If you’re a small business, reining in your spending can help you on your way to success

Running a small business is no easy feat. There are endless different factors to think about, but undoubtedly one of the most important aspects of any business is its financial performance.

This is particularly difficult when you’re first starting up, as it can take a while to get out of the red and into making some actual profits. One way to speed up this process, however, is to limit your outgoings wherever possible.

You’ll need to invest a lot of time, effort and costs in order to make a success of your brand, but not all spending is necessary. We’re going to take you through a few simple ways to keep your company costs low.

Keep staff turnover as low as possible

For every business, staff is important, but for small businesses in particular every member of your team is someone to value. One of the biggest costs to small businesses is high turnover. Every time a valued member of the team leaves, it’s up to you fill their position again, and this takes time and money. Between posting ads, checking applications and getting through the interview process, there’s a lot to think about, and there will also be an inevitable adjustment period while your new staff gets used to their role.

So keep staff morale high and the incentives frequent, offering flexible work opportunities which suit your staff’s other demands.

Invest only in tech that makes a difference

Technology impacts every aspect of the way businesses work nowadays, so it can be tempting to invest in every possible piece of office tech to make sure you’re covered in all areas. But before you buy, take the time to consider what’s actually necessary to your business.

If all your files are shared digitally, you probably don’t need a printer. If you encourage your staff to bring their own devices, you may not need an individual desktop for every member of your team.

Switch your energy supplier

Monthly costs like utility bills can take a serious cut of your business profits, but nowadays you have freedom of choice. Gone are the days when one utility company supplied energy to everyone in your area. Smart grids and alternative energy sources mean it’s now possible to curate your own supply and choose your priorities.

Every office environment has different things to consider, but don’t just assume that your energy bills are a non-negotiable fee.

Assess your outgoings regularly

One of the simplest and most effective ways to reduce your outgoings is to just keep an eye on them. Knowing how much you are spending and where you are spending it gives you the power to change things if you aren’t completely happy. Look at the people and suppliers you’re paying regularly, such as accountants, tax and legal advice, and decide whether you’re 100% satisfied with their services. It’s never a bad idea to shop around just to see what’s out there.

Promote remote working

The technological transformations of the last two decades have made remote working possible. Thanks to developments like the Cloud, Skype and other sharing and communication platforms, it is no longer necessary to bring all your team members into a designated workspace every day. In fact, avoiding a full time workspace can save you money on rent and utility bills. So don’t be afraid to let your employees work from home from time to time.

 

If you’re a small business trying to find your feet, let TEDCO Business Support lead the way to success. We’ve helped thousands of businesses grow and thrive, so get in touch today and find out what we can do for you. Call us on 0191 516 61 02 or email us at hello@tedco.org.

What we offer

TEDCO offers one-on-one support provided by a dedicated team of business advisors and a range of pre start seminars available to clients who are taking the first steps into self-employment. This could be looking at an initial idea and developing it further, looking at how to start a business plan, business competitors, business marketing.

Are you eligible?

If you are looking to start and grow a business we’d love to hear from you. Our friendly team of experienced Business Advisors are on hand to take your call to discuss the support available.

Latest News

Whitley Bay Business Wins Entrepreneurial Spirit Award

Whitley Bay Business Wins Entrepreneurial Spirit Award

Gail Curry of Happy Planet Creative Arts in Whitley Bay is winning recognition for her Entrepreneurial Spirit after taking home an award at the 2019 Natwest Great British Entrepreneur Awards.   Now in its seventh year, the NatWest Great British Entrepreneur...

read more
Darlington Martial Arts Business Takes Home Gold

Darlington Martial Arts Business Takes Home Gold

An enterprising martial arts instructor is celebrating a gold-winning first year in business as instructors from Sensei in Darlington take home the top honours at the Brazilian Jiu jitsu British Masters Championships.   Physiotherapist Rick Boyle (38) set up...

read more

Latest News

Whitley Bay Business Wins Entrepreneurial Spirit Award

Whitley Bay Business Wins Entrepreneurial Spirit Award

Gail Curry of Happy Planet Creative Arts in Whitley Bay is winning recognition for her Entrepreneurial Spirit after taking home an award at the 2019 Natwest Great British Entrepreneur Awards.   Now in its seventh year, the NatWest Great British Entrepreneur...

read more
Darlington Martial Arts Business Takes Home Gold

Darlington Martial Arts Business Takes Home Gold

An enterprising martial arts instructor is celebrating a gold-winning first year in business as instructors from Sensei in Darlington take home the top honours at the Brazilian Jiu jitsu British Masters Championships.   Physiotherapist Rick Boyle (38) set up...

read more
Here’s why every start-up should go green

Here’s why every start-up should go green

Environmentalism is the issue of the age, and every business has a part to play Starting your own business is a precarious juggling act. Between perfecting your products and services, creating a marketing strategy, hiring the right staff and keeping all your finances...

read more

Telephone

0191 516 6102

Address

TEDCO Business Support Ltd,
North East Business & Innovation Centre, Wearfield, Enterprise Park East, Sunderland,
SR5 2TA

Tedco Social

Follow us on your favorite
social media channels below:

10 + 10 =

©2018 TEDCO Business Support Ltd. All Rights Reserved. View our privacy policy Company Number: 08568533 | TEDCO Business Support Ltd | VAT No. 169 8629 44 GB. North East Business and Innovation Centre (BIC) Wearfield, Enterprise Park East, Sunderland, SR5 2TA, United Kingdom.