It can be difficult to get a business off the ground and even the savviest entrepreneurs will tell you that during that all-important first year, you need to be 100 per cent on top of your finances and making savings wherever you can. But what options are there for cutting down your overheads?
Business insurance can be made cheaper
Not a lot of people realise it, but in some respects shopping for business insurance is like shopping for any other kind of insurance. If you look in the right place, it can be much cheaper and all the usual comparison sites will give you access to the best deals. MoneySupermarket, for example, has the usual tool for comparing individual providers.
Planning is everything
It’s a message that cannot be made clear enough. From your initial business plan to the continued monitoring of your expenses, it is essential that entrepreneurs think ahead. This will not only help you look at where your money is going and where you might potentially be able to save money elsewhere, it could help you reach that magical point where your revenues have started to cover everything and you have financial room to start looking at growth. Your planning should, however, include plans for the unexpected issues that can crop up and sting you when you least expect it. Think about all the situations that could arise and have a monetary contingency plan for each.
Good people don’t need to cost the Earth
In today’s climate, everyone is looking for employees that have experience – but this type of staff isn’t cheap. However, as so many undergraduates are looking to gain this advantage, there are more than ever that will be prepared to work for less – or possibly even for free if your company can provide the right working incentives. Try interviewing a couple of interns if you have tasks you think they can handle in exchange for a little education, it’s a situation that can benefit both parties when done right.
Of course, there are plenty of other ways you can save – whether it is looking for the cheapest energy prices you can or holding off on moving to a new premises until it is absolutely necessary. However, the most important thing is to plan and monitor everything you do – and if something is costing too much, look carefully at how you can change it!
This was a guest post for TheEmployable