Every penny is a prisoner for small business owners.
With the effects of the 2008 financial crisis still keenly felt today, it’s only the unequivocally gung-ho entrepreneur who laughs in the face of frugality and belt-tightening…
… although you know better.
To prevent the firm you’ve painstakingly built from crashing and burning like a paper aeroplane soaked in sambuca, you know almost every moneysaving trick in the book.
From slashing your telephone bills and reducing energy usage to getting a better deal on your broadband and mobile data, it’s safe to say you can sniff out a fiver in a force nine gale.
But are you up to speed with these three easy ways your business can save cash?
Ensure Reliable Deliveries
There’s little more infuriating for a customer than waiting home all day for a delivery, only to check their tracking code and realise the driver has attempted to leave their parcel on the roof of a passing truck or the package is winging its way back to the depot.
As a result, whether your organisation is sending a parcel to USA or a package to Peckham, it’s important to team up with a reliable provider to slash the costs of dealing with returned deliveries, as well as avoiding the inevitable customer complaints and loss of revenue.
Outsource Bad Debt
It’s hardly a secret that customers who can’t – or won’t – pay their bills affect every business. While this will obviously affect your cash flow, the resources spent chasing debtors to settle their account can lead to your organisation haemorrhaging cash.
The solution? Outsource your debt to specialist companies who will take the legwork out of contacting those who refuse to pay. This allows you to focus your efforts on growing your business and exploring new and exciting avenues to ensure your continued success.
Hire Intelligent Interns
As your business continues to grow, it’s inevitable you’ll have to hire employees to help you deal with the workload – but before you place an ad in the local paper offering a full-time position, why not go down the intern route and pick up some free labour?
While it’s a relatively inexpensive path to tread, by hiring someone from college or university, it gives them the chance to impress you with their intelligence and willingness to learn – and there may be a permanent role waiting for them once they’ve graduated from full-time education.
Fancy having your say on this important issue?
Do you have any other moneysaving tips for small business that you’d like to add to the mix? Please let us know by leaving a comment below – we’d be delighted to read your thoughts.