Five ways for small businesses to economise in 2020

Running a small business can be an expensive affair, especially in the early days before the profits have established themselves and there are still several start-up costs remaining, such as loan repayments and capital investments The good news, however, is that the flexible nature of smaller enterprises means that much can be done to cut down on the costs and economise. Here are five ways to do just that over the coming months.

Do it yourself

Don’t feel that you have to employ expensive service providers, such as PR agencies, accountants or marketing gurus. There is plenty of training out ether, much of it free and easily available online for you to have a go at these areas of business yourself. Invest in a decent accountancy software or receipt scanner package and run your own accounts, use your social media channels to spread the word about your products and services and learn how to write simple press releases to send to your local newspapers, radio and TV channels who will hopefully run them for free as a news story.

Cut down on luxuries

Many business owners feel that they have to have the trappings of success before they can actually afford them – they subscribe to the ‘fake it until you make it’ philosophy. This can seriously eat int a small business budget, so think carefully before signing up to fancy offices, plush ad campaigns or a wardrobe of designer office wear. Becoming more modest in what you buy will help you retain more funding for business development, insurance and the essentials that will enable your business to survive and, hopefully, then go on to thrive in 2020 and beyond. You may use some great press releases templates to use instead of spending in new ones.

Second hand stuff

In the same spirit as the previous point, another great way that a small business can economise is buying second hand wherever possible. Second-hand office furniture, second hand vehicles, older smartphone models and even reconditioned IT can help save the pennies at a time when money might be less accessible. This approach can also impress potential clients looking for a supplier who is sensible with money and doesn’t waste it on buying brand new all of the time.

Share and share alike

Another way to reduce costs of things such as office rental, electricity, internet and so on is to join forces with a similar business or sole trader who is also seeking to economise. Sharing bills can mean that you can access larger premises in a more fashionable part of town. Having other, like-minded business people around you can also offer a valuable resource for feedback, ideas and socialising – free of charge!

Trading partners

The traditional methods of bartering and trading goods and services has never gone away, it is just not quite so commonplace as in centuries gone by. Perhaps 2020 could be the year when we see its resurgence, as climate change and global resource management move more and more towards the head of the news agenda. Get on the trend now by seeing how you can use your assets and skills to secure what you need from suppliers in an exchange-style arrangement that side-steps financial transactions and returns to a simpler age of trading. Try it and see how you get on…

About Shahbaz Ahmed

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