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 Whether you're self-employed or run your own limited company, small businesses tend to have fairly limited resources compared to larger businesses. This can make cost-cutting and other methods of savings important tools for maintaining your business during difficult financial times. Here are a few quick tips that might help you save money through your business activities!

 

If you set a strict budget and stick to it carefully, you won't find yourself suddenly in financial trouble. Tracking your expenditures is the best way of identifying areas where you can save on costs. It can also help you identify areas that may benefit from re-allocation of resources. 

 

If you've got some creative talent, you may want to consider setting up your own marketing. A bit of skill on the computer can help you create your own logo and marketing materials, although it's worth noting that they may not be as effective as work done by a professional marketer or graphic designer.

 

Following up on the previous point, it can be extremely useful to outsource specific tasks when needed. There's no need to maintain an in-house bookkeeper (or take the time to do it yourself) when you can outsource the job to a reputable firm at a reasonable cost.

 

If you do need to hire employees, think carefully before doing so. Hiring an administrative assistant when you don't need one can be a large drain on your limited resources, and it may be worth handling the job yourself if you have time. If you've already hired employees and they leave, consider how essential their role was before simply rehiring someone immediately.

 

Being conscious of your electricity usage can make a big difference in your utility bills each month. Don't waste electricity by running lights, air conditioners and computers more than necessary. Over the course of a year these savings can really add up, especially if you use electricity for heating during the colder months.

 

If you run a service-based business, you may not need to maintain an office space. Consider working from home to save huge amounts on your monthly overhead costs. You may even be eligible to claim a certain portion of your rent and electricity bills each month if you maintain a home office.

If you're self-employed, your business profits and your personal finances are one and the same. Avoid living a lavish and excessive lifestyle if you're looking to save money for your business, just the same way you would if you were saving money as an employee.

 

Perhaps the most useful way to save money is to hire an accountant. Not only will you save the time and effort of handling your finances personally, an experienced accountant may also be able to find some additional savings and tax exemptions that you were unaware of.