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Moneysaving ideas for businesses

As a business, it’s not always easy to cut what are perceived as essential running costs. In an age where everything constantly seems to get more expensive, we’ve come up with a few areas where there is money to be saved.

  1. Go green

It may have become a bit of a cliché but being more “green” really can save money. Wherever you trade – office, shop floor or your own home - being energy efficient pays.

Things like good insulation, energy-saving light bulbs, low consumption appliances, turning off electrical equipment overnight or when not in use all help to reduce wasted energy and the associated costs. Want to know how environmentally friendly your business is? Try our nifty tool.

  1. Go paperless

Paper has to be one of the biggest waste products for many businesses. In fact, it’s estimated that thousands of tonnes of paper are wasted every year and most of it needlessly.

The benefits of cutting down on printing are obvious. Less paper and less ink used, reducing the cost of ordering supplies and the time spent physically printing documents3*9.

  1. Haggle

Perhaps considered an art reserved for an age gone by, haggling has made a comeback. As mentioned in this article, it’s alive and well on the British high street.

It’s also the case for businesses - there’s always an opportunity to negotiate the cost of your goods and services. Whether it’s getting a better deal for purchasing office supplies in bulk or bartering with other service providers, this can be effective means of clawing back precious pounds and pence.

You could also use this method for trading services with other businesses by offering services in return, instead of cash. For example, if you own a sandwich deli, you could offer catering for your website service company in return for their service.

  1. Share office space

If your business is on the smaller side, you could cut the costs of hiring an entire office by moving into one of many shared office spaces available. You’ll be in with other businesses but compared to a sole lease, the costs are far lower, especially if you only need to fill two or three desks. There are of course risks (in terms of security) but if you’re on close terms with another business in same position, it’s definitely a viable, cost-effective option. See our article on choosing the right type of office for your business for more inspiration.

  1. Cut the cost of your bills

Finally, and certainly in our area of expertise here at Make It Cheaper cutting your bills is a sure fire way to save money.

Many businesses either aren’t aware that they can switch their service provider for a better deal elsewhere.

Gas and electricity aren’t the only services that can be switched, you could save on your business insurance and telecoms contracts too. It’s worth noting that loyalty often doesn’t pay. Always shop around for better deals and when it comes to insurance, never auto renew as in most cases, providers will often roll you onto their most expensive rates. Out of contract rates for utilities can be similarly high.

There’s always something you can do to help save yourself and your business some money. What methods have worked for you?

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