Whichever way you look at it, running a business is expensive. Even when you’re bringing in huge sums, you’re typically also dealing with vast bills and considerable overheads. From paying the salaries of your team members to sky-high office rent, rising energy prices, costly supplies and expensive technology – it all adds up. 

In the UK, we’ve been teetering on the edge of recession for several years. And frustratingly, that kind of economic downturn also has knock-on effects to businesses of all types. So if you’re successful but always on the lookout for ways to improve your bottom line or your company is a little more strapped for cash, follow our seven simple ways to save your business money. 

1. Save on office space

Since the world overwhelmingly fell in love with the concept of remote working, there’s less and less need for costly office spaces. Pre-pandemic, businesses were spending vast sums on prime retail in city centres, multiple-storey office blocks and large industrial units. Today, it makes sense to focus on this area when trying to save funds. You could consider downsizing your office or switching to a more affordable location. If entirely remote working is feasible, you could remove the need for an office altogether.

2. Go paperless

Presumably, you’re no longer living in the dark ages and totally reliant on paper documents to keep your business thriving. But even if you already use predominantly digital technology, you may still be able to reduce your paper and printer use. It not only saves on supplies but it also lowers maintenance costs and is much more planet-friendly. Switch from printed contracts, invoices and letters to online documents with virtual signatures and locked PDFs.

3. The power of outsourcing

Outsourcing often seems like a frivolous expense, reserved only for businesses with money to burn. However, there are certain non-core roles and tasks that you could benefit from sending elsewhere. Depending on the size of your business, you may not need full time employees to complete things like IT support, accounting or certain types of marketing. Try to hunt down freelancers or third-party providers who are efficient but also cost-effective.

Have you heard of cross-training?

Instead of outsourcing, you could focus on ‘cross-training’ your current employees. This means training team members to take on multiple responsibilities, reducing the need for additional hires and boosting overall team versatility. Remember, it isn’t right to simply dump extra tasks on your hard-working employees. You do need to invest in their development with courses and support along the way.

4. Optimise energy usage

Energy prices have been skyrocketing for the past two years. Bad for homeowners and terrible for large business owners – huge bills and ongoing hikes make it very difficult to power buildings and the technology within them. But as the saying goes, ‘Every little helps’, especially when you’re operating on a big scale. Try to implement smart energy-saving measures in your office, such as LED lighting, energy-efficient appliances and automatic power-off systems for electronics to lower utility bills. 

5. Money-saving mobile plans

Paying for an entire team’s phone contracts can get extremely pricey. That’s why it’s worth shopping around to find affordable plans and cheaper business mobile data that keeps your company connected, at a lower cost. You could try business-specific packages or eSIMs that offer cheaper rates for international and domestic data usage. This is especially helpful for businesses with travelling employees or remote teams that need constant connectivity.

6. Negotiate with suppliers

In the past, have you prioritised high-quality but costly suppliers? Of course, you get what you pay for but there are also plenty of great, smaller suppliers who offer more affordable options. Start by reviewing your current agreements to negotiate better rates or bulk discounts. Loyalty often pays off and suppliers may be willing to offer reduced prices to keep your business. If that doesn’t work, hunt down better deals, always checking reviews and trusting recommendations.

7. Make the most of freebies

There are hundreds of incredible tools which support your business but can end up costing an arm and a leg. Luckily, there are also plenty of free tools or more affordable alternatives to pricey software and apps. Start by taking a look at your current subscriptions and audit how frequently you use them, how valuable they are and whether they’re essential or not. Having a cull of the things you don’t use will instantly result in savings. Next, make the most of open-source platforms, free versions of premium tools or cloud-based services that can help you cut down on recurring software costs.