10 Best Money Saving Tips for Small Business
Source: http://www.fpb.org/hottips/273/10_best_money_saving_tips.htm
When times get tough, we tighten our belts. Cutting down on unnecessary expenditure can be the difference between failure and survival for your business in these difficult times.
If your business is struggling in the current climate, why not try some of our money-saving tips and see how much you could save.
1. How to cut your tax bill
Taxes: the bane of business owners everywhere. In this hot tip, we offer you some of the best tips on cutting your tax bill – from saving tax on energy-efficient cars, to cutting your bill by going into partnership with your other half – brought to you by the FPB’s tax adviser, Pat Cobham.
2. How to slash your bills
A survey has shown that smaller businesses are paying well over the odds on a host of common purchases. And, worse still, many know that they could cut their bills, but simply never take action. But, desist from your procrastination – by the end of this hot tip, you could be well on the way to slashing 35% off your current spending.
3. Inheritance Tax and how to avoid it
Peter Houghton – a specialist in trust tax and estates at Mace & Jones explains how to protect your finances and business interests through the preparation of a tax-efficient will.
4. How to save money on electricity and gas
As the economic outlook gets gloomier, FPB members everywhere will know that energy price increases are playing a far more important role in the fight to make a decent profit for their companies. Read on to see if you are overpaying your suppliers.
5. Top credit control tips
The late payment of business debts is one of the biggest problems faced by businesses in Britain. No business, large or small, can afford not to take credit control very seriously. Read our hot tips to ensure you get paid on time.
6. How to keep your cash flowing
“Money, money, money must be funny in a rich man’s world” goes the Abba song. However, most businesses don’t operate in this privileged place and need to manage their money. So how do you manage your business – is it for profits or for cash? It’s simple. If you have cash you stay in business, if you don’t then you won’t!
Here are some top tips which will help your business maintain a healthy cash register. If you think you are already “cash aware”, check how consistently, and to what extent, you already apply these tips.
7. Top 10 ways for businesses to be green and save money
Recent research has found that reducing energy bills by a fifth could save your business the equivalent of a 5% increase in sales, not to mention help you to gain a competitive advantage and increased sustainability.
8. Protect your business from employee theft
A staggering 82% of UK workers have admitted to stealing from the workplace. In many cases, it is a case of ‘borrowing’ an envelope or a biro. But even thefts of individually inexpensive items can add up to significant sums over time. And in some cases the thefts are far more serious – and yet surprisingly common. According to a recent survey, 25% of employees have taken a laptop home and not returned it. So what can you do to protect your business from this kind of theft?
9. How to market your business on the cheap
Marketing a business should be a crucial part of any business owner’s strategy but, without a huge budget, getting your company name out there can seem difficult. But the modern business world throws up a whole host of cheap and even free marketing opportunities.
10. How to keep your business in tip-top financial health
Many businesses have excellent products and services with growing numbers of satisfied customers, yet they end up as casualties of business failure because they have not controlled their finances. If you are struggling to manage the finances of a new or growing business, here are 10 tips that will help put you on the road to success.
