep everything fair and ask management to pitch in too. You can save money on hiring a professional and keep the office today. Most maintenance jobs don’t require too much expertise, like fixing a door frame or mopping the floor. You just need a Milwaukee multi tool to help you get the job done efficiently.

 

Try bulk buying

 

Buying items in bulk can save you a lot of time and money. Order your materials in bulk and find somewhere to store them. You could use a spare room in your office to keep spare office suppliers and products.

 

Switch to inexpensive online marketing

 

Social media is a fantastic marketing tool. You can sign up to a range of social media platforms for no cost at all. You could manage your social channels and start promoting your business online. You can increase your customer base and utilise inexpensive marketing tools.

 

Make a detailed plan to save money in your small family business this year.

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