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Cost cutting business tips… from business owners themselves

When we went looking for cost cutting tips to bring you, we thought who better to ask than our own members! Here’s just a selection of what some of the brilliant business owners who make up our membership have to say...

Vehicles

Tracy Hoather, Sameday plc – Knutsford

“Whether you have one car or van in your company or several, vehicle checks are an important cost saving and maybe lifesaving task. Ensure that your tyres are inflated properly – under inflated tyres can add another 10–15% to your fuel bill – check your oil and water levels regularly, repair chips as soon as they happen – this will save you windscreen replacement costs. 

Keep your vehicle regularly serviced and maybe consider safe driving courses with a driving instructor to check on you and your drivers’ technique to ensure you or they have not picked up bad habits such as late and heavy braking. Purchase fuel wisely.”

Shipping

Graham Steele, Reevu

“For us, shipping costs are a major cost and the companies are known to add in additional charges on top of their quotes. For this reason we always get three quotes, clarify exactly what is included and always cross reference quotations. We also switch supplier without hesitation, this is now known by the sales reps and so we are given their best price at the start of the negotiation process.”

Overheads

Matt Roper, Buying Support Agency

“My biggest piece of advice for SME businesses seeking to reduce their overhead costs is to join a buying group. This is the only way to achieve a step change cost reduction as the collective buying power makes even the smallest of companies as attractive to suppliers as a large multi-national company. That’s why we set up BSA Buying Group for Forum members.”

Health and safety

Martin Mulholland, MD Safety Management

“Developing a health and safety management system is a great way to save money for your business. This helps avoid costly accidents and associated HSE costs, and can even help reduce instances of ill-health which can lead to absenteeism.”

Energy

Alastair Macmillan, White House Products Ltd

“Substantial savings can be made in the cost of energy, the one with the quickest payback for us was putting our water heater on a timer, and the cost was paid back many times over. For those companies trading internationally use a currency broker rather than a bank when making payments in foreign currency – you will be amazed how much you will save.”

Security

Matthew Crawford, After Noah

“As with most retailers, shoplifting is a real issue. In the last year, we have invested in a modular CCTV system which is both very reasonably priced, easy to use, and a great preventative measure. We purchased a DVR and 3 cameras for around £500. They’re easy to install, record up to 16 cameras simultaneously and we’ve bought 1 a month in recent months to add to the system. The picture quality is great and the DVR is connected to our Wi-Fi, which means that I can watch the shop in real-time and review the recordings from any computer and also from my
iPhone, via a free app. Couldn’t recommend it highly enough.”

Merchant services

Mark Pearson, Accept Cards

“One great way of saving money is to check that you’re not paying too much to process your credit and debit card transactions. It’s a good idea to look at a range of providers, not just the banks, and by reviewing this regularly you can ensure that you are not spending over the odds. It is easy to do and may save you hundreds or thousands of pounds which will go straight back into your cash flow.”

Tell us your #MSTips

Above are just a few of some of the great money-saving ideas that can help cut your monthly  business costs, but we’re sure that you all have plenty more suggestions and we’d like to hear from you.

Throughout August we’d like you to tweet us @The_FPB with your cost cutting tips using the hashtag #MSTips. We’ll include the best tips on our website and there will be a prize for the winning tip.

Forum membership is also a great money saving decision and don’t forget that advice is always on hand via our business development team to help you make the most of your membership on 0845 130 1722.

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