The Frugal Toad – 4 Quick Money-Saving Tips for Your New Business

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Starting a new business can be an incredibly daunting and intimidating task. But one, no doubt, that can lead to lots of effective ways to maximise your personal income and reach those savings targets. With so much to think about in the initial phases though, saving money in the process of starting up, will surely be a big priority.

Thankfully there are several things you can do in the initial phases of your business to help cut costs and put a little more cash in your pocket to keep the lights on and the dream alive. Check out the following four quick tips for more.

Save Power

Reducing energy use is not something many new or small businesses think about when it comes to operating but its something that could help make a difference when it comes to saving money. According to the British and US energy figures, a lot of businesses unnecessarily consume more energy than is required, easily being able to lower these figures by employing smarter strategy and taking precise action.

Shutting computers down when not in use, installing independent lighting systems that switch off automatically, using heating sparingly and only in the areas required; all these things can be done to bump up energy savings whether working at home or the office.

Technology

Most new businesses are fooled into thinking they need to invest in the latest, greatest equipment to run as efficiently as possible. And although this is true in regards to technology like network services and other essential hardware that make communication robust and secure, some aspects of your businesses can use lower-cost, cheaper models of devices when it comes to things like printers, portables and desktop computers.

Obviously technological savings depend a lot on the product or service your business might offer, but more times than not, there are options to reduce your outgoing costs by going for older, yet still work-effective, devices and gear.

Once tuned up to cost-effective yet efficient hardware, make sure you make the most of your investment by optimising your networks’ connectivity and high speed data sharing. Deploy LAN or WAN networks where applicable to maximise productivity, data protection and control privacy. Some ideas on how to instrument LAN or WAN could be found here.

Outsource Debtors

Another effective way to save money for new businesses is to quickly outsource time consuming tasks to services that charge a fair price for what they do. Two such things that can sap a new businesses efforts and costs like nothing else? Chasing up bad-payers. Falling into debt.

Outsourcing this to a separate company and using specialists to chase up bad debt and work out pay-back plans is a great way to save money over the long run and readjust your focus on maximising the day-to-day operations of the business.

Staff Costs

Staffing decisions are one of the biggest cost and time heavy commitments of a new business. Deciding who does what, and how, can really take more time than necessary. Ways to get around this while saving a little cash? Decide if you really need to replace every member of staff who leaves the company. Get your staff to recruit well-skilled people for you, negating your need to use expensive head hunting services.

Reducing costs and saving a little extra money in your new business endeavour can be easier than you think. Hopefully these quick tips have helped shed a little extra light on that.

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