Entrepreneurs need to be pretty savvy with money, whether it’s driving profits higher or making savings wherever possible. Being a frugal entrepreneur will help you to cut costs while reaching your true potential. So how exactly can entrepreneurs start saving money?
1 . Review suppliers
Firstly, it’s a wise idea to review your suppliers, look for less expensive options, but remember that you don’t want to compromise on quality. It can be useful to use a Supplier Information Management Database to help you compare suppliers. Using a SIM, you can check supplier credentials, and filter your searches based on your needs.
2. Apply for funding
There are plenty of funding opportunities out there for startups and small businesses. Applying for support means that the money you already have will go that little bit further. The Unltd Social Enterprise Funding is a UK based organisation, running award programs and grants to support entrepreneurs across the UK. They run schemes including The Grow It Awards, Energy Entrepreneurs Fund and Business Rates Relief. Entrepreneurs can check out the Unltd website for more information.
3. Flexible office space
Flexible office spaces are serviced and full functioning offices, you can hire these spaces for as long as you require them. With a flexible office space you’ll eliminate set up costs and extensive planning. Setting up an office space by yourself can be a costly and lengthy process. Using a flexible work space means you’ll save both money and time. Flexible work spaces usually accommodate several brands across the same building. You’ll often find some shared spaces, including gyms or meeting rooms. You can find out more about flexible workspace, here.
4. Go remote
It’s likely that your team has been working remotely throughout the coronavirus pandemic. Perhaps by now, you’re now making plans to transition back to the office. If you’ve preferred the remote life for your biz, you could save money by remaining that way. By running your business online you will save on rent, utilities and hardware. According to a study in Business News Daily, remote employees are often more productive than office-based staff. The study concluded that ‘remote employees work 1.4 more days per month than their office-based counterparts, resulting in more than three additional weeks of work per year.’
5. Green energy
Switching to a green energy company is another great way to save money on utility bills. Green energy suppliers often offer less expensive tariffs than conventional suppliers. It’s advisable to use price comparison websites to check out the best deals in your area.
6. Free business tools
Take full advantage of all the free tools for businesses; there are plenty of productivity boosting platforms to choose from. To supercharge your marketing, try free SEO tools like Answer The Public, Moz Bar and Google Analytics. For free project management tools try software like Project.co, Toggl Plan or Freedcamp.
7. Improve your budget
To save money, your budget has got to be airtight. To improve your budget, try using a budgeting app to better plan your finances. Popular budgeting apps for businesses include Money Book, Mint Money Manager and Toshl Finance.