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5 Effective Money Management Tips to Save Company Funds

5 Effective Money Management Tips to Save Company Funds

Business expenditure needs to be monitored, or you risk going into the red. However, as a business, there are many overheads you must maintain to stay productive. But in many cases, proper money management can help save company funds rather than see them going out on extra and unnecessary divergences.

 

Wholesale Purchase

One of the best tools available to a business is access to wholesale products. Almost every sector has suppliers and vendors willing to provide a discount for bulk trade. Additionally, you pay less tax on wholesale products, and you can store many products for a long time. For instance, as a logistics and delivery company, your costs are dictated by the price of wholesale gas and oil. But you can offset rising costs if you purchase extra fuel for your vehicles from sustainable sources like FuelBox. For up to two years, price rises can be compensated.

 

Outsourced Work

There are many advantages to outsourcing, and many companies embrace the once frowned-upon outsourcing industry. Where it was once seen as a cheap move for unscrupulous companies, outsourcing is now a true life-saver when it comes to business funding:

  • A cost-effective solution: you don’t pay for overheads.
  • Will streamline production: someone else does the work.
  • Better for data protection: liability falls upon the outsourced company.
  • Allows remote collaboration: reduces workspace needed.
  • Encourages infrastructure improvement: you can focus on what you do best.

Many companies are turning towards outsourcing because of the above points and more. In fact, in the UK alone, a survey by YouGov found 70% of British companies outsource at least one service such as telecoms, accounting, or legal.

 

Managed IT Services

Further to outsourcing, one of the most outsourced services today is IT management. No modern company can survive without adequate computing and networking services. However, the costs of installing network infrastructure, hiring full-time IT tech support and a qualified and experienced network administrator can be astronomical. A figure so high that no small or medium-sized business could sustain. And with the threat of data theft and malware intrusion very real, you cannot afford to leave your systems vulnerable.

 

Use the Web for Ads

Advertising is a considerable expense for any company. Therefore, social media should be your first stop. Even without an ad budget, millions of people could see your posts. Additionally, implementing SEO across your site will help with organic traffic and potential customers. For instance, it’s no good having a single page stating your services. Instead, you need to drive people towards your service page. You can do this by writing helpful and informative blog posts based on what people are searching for in relation to your business.

 

Recycling and Reuse

Like advertising, depletable products are also a huge expense. Things like paper and printer ink are prime examples. However, like most things, you can reuse and source recycled versions. For instance, instead of buying new printer cartridges, you can get your old ones refilled. Additionally, recycled paper costs far less than newly pressed sheets. To save even more money, you could increase the use of electrical communication towards the paperless office. Fortunately, you can also use many free office software products like OpenOffice and Google.