5 Long term money-saving tips for your small business

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5 Long term money-saving tips for your small business

 

When you’re running your own business, you know how quickly things can add up. From the utilities to wages, tools, stock, you name it, there’s always something that needs your financial attention.  

While there may be many ways to instantly cut back on spending to assist with your business’ present financial situation, we want to focus on the long-haul with a few simple changes you can make. 

 If you’re ready to start boosting your business’ bank account, then you’ve come to the right place. We’ve done some research and hunted around for the top 5 ways you can effectively start helping your business save those hard-earned dollars for the long term.  

 

1.Embrace online tools 

In these technologically advanced days, most small businesses rely on some form of software to get the job done. There are now countless apps and programs available to help with all aspects of your businesssaving you from wasting time and money. 

As more businesses start to adopt for remote work environments, being able to connect and work on projects in a central online space has become a common focus for many business owners. 

 Here are a few online platforms that can make your life easier and are either free or offer a free trial period to get you started.  

  • Trello– a great tool to help manage team projects 
  • Canva- is ideal for creating stunning graphics and creative works for your social channels and marketing collateral  
  • Skype- cut back on phone bills with this popular VOIP platform 
  • Dropbox- for sharing and storing files in a secure cloud-based program 

 

2.Get your small business insurance sorted 

No matter what kind of business you run, unexpected incidents and accidents can happen even to the best of us. Taking the time to get your business insurance* sorted is something that should be part of your business plan, helping you stay around for the long haul. 

 The impact of a claim could not only send your business bankrupt, but could permanently damage your reputation, causing you to close up business for good. That’s where business insurance provides a financial safeguard and peace of mind. 

 Our BizCover online service is designed to help save you time and money when arranging insurance for your small business. It’s there to help make shopping around for your insurance hassle-free, where you can compare quotes from some of NZ’s leading insurers, select your policy and get covered in minutes.  

3.Set up a business savings account 

There’s a lot to juggle when you are establishing your business, like organising the payroll to creating a marketing plan and everything else in between. Unfortunately, setting up a business savings account is something that is often rushed or forgotten about in the process. 

 There are plenty of different types of business savings accounts to select from, so it’s worth doing some research to find the best one to suit your business. Some of the things to keep in mind when looking for a business savings account: 

  • The interest rate 
  • Any fees or charges 
  • Extra benefits to your business banking 
  • Accessibility, is it locked away for a certain term, online only etc.  

 Even if you have an existing business savings account, sit down and review it to check that it is still the best type for your business. If you need a bit of guidance have a chat to your business banker about the different options to help maximise your savings. 

 

4.Invest in the inexperienced 

It’s common for many jobs ads beckoning for staff with years of experience, but this isn’t always the most cost-effective option when hiring new personnel for your small business. That’s why it is worth considering hiring recent graduates who are eager and looking for an opportunity to get their career going. 

Graduates will not have the same salary demands as experienced staff and may require some training to help get them on track. With fresh eyes and recently being trained in new skills, graduates can also bring a whole host of benefits to your business like new ideas and ways to improve current processes that you may have in place.  

 

5.Focus on freelancers 

In an ideal world, it would be great to have all aspects of your business done in-house, but this isn’t always a feasible option. A way to get around this is by outsourcing with the help of freelance professionals.  

 There are many freelance platforms available, which connect small businesses with freelancers who specialise in an array of skills. Whether it’s finding a graphic designer, content marketer or an IT guru, there is an abundance of talent to select from. 

 The benefits of hiring freelancers means you don’t have to worry about hiring more permanent staff members, freeing up your business finances from paying things like annual leave, super and other staff related expenses.  

 These are a few freelance platforms worth checking out when looking for talent that can enhance your business: 

  • Upwork 
  • People Per Hour 
  • Fiverr 

Making small changes to your financial habits can help save your business money along the way. Set aside some time every year to review things like your business savings account and business insurance, making sure you are getting the best deal to suit your business needs.  

 

* As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice. 

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