Saving Money in Your Business

Save Money in Business

Saving Money in Your Business

One thing people are always looking for is to save money. However, following on from a recent networking event the attendees realised that we may not always be as open to saving money as we think. We discussed savings in gas and electric at home, but it got me thinking about ways we can save money in business as well.

So here are my top ways you can save money in your business.

Regularly check contracts

You would be amazed how many people forget their contract end dates. Usually at the end of a contract where you received a really cheap deal at the beginning, the rates will triple in price. If you do not keep track of those contracts due to end you may get stumped with an unexpected payment taken from your account. Such services are hosting packages. Many companies offer an introductory rate for the first 12 months, but on renewal it will go sky high.

Keep a note of these renewal dates and about 2 weeks before they are due start looking around for better deals elsewhere. The same for mobile phone contracts. I saved £20 per month by shopping around for a better deal.

Consider Paying ‘Get Out Fees’ to make long term savings

My mobile phone contract was due to renew in April, at a monthly cost of £53 per month but I had been offered a far better deal by a different provider saving me £20 a month. So, I paid the get out early fees (£40) and saved myself £200 long term that I can look at investing in my business.

Many services from internet and landlines, to service providers such as those of point of sale devices, will have a get out early fee arrangement. It is worth getting someone to look over all your bills for you and see what savings can be made compared to staying with your current provider.

Do You Really Need it?

Another great money saving trick is to check if you actually need a service, or a different level of plan with your current providers. Take for example Dropbox, I was paying monthly for 1TB and yet had less than 1gb of files stored in it, files which I had not touched in around 6 months. At the same time I was paying monthly for my Office 365 business account, which comes with 1TB of One Drive. I removed all business files from my drop box, added them to the One Drive and cancelled the plan. Saving around £90 a year.

Similarly with Hootsuite, I had their premium version which I got at a discount several years ago, yet I had not used it in 18 months! So I cancelled my plan, disconnected the platforms I no longer use and saved my self around £150 a year.

So how could you save money in your business?