Cash saving ideas (Part 2)

July 4, 2011 § Leave a comment

I asked this question to a range of entrepreneurial Scottish businesses – these are some of the answers. Thanks to all the contributors.

Becky Woodhouse, PURE Spa

  • Join a business organization that has good benefits – we are members of the FSB who provide advice and insurance against employment issues and also have good money saving benefits with other business providers, so the cost of the membership is more than offset by the savings made through the services offered.
  •  Review your costs regularly – shop around every year for utilities, merchant services, insurance, etc – put it in your diary when they are up for renewal so you don’t forget!

 

Ben Panter, Blackford Analysis

  • Try and find ways of visiting lots of customers in the same venue – like a tradefair.

 

Carol-Ann Searles, Carlyle Associates

  • Constantly review supplier agreements and re-negotiate
  •  Family and friends have a wide range of skills that you can utilize!

 

Dr Tim Willis, CEO & Founder, Flexpansion

  • Certainly don’t get an office until absolutely necessary – work from home or a library or coffee shop if possible, or see if any other startups will let you informally use a desk from time to time in return for cash, lunch etc. – you can hire rooms for meetings if necessary, meet people at their office, or in hotel foyers or cafés.  You can also get pay-as-you-go office space offered by places like The Melting Pot in central Edinburgh (though I think they have a minimum).
  • Take advantage of any trade shows, demos etc that your University (if applicable) offers you, where you can meet prospective investors, partners and customers and quite possibly get your poster done for free.

 

Colin Gilchrist, Digital Face

  • Not everyone in a business is driven by money, assess what benefits some employees may prefer
  • Everything is negotiable – yes even your Broadband and Gas supplier, so consider a competitive analysis and challenge your existing supplier 
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