Growing your business doesn’t necessarily mean spending a lot of money, we look at a few key ways to save while still giving your business the support it needs.
Whatever stage your business is at, budget is always going to play a huge part as you plot your next steps. But what if you could save money and still continue on your growth journey? Here are a few areas where you could reduce costs for your SME.
Evaluate everyday running costs
Take the time to understand your local property market – this will help you spot a great opportunity when it presents itself. Similarly, don’t get tied into long-term commitments on high-cost workspaces. Instead, look for premises that you can scale with your company – such as shared workspaces where you can add or subtract desks in line with your staffing needs. Likewise, when it comes to advertising and marketing expenditure, don’t rush to spend money without a clear sense of what the return on your investment will be.
Review your suppliers and utilities providers
Talking of everyday running costs, you could reduce your overheads by changing your utility providers. One of the key findings of Adaptive Lab’s SMEs: Smallish Misunderstood Enterprises report was that 56% of SMEs don’t trust big corporations to understand their business challenges. As a result of the proliferation of one-size-fits-all packages that simply aren’t tailored to small business owners’ needs, it’s predicted that 34% of businesses will switch telecom, banking and utilities service providers over the next 12 months. In addition to this, review the agreements you have in place with your suppliers every few months – have these costs increased since your initial contract, and could you get a better deal elsewhere? Shop around – just as you would expect your customers to – and look for the most competitive quote.
Being tech-savvy can save money
Thanks to the cloud and a host of business-friendly apps, it’s never been easier for business owners to boost their digital capabilities. Instead of relying on the external talents of accounting and finance, HR and recruitment, and marketing teams, there are now plenty of online tools that can help SMEs bring much of this expertise in-house.
How GapCap can help?
When cash is tight, GapCap can give business owners a fast, reliable and flexible alternative finance facility. Selective invoice finance can help you combat any working capital issues you might come across by releasing payment for the invoices your business is owed.
Our service is transparent and easy to understand – with no contractual obligations or hidden fees. Depending on your business needs at any given time, you have the flexibility to adjust your cashflow position by selling single invoices or selecting a few at a time.