Nine top money saving tips for SMEs

  • Share via facebook
  • Tweet this
  • Bookmark and Share

1) Ask people you know for advice

Why spend money on bringing in the experts if you can call upon your friends and contacts for some free words of wisdom? A lot of the time people will be happy to help, especially if you can offer them something in return. Be fair like that and people will be more willing to help again further down the line.

2) Generate word of mouth

Referrals are vital to a business, and word of mouth is the age-old, tried and tested way of bringing customers and clients to your door. Of course it’s important that you offer a good service first, but there’s no harm in asking your friends and family to spread the good word. That way you’re not spending more on advertising than necessary.

3) Make yourself an expert

Another way of making sure you don’t have to pay to get your name out there is by exhibiting your expertise outside of the workplace. For example you could submit articles to your local newspaper or relevant magazines, or you could speak at an event, community meeting or on a course.

4) Don’t go for 5-star interiors

You don’t have to feel like you’re living in the Ritz to do your job well, so don’t splurge on luxury, top of the range chairs, desks or cabinets for your office. You can build up to something more comfortable over time, but why not run a minimalist office in the early days?

5) Look for free

software

It sometimes feels like you have to pay top dollar to get the best software, but more and more there are free packages you can download to help your business run smoothly and efficiently. For example, Google Hangout is a free video conferencing tool which gives you a business boost without hitting your pocket.

6) Go green

If you keep an eye on your emissions, the amount of time you have lights and computers on, and other green issues such as this, then not only will you be helping the environment but you’ll be making good savings on your bills. Using recycled materials is also cheaper and better for the planet, so look around for recycled paper and printer cartridges to name but two things.

7) Think about freelancers

There are pros and cons to employing your own dedicated workforce, and similarly there are pros and cons to using freelancers. One of the benefits of freelancers is that you can employ a skeleton staff (possible just you) and they can come in to help with the odd important job. That way you’re not paying a salary but you’re still getting the work done.

8) Be social

Social media is a vital part of any business, be it established and wealthy or young and poor. The best thing about social media for a start-up or SME – other than the fact it keeps you current and in touch with your customers – is that it costs nothing to use. Whether you’re Tweeting, building a Facebook page or uploading tutorials onto YouTube, you are in touch with your audience without spending a single dirham.

9) Negotiate, negotiate, negotiate

You never know when you could bag yourself a bargain, so always be prepared to negotiate. Whether it’s office space, contract terms, salaries, or anything else, there’s good money to be saved, so if you’re serious about keeping your outgoings to a bare minimum, make sure you push for the best deal you can get.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: AGG

This article has amateur written all over it. Very average guys!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Features & Analysis
An Instagram photo is worth a thousand words

An Instagram photo is worth a thousand words

Instagram has become the social media platform of choice for...

1
Should I acquire another business?

Should I acquire another business?

Acquisition may be a great way to grow and develop your business...

2
The art of the online video

The art of the online video

As online marketing continues to grow in prominence and importance...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams