In today’s economic climate it’s more important than ever for businesses to try to keep costs down. But, according to research by Clydesdale and Yorkshire Banks, more than half of SMEs go at least 6 months without reviewing costs and 14% never review their spending at all:

Cutting Costs for Business: An infographic by the team at Unum UK

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Trying to scale back small business costs might seem like a headache, but the good news is that there is plenty of technology, green solutions and innovative thinking out there that should allow you to shave those overheads while in no way compromising on business growth.

Here are 5 ways to cut your small business costs:

  1. Insulation Going green is one of the top ways you can cut costs. Check how well your premises are insulated or get someone in to do an energy audit. Make sure your office is properly clad and turn the thermostat down. Even one notch will make a big difference. There are some cheap insulating tricks like putting bubble wrap around windows and under doors. Also on the green theme, make sure everyone turns off their computer monitors at going home time.
  2. Printing: Another green one, this, and surprisingly simple. Turn your default printer and photocopier settings to double-sided. This will mean you’ll print and copy on both sides of the paper unless you instruct your machines to do otherwise. Tell everyone in the office you’re doing it so you don’t end up wasting paper with mistaken both-sides printing, and put labels on your copying and printing machines giving instructions on how to switch from double to single sided. This simple change could well save you thousands.
  3. Skype me: Going to meetings can rack up your travel costs. For important meetings, there’s no doubt that you’ll achieve more if you talk face to face. But there are plenty of other routine meetings for which you can use video conferencing without leaving the office. Skype and the Apple product FaceTime are free.
  4. Buying power: According to many small business federations, SMEs are missing big cost-savings with their inability to secure good deals on office and janitorial supplies such as paper and toilet roll. You could investigate joining a small business consortium for supplies purchases and potentially save a packet of cash.
  5. Social media: We’ve posted several blogs on this subject before, but it’s well worth mentioning again. Smart modern businesses are fast switching on to the potential of social media when it comes to marketing, branding and even customer service. If you find yourself over-spending on marketing, you could save a lot of money by getting yourself noticed on sites like Twitter and Facebook. A sharply written company blog or regular engaging Tweets which attract a growing following will work wonders for your marketing strategy – and budget.

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