Starting a business takes ambition, determination and a lot of planning. It also takes a bit of money. Whether you are funded by yourself or by investors, every penny counts. ‘Take care of the pennies and the pounds will take care of themselves’ is a phrase to live by when it comes to building your business.
If you’re a manufacturer, a shop-owner, an office manager, or someone who is just starting out, there are plenty of tips to help save you a little of that hard-earned cash. Think small, save big!
MAKING THE RIGHT DECISION
Making the right decision certainly sounds easier said than done, especially when you’re new to business and are yet to gain any of that magical hindsight. Without an expert on hand, taking the time to fully research and think about small decisions could have a much larger impact than at first realized.
As an example, thermocouples are the simplest, most cost effective and accurate way of recording temperatures. However, thermocouples are far less cost effective if you hastily purchase the wrong type. See the variety of thermocouples online at RS Components. There’s a wide selection available and they all record a variety of different temperatures dependent on the purpose.
To research all small decisions is advice that applies throughout your business, regardless of what that business may be. It may sound simple, but often the ‘little things’ get pushed to the back when you’re building a business, making endless decisions and trying to do too many things at once. Thorough research will save you time and money – two very valuable commodities.
PLAYING THE LONG GAME
Saving money is not always about cutting costs. In some instances it is worth paying out a little bit extra to reap the rewards in the future. When you’re already spreading the cost of production lines, renting office space and paying out for various business expenditures, spending on extras can seem like a bad idea. But sometimes, paying more upfront can allow you to save in the long run and hopefully even increase profit!
One thing you may be debating is whether, or not, to offer free Wi-Fi. Yes, more access means spending more money but the proven benefits of offering free Wi-Fi in a physical store are hard to argue with.
In a survey conducted with 400 small businesses in the US, free Wi-Fi for customers was said to improve foot traffic, increase time spent in store, increase customer service and review uptake and increase sales (when specific products were only available online). Knowing this, you can assume that offering free Wi-Fi in an area that perhaps isn’t as popularly connected will maximize the benefits and give your company a unique selling point.
Knowing when to spend money is just as important as knowing when to save, especially with the above benefits at risk!
DO IT YOURSELF
The Do-It-Yourself model of business could make your company more efficient, but DIY goes beyond accounting, content and skill sourcing. Painting and decorating, simple repairs and small builds do not always require you to hire somebody else. If you’ve got time, and you know your torque wrenches from your allen wrenches, it might be worth taking on some of these projects in-house. If you’re someone who’s not quite so sure about wrenches, you can brush up online. Check out the torque wrenches on RS Components. Perhaps it will be the first step to becoming your own handyman.
Having a toolbox of essentials on site could save you having to call up for help every time something in your workspace breaks. A basic toolkit should include a hammer, a tape measure, pliers, a variety of wrenches, a level, a flashlight, protective goggles, gaffer tape, a penknife and screwdrivers – with interchangeable tops to save space!
Sometimes you will need an expert, but sometimes you have all the expertise you need.
HOW ELSE CAN YOU SAVE?
Knowing when to use torque wrenches, and what type of thermocouple is best for you are very small ideas that lend to a bigger picture. Getting hands on and focusing on small decisions will create a business that is stronger and more efficient.
What are the most valuable ways you’ve gained success for less? These are a few examples, but there are endless ways to save money in business. Browse valuable ideas and tips on our Business 101.
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