Small Business

5 Ways to Save as Your Local Business Grows

5 Ways to Save as Your Local Business Grows

With global lockdowns coming to an end, businesses are now experiencing significant growth. The doors are open and customers are flying in. For some businesses, this growth may be exactly what they need to expand. 

But don’t let all of that new custom fool you, branching out is costly -whether it’s setting up a new store or getting premises with more storage space- the boom now will even out, so for those branching out; it needs to be done tactically.

Whether it’s cutting costs elsewhere or investing in new ways to make money, it is essential to have resources in place when you are looking to develop and grow your business.

Unexpected bills and overspending on the essentials could set your expansion off to a poor start, so we have put together some guidance on cutting costs where possible and freeing up additional resources to grow your business properly.

Create a Strong Online Presence

Many businesses were caught out by the lockdowns caused by the coronavirus pandemic.

With the option for direct sales eliminated, a lot of smaller businesses had to shut their doors and go on furlough.

Should a situation like this occur again, small businesses can negate the financial hit through online sales and services.

Putting together a website that will allow you to continue to run your business from home is a wise investment, especially when growing your business.

These times can be uncertain and there’s every chance we will end up having to temporarily shut “non-essential” businesses again.

So this time, be ready. And if another lockdown doesn’t occur, you have still created a new stream of income.

Don’t Be Afraid to Buy Second Hand

New office or store? Furnishing can be extortionate, especially with workplace-specific brands.

When it comes to your workplace, don’t hesitate to go second-hand, many office furnishing specialists can offer you used furniture and storage that is still in great condition.

With a vast discrepancy in pricing, why go for brand new wall racking when you can get it second hand for a fraction of the price. 

with quality assured sellers you will receive your second-hand racking in great condition.

Sometimes that shiny ‘new’ label just isn’t worth it.

Keep on Top of Bills

Gas bills, electric bills, water bills – they can all come in through the post and cause a near-heart-attack.

It’s important to know how much you are spending on your bills so that you can budget around your bills.

With smart metres, it’s usually a cheap and easy installation and with further insight, you may see ways in which you can cut costs.

Better yet, some smart metres may be able to detect issues, like leakage in the piping, and will help you reduce prices permanently.

Ensure Tax Expenses are Accounted for

Similar to the last one, you want to stay on top of taxes – simple mistakes or oversight can lead to major financial compromise through fines.

It could be extremely damaging for a business and with rates often changing without notice it’s something that needs to be closely monitored.

Growing businesses could benefit from the services offered by advisors such as TaxKings, who will offer your business the peace of mind that you won’t be met with any shocking expenses or penalties. 

The Personal Touch

Sometimes a great tool can be a simple personal touch, whether it be a thank you note with large orders or a presence at local community events.

While your business grows it is important to hold on to your local customer base, so whether it’s customers or clients, make sure that those walking through your doors will want to come back again and again.

These changes are mostly easy and can be made fairly quickly, while they may tie up some time and resources, they’ll be worth it in the long run when your business continues to grow.

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