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Saving your business money

With the ongoing coronavirus and lockdown situations, your business might be under financial pressure. A money-saving exercise can always be useful and by regularly checking costs, you can save your business money.

Here are three ways to help your business save:

  1. Suppliers

It can be very easy to find a supplier and stick to them because you’re used to the service they provide your business. However, this can also cost you money. By checking their fees are similar to their competitors’ and being aware of what their fees include, you can be sure your business is getting the best value for money.

  1. Software and tools

Software and tools often account for a large amount of operating costs and as such, they should be checked regularly. Review all your subscriptions and get rid of those that you no longer require. You might also find that some of your requirements can be met by other software at a smaller cost.

  1. Utilities

Similarly to software and tools, utilities usually account for an important portion of operating costs. From broadband to phones and gas to electric, there is a lot of competition in these industries. Make sure your business is getting the best deal and consider switching providers.

For advice on keeping your business’ finance healthy and growing your business, get in touch with your local AIMS Accountant for a no obligation meeting.