3 Money Saving Tips for a Medium-Sized Business

You never know what’s around the corner; sometimes, the wheel of fortune creates a business boom that allows us to relax and enjoy the rewards of all that hard work. But other times, we tread that perilous tightrope, balancing our budgets and working hard to keep businesses afloat as economic downturns challenge us to be more creative at saving money whilst still being productive. If things are going well, it pays to use that extra time to plan for the inevitable curve balls that are likely to get thrown our way.

 In this article, we explore a few ways that medium-sized businesses can save a few pennies easily and efficiently.

Be Better with Your Budget

Without a sensible business budget plan in place, it’s very easy to splash out on those extravagant software packages, glamorous staff parties and impressive new tools, safe in the knowledge that there will always be enough in the coffers to satisfy HMRC at the end of the business year. Don’t take the risk; always put aside enough to account for corporation tax, VAT and any other associated accounting costs so that there are no surprises should things start to slow down unexpectedly. There’s nothing like an enormous fine for late tax payments to put a massive dent in your wallet, and it’s all preventable if you just plan ahead.

Move into The Cloud

 Almost all the data-centric tasks you undertake today can be switched to a cloud-based system. This can be very cost-effective in many ways, as you will no longer need to spend all that money renting, maintaining, lighting and cooling a data centre. You will also save money by not spending as much on staff looking after all that hardware. Productivity can also improve as staff are able to work remotely (remote working has been shown to boost productivity rates) as data can be accessed from anywhere and cloud-based integrations can happen in a matter of hours rather than the weeks and months it can take to effectively roll-out more traditional software solutions. Get some help and advice with your cloud software setup from a team of experts like those at www.bytes.co.uk.

Consider the Remote Office

 The thing about bricks and mortar is that they need renting, heating, lighting and cooling to great expense. If you have the kind of business, service and workforce that can adapt to a more flexible way of working, then you could end up saving thousands. Technology today allows us to work collaboratively and effectively meet face to face with team members and clients from almost anywhere (a growing trend) in the world. The rise in availability of day rental offices, virtual assistants and chatbots means we can maintain a legitimate physical presence only when required and save a fortune in the process.

 If you plan your spending (and saving) efficiently, make the switch to a cloud-based computing solution and look at more flexible ways of working – perhaps remotely – there are many opportunities for your medium-sized business to save money.