1. Where is your focus?
This is a big one especially for business owners that are adapting, changing and growing their business during the pandemic! Are you focusing on the services and items that make you the most money and how you can expand and grow your business or are you spending your time focusing on daily ‘fires’ that your team can do for you with some training?
As a business owner it can be difficult for some to completely trust that your staff can do just as good a job dealing with the little fires that happen on a day to day basis as you can. By letting them do this it creates extra morale with your team (as long as you have the right people in the right roles) as they know that you trust them to “handle it” and it means you can focus on the strategic side of your business knowing that if it’s something that needs your attention that comes up you have the right staff in place that will come to you and you can get daily updates from your staff without having to do everything yourself. This saves you precious time to focus on other important aspects of your business.
3. Cash flow
Do you know and monitor what you’re spending each month and what is coming in each week/month?
If you don't currently have a cash flow and would like a basic template to start with you can download one here for free!
4. When was the last time you went through your cash flow and checked that everything you’re paying for is being used?
I talk about this a lot because businesses I’ve worked with have saved £100’s plus a month by cutting out subscriptions, services and regular payments for things they’ve used once and never looked at again and their business was getting NO benefit from having! Or by starting to monitor the return that they are getting from services that are being paid for, if it is not benefiting your business is there a reason you are paying for it?
5. Unconscious purchases
You’ll see these when you go through your cash flow. Do you see things and think they’ll be amazing and then they’re never used? Do you have a buying strategy for purchases like these?
6. Bank charges
How much do you spend in bank charges each month and what sort of service do you need from your bank? If you just need a bank account to receive and make payments there are banks that don’t charge so it’s definitely worth looking into these, especially as you’re growing your business
When was the last time you looked at your advertising? Are you getting a good return on your advertising? Do you monitor the return you get? It’s easy to put systems in place to monitor where your leads, website traffic, calls etc are coming from so if you’re paying for advertising and not getting anything from it that money could be spent on advertising that’s working for you. (Free tools for doing this are Google Analytics for your website, having a system in place where whoever answers your business calls asks new customers and enquiries where they heard about you and if you sell online you can build it into the checkout process or set goals through Google Analytics to automatically track where people are coming from)
8. Office Rent
With the pandemic are you paying for an office you’ve found you don’t really need? Is working remotely working for you and are your staff working more efficiently? Do you need to spend the overheads that you are spending on your office? Or could you negotiate with your Landlord to see if you can reduce your rent? Do you need all of the space that you have?
9. Gas & Electric
When was the last time you looked at your energy suppliers (gas and electric) and did a comparison to make sure you’re on the right tariff? (You can save a fortune doing this if you’ve been with the same company for years and are on a standard expensive tariff)
10. Mobile Phone Contracts
Are you out of contract with your mobile phones? Do you need an upgrade or would a sim only tariff be more cost effective?
11. Outsource outsource outsource!
If your business is growing and you need a bit of help with certain areas but aren’t at the point you need an extra person/people full time or on a regular basis, outsource to a freelancer. You can track what they’re doing while they’re working for you, you only use them when your business needs them and if they’re not up to the job you find someone else. Doing this saves you paying an additional employee to sit around doing nothing when there is no work for them, when you get to the point that you know you need that additional employee you can hire them.
How much are you paying for stationary, ink, office supplies etc? If you don’t already it’s definitely worth shopping around for things like this as you can save a lot of money doing this over the course of a year and if you’ve got an admin person working for you, you can ask them to do this during working hours.
13. Cloud based working
Are you printing everything when it could be saved digitally? With remote working happening nearly everywhere at the moment investing in something like Dropbox or using Google Drive which is free to use you can save documents digitally, share them with employees and it saves on paper and ink which is ridiculously expensive!
Do you go with the same company every year and just pay whatever they say it is or do you shop around to make sure you’re on the best package for your money?
These are just a few things that you can do to start saving now and also to start maximising what you are spending. If you are paying for services and subscriptions are you getting the full benefit out of them? Or are you using the bare minimum and not using them to their full capacity? What impact could it have on your business if you started using the services that you already pay for to their full potential? If they don’t help your business or you is there a reason that you are paying for them with your hard earned cash?