My cost saving tips for business owners

As a business owner, I understand how important it is to keep your finances in check. You need to have highly experienced team members working under your brand in order to build a great reputation with consumers, as well as trustworthy suppliers – If you are let down by your suppliers then that reflects on your business, right?

So how do you make sure you build a great reputation without out of control costs

  1. Don’t employ staff, use freelancers – There are so many highly experienced/qualified staff members that have set up their own freelance business. Why not have a look at how you can save money by not having PAYE staff.
  2. Build up loyalty with your suppliers as loyalty/long-term use will often mean you can receive great deals from your suppliers as a regular and valued customer.
  3. Outsource, this is a big one …. If you outsource your admin or work that someone else can do at a lower rate than your hourly rates this means you can save LOTS of cash! E.g. Your hourly rate is £100, my hourly rate is £24 by outsourcing your admin to me you save £76 as that hour you spent on admin could have been used on paid work for you so in effect you are charging your own business a much higher rate to complete your admin tasks.

So, after the tips above do you still want to employ that member of staff or do your own admin?