The FSB chairman warns that almost half a million small businesses could go bust in weeks without a fresh wave of support from the government.
For many business owners, the current economic climate is causing concerns for the future, but they're steps to take which can help save costs and get more from suppliers.
Tips to keep in mind:
Cut unnecessary costs
During times of inflation, it is especially important for small business owners to be mindful of expenses. A careful review of where money is going can help to identify areas to make cuts without compromising the quality or value of services. For example, you may be able to save money by switching to a less expensive supplier for your office supplies or renegotiating your lease.
In addition, there are many ways to cut costs without affecting your bottom line, such as switching broadband and phone providers or reducing energy consumption. By taking a proactive approach you can often negotiate a better offer with more value, especially if switching suppliers.
Negotiate better deals with suppliers and service providers
Negotiate better deals with suppliers and service providers. By getting quotes from multiple vendors and taking the time to haggle, small businesses can often get the supplies they need at a fraction of the retail price.
Many service providers are willing to offer discounts for bulk purchases or yearly contracts. By being proactive and doing some research, small business owners can save themselves a lot of money. For example, the switch to digital communications can be a huge money-saver for businesses and will allow them more flexibility in communicating with their customers.
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The FSB chairman warns that almost half a million small businesses could go bust in weeks without a fresh wave of support from the government.
For many business owners, the current economic climate is causing concerns for the future, but they're steps to take which can help save costs and get more from suppliers.
Tips to keep in mind:
Cut unnecessary costs
During times of inflation, it is especially important for small business owners to be mindful of expenses. A careful review of where money is going can help to identify areas to make cuts without compromising the quality or value of services. For example, you may be able to save money by switching to a less expensive supplier for your office supplies or renegotiating your lease.
In addition, there are many ways to cut costs without affecting your bottom line, such as switching broadband and phone providers or reducing energy consumption. By taking a proactive approach you can often negotiate a better offer with more value, especially if switching suppliers.
Negotiate better deals with suppliers and service providers
Negotiate better deals with suppliers and service providers. By getting quotes from multiple vendors and taking the time to haggle, small businesses can often get the supplies they need at a fraction of the retail price.
Many service providers are willing to offer discounts for bulk purchases or yearly contracts. By being proactive and doing some research, small business owners can save themselves a lot of money. For example, the switch to digital communications can be a huge money-saver for businesses and will allow them more flexibility in communicating with their customers.
