For many businesses in the UK, money is tight right now. In this blog post we would like to share just some of the many ways that you may be able to reduce your business costs. These ideas won’t impact the efficiency of your business, but they will help you save money.
Bank Account Review
There are banks in the UK that offer free business banking for life. There are organisations such as the FSB (for example) that offer free banking to their members too. Check the savings account rates for your business banking – are you definitely getting the best deal for your money? By moving to a fee free bank account for your business banking, you could save hundreds of pounds a year.
It is easy, possible easier than ever before, to move your electricity for your business to a new supplier. It’s likely you’ll be surprised at how much you could save by changing supplier. You might think you’ve got a really great deal, but just have a look around. It won’t cost you anything to see if you can get cheaper electricity elsewhere. If you can’t, then give yourself a pat on the back that you found a great deal the first time. However, remember to keep checking! We can get an energy bill price comparison quote for you at no charge, just give us a call.
Switch Broadband Supplier
Over the last few years the cost of broadband has fallen dramatically. If you are still paying what you were when you set the broadband and business up, then it’s likely you’re paying too much. Take the time to shop around, or give us a call and we can shop around for you. We may be able to find you a better deal elsewhere or your current broadband supplier may offer a better deal when they hear that you’re leaving. When signing a new broadband contract, just make sure you don’t get tied into a long contract – 12 months is about right.
Shop For Insurance
It’s always easier to just leave the current insurance to automatically renew each year as it feels like they are saving you the hassle. However, each time they renew the insurance for you, you may find that you’re paying a little bit more each time. As with the electricity bills and broadband supplier we have mentioned, take the time to shop around and you might find you can save money. The cost of insurance for the business is often a high outgoing for many businesses, but you may be paying more for it than you need to.
Review Your Phones
The telephone industry is pretty cut throat and there isn’t a lot of loyalty from suppliers to customers. If you have mobile phones for your business, it is extremely likely you’ll be able to get an extremely good deal. While it may seem easier to stay with your current supplier, it only takes a few calls to move supplier. You will often find that when you get a new contract you’ll get upgraded phones and more call units too. Check how often office phones are being used, as opposed to mobile phones, and how much you could save by using the office phones more and mobile phones less.
If you liked these ways to reduce costs in your business, then give us a call. We can help you with some of the above money saving solutions. There are also other ways in which we can reduce costs for your business. Call our team to find out more.