For many people, having the ability to start their own business is a dream realised. According to figures released in the Business Statistics briefing from the House of Commons Library, in 2019 there were 5.9 million small- and medium-sized businesses in the UK private sector. Unfortunately, the reality is that many of these businesses do not make it beyond three years, and an average of 20% of startups will fail in their first year. That is why small businesses must constantly be on the lookout for ways to reduce their expenses. Luckily, there are several ways businesses can save a bit of money on their monthly bills.
Use Social Media for Marketing
Thanks to the rising popularity of social media, many businesses are turning to platforms such as Facebook and Twitter to do the bulk of their advertising. One of the main advantages of using social media for advertising, aside from the low cost associated with it, is the ability to use social media platforms to form a better connection with clients. For small businesses, relationships are important and social media provides the perfect platform for businesses to interact with their clients as well as to build brand awareness and increase their client base.
Share Resources with Other Entrepreneurs
Rent is one of the biggest expenses when it comes to operating an office. Prime office space in the UK can cost anywhere between 300 and 470 euros per square metre per year. For this reason, sharing office space is a growing trend among businesses as it is a great way for multiple small businesses to cut down on their monthly expenses.
For businesses that operate primarily in the digital space, coworking spaces offer a flexible alternative to having a fixed central office by providing them with a rented workplace that only needs to be paid for when it is actually in use.
Shop Around and Negotiate with Suppliers
An easy way that businesses can cut back on their monthly spend is by shopping around for better deals on essential utility and insurance costs. In the same way that homeowners can shop around for better quotes, small businesses should note that they can negotiate with utility suppliers. So, business owners should always reach out to their suppliers to ask for better deals where possible.
Check your insurance premiums often to make sure that you are getting the best deal. Businesses that do deliveries, and thus have more than one vehicle, should check if they are getting the best value on their multi van insurance, also known as fleet insurance. When it comes to saving money on insurance, sites such as Quotezone.co.uk offer users an easy way to compare quotes from several UK insurance providers. In addition to comparing multi van insurance, entrepreneurs can also request quotes for business insurance, public liability insurance, and more.
Regardless of what industry they operate in, all small businesses will find it worth their while to save on their monthly expenses. That is why business owners must regularly evaluate their monthly spending and look for ways to save where they can to increase their chances of survival in a tough economy.
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