2020 has been a great year for some businesses and a crushing year for others. Many companies have had to close down or re-adjust their practices to continue trading. According to research, approximately one quarter of all businesses have temporarily closed or paused trading due to the pandemic in the UK since April 2020. Over 82% of these business closures were from the arts, entertainment and recreation sectors, compared to 3.5% of human health and social health businesses (Statista, 2020).
Being a small business within any industry during these times can be challenging. Here are five ways that small businesses can save money, reduce stress and flourish.
Outsource work
One thing that can be stressful for small business owners is trying to do too much on their own. Running a business comes with many different roles that can’t all be fulfilled by one person. Outsourcing work to independent contractors and freelancers allows the right people to focus on the right things for your business.
There are freelancer platforms with thousands of experts waiting for new clients. People Per Hour and Fiverr are two of the best freelancer platforms for anything from social media management to graphic design. Take advantage of easy access to experts from around the world to reduce your employee expenses or your workload.
Hire smart but inexperienced
Experience is great but it costs more. Small businesses can benefit from hiring smart candidates that lack in experience. These candidates are more likely to have the drive and dedication you’re looking for because they are eager to get to work. It also helps you save on employee expenses because you’re able to set an entry-level salary. When looking to fill a new role, take a look at recent graduates and freelancers that could be a good fit for the position.
Take advantage of free resources
As a small business, free resources are a gold mine. If you’re thinking about creating a new business plan, you can find 100’s of business plan templates tailored to your specific business to help get you started. If you need information on how to save money as a small business, then this free blog is for you. When you need something, think about what free resources may be available before you spend and take advantage of them.
Save money on shipping costs
Shipping costs can add up for any small business. A great way to monitor and manage your shipping costs is to have a designated day or multiple days when you ship your products each week. Not only does this allow you to monitor the amount of orders shipped each week, but it allows you to to manage your shipping expenses in an easier way.
Think beyond the money
Money isn’t the only thing that can be used in exchange for services. If you’re an expert in your craft, then use these skills to negotiate. There are people that are willing to accept the services or products that you offer in exchange for the services and products that they offer. Thinking beyond the money can open more doors for your small business, and potentially bring you new customers along the way.
Being a small business owner has its challenges and its rewards, but these quick tips can help you maximise the rewards. Small businesses are essential for a fully functioning economy, and Time is Money Media aims to help you flourish through the hardest times with the best tips and tricks to keep you going.
T K Williams-Nelson
Time is Money Media 