Simple Business Tips for SMEs To Help Save Money

by Caleb James on 30 Oct, 2012

You don’t need to be a genius or the head of a multinational corporation to know that the global economy could be in better shape. Small businesses and self-employed people are among those bearing the brunt of the global economic crisis, so the need to make savings in all areas is great. For those struggling to make even the most marginal profit, it might seem tough to save money, but there are a few ways in which companies can reduce their outgoings without it affecting the way in which they operate. Here are some of them:

• Cut down on energy use

You might not realise it, but there’s a chance that you could be wasting electricity by leaving things plugged in and having the lighting on when it’s not needed. Also, your electrical products such as computers and lighting system might not be energy-efficient, so by buying or replacing your old products with new, energy efficient ones, you could save a lot of money.

• Work from home

If you’re self-employed or if you’re looking to save your business money by cutting down on energy use, you could try ‘remote working’, where you can do your job from home. All you need is a reliable internet connection, a phone and a laptop and you’re ready to go and do your job while saving money on travel costs and office rental payments.Simple Business Tips for SMEs To Help Save Money

• Use cloud file storage instead of owning a server

If you run a small business or work for yourself, there’s a chance that you may need additional hardware to store a large number of files. Usually, to do this, you might consider buying a server, but they can be expensive and inefficient. By visiting, you could save yourself thousands of pounds by storing your files online instead in a ‘cloud’. You could access and amend files stored in the cloud at home or even when you’re using your laptop or tablet while on your way to a meeting.

• Downsize your office space

If you own a small enterprise and need an office, you might want to get as small a space as possible. Asking employees to wo0rk from home if they can could help you to downsize, while moving to a smaller office will mean you don’t have to spend as much on furniture, computing or, most crucially of all, the cost of actually owning or renting an office in the first place.

More on saving money here

About the Author

Caleb James

Caleb James is a financial advisor and journalist, who contributes regularly to financial blogs and industry publications.