5 ways to save money for your business - Hilton Smythe

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5 ways to save money for your business

Saving money can be really important for businesses. Don’t spend money where it isn’t needed. Here are 5 easy tips for you to save money for your business today.

1. Hire Apprentices

Apprentices are cost effective for small growing businesses, by hiring apprentices your business can afford to grow. By offering Apprenticeships you are giving young people the chance to enhance their skills and secure a stable job.

The National Apprenticeship Service offers employers incentives when they hire apprentices, click here to see if you can apply.

2. Business rates

42% of businesses pay too much in business rates. Did you know you can appeal without involving a third party? Check out Gov UK’s guide on how to appeal your business rates.

3. Changing from halogen bulbs to LEDs

A simple way to save money is to change from halogen light bulbs to LED bulbs. Although LED bulbs cost more than halogen bulbs, in the long run it can save you money. The payback for LEDs can be in 15 months or less – and changing dozens of halogen bulbs can save homeowners hundreds of pounds every year afterwards.

Still unsure? Read up on the Guardian’s article about how LED light bulbs could save you money.

4. Franking machine

If your company send a lot of letters by post, investing in a franking machine could save you money in the long run. For example when sending a 2nd class letter, if you use a franking machine the savings could be up to 26% for each letter you send. Want to know more about the benefits of a franking machine? Read Royal Mail’s article here. 

5. Reducing your liability risk

By reducing your insurance premiums could save you spending money that doesn’t need to spent. By reviewing your premiums anually, you could save your businesses money. Read up on how to reduce your premiums here.

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    *Completions figure is comparable to K3 Capital PLC from 2017. Data based on our nearest competitor k3 Capital PLC, results in 2018 against comparable period.

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