Small Business Saturday Blog

Tips to create instant cash flow for your small business

Friday, March 27 at 09:33
Finance | Start-Up Support

It’s been a good year for small businesses. While the future looks incredibly bright for SMEs, there is still a need to proceed with caution. We all know how quickly the financial landscape can shift and you certainly don’t want to be left without anything to show for all your hard work. With this in mind, we have put together a list of all the resourceful ways that you can save money for your business and trigger a quick cash flow boost.By carrying out these tips, you should be on track to saving your business a substantial amount of money, which can then be put back into your business to help it grow and become even better by the end of 2015.Adopt testimonials and referrals over advertisingPositive testimonials from happy clients and customers are a fantastic way to build up a strong brand reputation and encourage people to use your services without splashing out on expensive advertising. Add quotes and comments from happy customers to your website and you should start to see the leads roll in. If you have a great relationship with another business, don’t be afraid to ask for referrals. If your product is worthwhile, businesses won’t mind telling others about it. Return the favour and make it worth their while too. Often, some clever content marketing and solid relationship management can be far more cost-effective than advertising.Make the switch to a new tariff or supplier There’s no doubt about it, businesses use huge amounts of energy. If you haven’t switched energy suppliers or tariffs before then your energy bill may be more expensive than it could be.New regulations have made it even easier for businesses to switch energy suppliers, but first you need to shop around and find the cheapest deal for you. You can compare hundreds of energy tariffs and rates using energy price comparison sites, such as Love Energy Savings, and if you find a better deal then they can switch you over at no extra cost.Buy refurbished equipment There’s no reason why you need brand new pieces of equipment. Take a look online and you will find a vast collection of refurbished computers, printers and photocopiers for half the price of the new equipment. Choose a model that you know has been restored to the highest quality and one that comes with a warranty, just in case something does occur. They say that technology is one area in which you cannot afford to skimp on, but while this may be true, it doesn’t hurt to dig around for the most cost-effective solutions.Get involved with work experience and internship programs Seeking help from young students or university graduates is a fantastic way to help others; build up a strong brand reputation for your business and ultimately cut costs. When you take on a work experience student you are able to provide them with valuable industry knowledge and in return they allow you to become more productive, as they help with day-to-day tasks for free. Everyone benefits.Print greenIf using high quality paper and cartridges isn’t necessary for your business, you should definitely switch to the recycled option. You can save great amounts of money by using recycled alternatives and as you are doing your bit for the environment, why not market your business as green? A hugely desirable quality for any business nowadays.
Phil Foster is the CEO of Love Energy Savings, a business who take great pride in supporting UK SMEs, helping them to make much need savings on their energy bills.


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