5 Tips To Save Your Business Money

Posted —

Did you know the UK’s self-employed earn less than they did in 1995? More and more people are working for themselves – 5 million of us, in fact, which adds up to 1 in 7. Yet they are bringing home an average of £240 a week, compared to £300 a week 20 years ago.

So, how can self-employed workers save money on running costs and bring home more of the bacon?

1. Switch and save

It’s great to be loyal, but is your bank working for you? Shop around and you could discover huge benefits and savings from switching. A good business account will work in your favour and pay dividends for years to come.

2. Compare the market

Just like bank accounts, there are plenty of different options out there for your other financial outgoings, too. Compare the market to find the best deals for your business mobile, internet, insurance and energy – if you do, you could save thousands.

What will you do with the extra savings?

3. Go eco

Environmentally-friendly cars are a great move for the planet and your budget. Switch your company car to a hybrid or electric car and you’ll save a great deal in emissions, insurance and tax. Win win!

4. Get a good accountant

Finding a great accountant is crucial for saving costs for your business. They will help you to reduce your tax liability, discover extra allowances you’re entitled to and avoid HMRC fines. It may cost a little more to get a really great accountant on your team, but it will definitely pay off.

5. Find some space

Working from home may seem like a great way to save money, but does it really work for you? Many of us struggle to find a good work life balance when working from home. Not to mention the pressure on your household if space is minimal.

Choosing the right office space can be a huge bonus for your finances. Your clients will get a great first impression and introducing them to a smart, stylish workspace could seal the deal.

If you rent an office with Business First, you can easily upgrade your space as your business grows. Plus, we have plenty of extra benefits to save you money, like gyms at selected centres, free parking and much more.

Contact your centre manager by selecting your nearest location here to book a viewing.

We hope these tips have inspired you to save money for your business this year. If you have any more, please share them with us in the comments on our social media pages.