Where To Save Your Business Money in 2021
With 2021 looming fast now is the time to start preparing plans and putting into place a plan of action to improve your business. With 2020 being a terrible year for most businesses finance has been the major issue for many. Peoples income has suffered and many companies have had to simply let staff go such was the state of the economy.
So here at Dorset Tech we thought we’d put together some simple ideas for areas you could potentially reduce your spend or outgoings, every penny helps and with a few small changes the difference can be worth it.
Website Hosting:
If you own a website then you pay for hosting. Some companies charge far more then they really should for hosting so consider shopping around for a cheaper alternative. Just make sure you’re getting a like for like service and if you have any special features such as SSL that your new hosting includes this. Many hosting companies will offer a free website transfer service as well in return for your business so shop around.
PPC (Pay Per Click) Spend:
If you use paid online marketing or PPC then ideally you have this managed on a weekly basis. If not then you could be wasting budget and funds on clicks not relevant to your business. You should be using conversion tracking so you can clearly see where your budget is working and where it’s not. If you spend a decent amount on PPC then you could save money by making sure it’s properly audited and managed each week.
Freelancers:
If you usually have tasks like banner design, website development or some other project then using freelancers can be cheaper then using retainer agreements. Freelancers tend to have less overheads so often charge less for their work too. There are plenty of freelance websites out there where you can post projects and get quotes for free.
Postage & Couriers:
If you’re an online retail outlet then you will use couriers to send goods. When was the last time you compared your present providers charges with others? With many new courier companies becoming available now is a good time to shop around to see if you can get a better deal elsewhere.
Utility Bills:
If you own office or business premises then utility bills will be a large part of your outgoings. When was the last time you compared providers. Many companies nowadays will do all the work for you and even change you once a year to the better tariff for your business. This means you don’t really have to do much at all to make some savings. If you are near the end of your contract for things like Sky TV or phone provider then negotiate a better deal as they will be keen to keep your business, compare them with other providers and let them beat your best price.
Equipment:
If you need to purchase equipment such as PC’s for staff then consider buying 2nd hand. You can pick up almost new equipment nowadays for a fraction of the price of new with little difference. You could save a small fortune on general office equipment. Most companies like Dell even have a special refurbished outlet selling excellent office computers and laptops a lot less then new but with all the same as new benefits.
Stock:
If you are an online retailer then you might hold stock on your premises. This does come with some downsides such as the stock going out of date or not selling so your left with it. If you can then try hold less stock in or even negotiate with the supplier so they send the item direct to the customer as you get orders in, this is usually known as drop shipping
Work From Home:
This won’t be ideal for everyone but if you commute daily or rent a small office then consider working from home. If you need to meet clients or hold meetings then you can always hire out a meeting room somewhere. Working from home can save you a small fortune and for many people it’s more productive. If you rarely see clients in your office and have no staff or maybe your present staff can also work from home then seriously consider this, especially after 2020 proved it works for many businesses no matter what the industry.
