Over 60% of small businesses in the UK fail within their first three years. Typically, there are many reasons for this, yet one of the most popular is due to monetary problems. Due to this, small businesses need to be careful about how they spend money in the early days.
But how do you achieve this as a small business owner? To help you, we list some of our best money-saving tips for small business owners below, from saving/comparing business water contracts to outsourcing. Keep reading to find out more.
Compare/Save On Your Utilities
One of the most expensive factors of running a business is running/maintaining its physical premises, plus the costs that come with it, like utility bills. Whether gas, electric, or water, all utilities can add to the overall expenses of running a business, especially the latter ever since business water rates increased in 2023.
Due to this, it has become a priority for many small and more significant corporations to switch business water suppliers using companies like The Business Water Shop. Using their network of trusted providers, your small business can start reaping the benefits of competitive water rates today.
Another way that you can save money as a small business owner is through outsourcing. Although you might think you have to do everything yourself when you own a small business, this is far from the truth, and hiring knowledgeable professionals from the beginning can help you in the long run.
By hiring experienced freelancers, you can benefit from industry expertise at a reasonable price that can help accelerate your business’s growth since you’ll be able to focus more on your core product offering. Fortunately, hundreds of UK-based sites can help put you in contact with a range of freelancers, from PCMS Group, PeoplePerHour, and many more. Consider using some of the sites mentioned earlier, and start reaping the lower costs of outsourcing today.
Make The Most Out Of Networking Opportunities
Making connections is crucial in the business world, as not only can it help accelerate your business’s growth, but it can also save you money in the long run. When you attend networking events, you’ll never know whom you’ll have the chance to meet, be it a potential partner, a competitor, an investor, or someone else. Building these relationships with like-minded individuals is essential, as they can help you take your business to new heights. It would be best if you made the most out of networking opportunities whenever you get the chance.
One of the best ways to learn about upcoming network events or to start building bridges with knowledgeable individuals in your industry is by using social media platforms like LinkedIn, Medium, Twitter, and many more. Once you’ve made the initial connection, you can discuss what you have to offer and how you can benefit that person. Most people will only be interested in assisting you if you have credibility or something they desire. As such, both of you can benefit from the shared growth of the networking process at a relatively low cost.
There you have it, a few simple money-saving tips small business owners need to know in 2023.