Small Businesses and new start up companies face a difficult task when they are starting out – in fact it is estimated that over half of these companies fail within five years with the majority citing finances as one of the main reasons.
So what can small businesses do in order to remain competitive and continue trading? Join us as we take a look at some of the best cost cutting methods that could help keep many small businesses alive.
Recruitment Costs
What is a company without any employees? Once you have started your business you are more than likely going to need some help to run it, but where do you find these willing people? Many traditional recruitment firms can charge a lot of money and if your staff turnover is particularly high then this can lead to large costs. Help is at hand though as specialist recruitment company eRecruit Solutions are able to assist small business owners by lowering the overall cost of find staff. With a dedicated online team and a flat fee recruitment service they are certain to save you money!
Buying As Well As Selling
When running a new or small company it is important to get your price points right for your products and services or no one will purchase them. However it is equally important to make sure that you do your research and negotiate equally good deal for the products that you are buying in. Making sure that you get the best deal on all computer hardware can save you quite a bit of money in one go, but also consider looking at your on-going costs like stationery and utility bills. Getting the best deals here can really save your company money in the long run.
Lease Equipment
Starting out can seem like a daunting task so keeping your overheads down is essential to survival – one great way to do this is to lease certain equipment. If you require a vehicle to travel to appointments or get from place to place then renting one could save on an initial outlay of cash and in the event of breakdown or repairs it won’t be your business that is forking out.
Go Paperless
Not only will you have the financial benefits of saving money on printer ink costs and paper you will also have a host of environmental benefits for your company as well. Transferring information or invoices digitally can cut down the amount of time it takes to send information to people and will also allow you to store a digital copy for reference.
