Money-Saving Tactics: How to Keep Your Business Finances on Track in 2023

09 Feb Money-Saving Tactics: How to Keep Your Business Finances on Track in 2023

In today’s business climate, the financial burden of running a company in the UK can weigh heavy with rising costs including wages, taxes, raw materials and utility bills. However, cost reduction doesn’t have to be a complex task, a few straightforward money saving tactics can help you bring your expenses under control and enhance the overall financial wellbeing of your enterprise.

Leverage Technology

One of the most effective ways to save money is by utilising technology in your workplace. Adopting digital tools such as cloud-based storage, video conferencing, and CRM platforms can be more efficient and cost-effective than traditional methods. By embracing these tools, you can cut overheads associated with storage, office spaces, and transportation. Additionally, using cloud-based storage systems, CRM software, and project management platforms can increase efficiency within your teams, ultimately leading to more profit for your business in the long-term.

Go Paperless

Another way to reduce costs is by transitioning to a paperless business model. By eliminating the need for paper, ink, and printing machinery, you can save money on supplies and maintenance costs. Additionally, going paperless can help reduce your company’s impact on the environment, which is becoming increasingly important to customers and clients.

Utilise Skilled Freelance Workers

One of the biggest expenses for any business is the cost of employee salaries, payroll, pensions, and taxes. To mitigate these costs, consider hiring skilled freelance workers on a short-term basis as needed. In 2021, 40% of the UK workforce considered becoming freelance due to its flexibility, autonomy, and variety of work. Hiring freelancers can provide a scalable option at a more affordable rate, making it an attractive money saving option for businesses looking to streamline their costs.

Move to a Serviced Office

Finally, moving to a serviced office can help significantly reduce costs for your business. Serviced offices typically include utilities, electricity, and internet in their monthly rental rates, and often provide support staff such as reception teams and maintenance staff. Additionally, serviced offices can provide a flexible solution for a hybrid working environment and moving away from the city can also reduce transport costs and commuting time.

At The Brentano Suite, we offer serviced office solutions in North London and Hertfordshire, with amenities such as full-time reception, maintenance, and security staff, bookable meeting rooms, parking, and more. By choosing a serviced office, you can save on costs and focus on what really matters for your business. Contact us today to learn more about our locations and options.