How your business can save money this year

In this day and age, it’s important for businesses to continue to find new ways to save money. With the current economic uncertainty, it's become more important now than ever to be smarter when it comes to spending. But how? There are a number of strategies you can use to reduce your business' expenses and save some money in the process.

Below, we’ll look at how you can cut costs on things like overheads, marketing, and more so you can keep more money in your pocket without sacrificing quality or customer service.

Financial planning

Carefully planning your finances can significantly help you to save money. This means creating a budget and sticking to it. Ensuring you’re not overspending in any areas. How can you achieve this?

• Try to find ways to reduce your expenses. For instance, negotiate better deals with suppliers or find ways to cut costs without compromising the quality of your product or service.
• Invoice promptly and collect payments on time. This means having an effective accounting and invoicing system in place.
• Take advantage of government initiatives and programmes that provide financial assistance to businesses. These include tax breaks, subsidies, and low-interest loans.
  
  

Utilise free tools and apps

There are a number of free tools and apps available that can help your business save money. Most of these can be used on mobile devices as well as desktops. So, your team can access them even whilst on the go.

One way to save money is to use a free online invoicing system such as FreshBooks or Wave Accounting. These systems allow you to send invoices and track payments electronically, which can save you time and money on paper and postage costs.

Another free tool that can help you save money is an expense-tracking app such as Expensify or Mint. These apps can help you track your business expenses so you can see where your money is going and identify areas where you may be able to cut costs.

There are a number of free marketing tools and resources available online that can help you promote your business without spending a lot of money. Social media platforms like Facebook, Twitter, Instagram and LinkedIn offer businesses great opportunities to reach new customers without spending a lot of money on advertising. There are also many free website builders and SEO tools available that can help you improve your visibility online and attract more customers.

Keep marketing budget low

In order to save money, your business should keep its marketing budget low. And there are a number of ways to do this.

• Cut back on advertising and promotion.
• Focus your marketing efforts on more cost-effective channels such as online or word-of-mouth marketing.
• Make use of free or low-cost marketing tools and resources.

By following these tips, your business can save money on its marketing budget and still effectively reach its target market. So don't be afraid to cut back on your marketing expenses this year.

Offer remote working

Operating a business costs money. Rent, power, heating, and cooling are only a few of the necessities. And that sum might be quite high once you begin to add everything up.

If your staff is entirely remote, you are no longer responsible for such costs. You don't have to worry about paying rent or keeping the lights on because you don't have a workplace to go to.

Having a remote workforce could also help you save money on certain insurance premiums or other fees associated with employment law. However, before you officially eliminate any policies, be sure to discuss any potential cost savings with your attorney.

Use a fuel card

Businesses that frequently use vehicles can gain a lot from using fuel cards. Utilising fuel cards makes it simpler to manage the organisation and efficiency requirements of operating fleets.

Our fuelGenie card is FREE to use and has absolutely no hidden card fees or surcharges, meaning it won’t cost you a penny. You’ll be saving on fuel each time you or someone in your business fills up. You will have access to over 1000 fuel stations located at Tesco, Morrisons and Sainsbury’s. Plus, if you want access to even more stations, you can take advantage of our fuelGenie+ card. For just 50p a month, per card, you can fill up at over 2,200 locations, including most Shell stations. All you have to do is check our fuelGenie app to see any participating locations. And then you’re good to go.

Update for your drivers

Your drivers can simply download our app to easily locate their nearest petrol stations and can find the latest fuel prices on the go. The fuelGenie app is available for both Apple and Android devices, use the links below to download the app from the Apple App Store or from the Google Play store.