5 Money Saving Tips for Your Business

There’s this meme going around that states that if 2020 were a sound it would be the laugh of Janice from Friends. You’ve probably also seen the one that says if 2020 were a math problem it would be something along the lines of ‘if you’re going down a river at 2 km/h and your canoe loses a wheel, how much pancake mix would you need to re-shingle your roof’?

We tend to agree.

This garbage fire of a year was all-out nuts, especially if you were a business owner in South Africa, which is why the Experity team thought it would be a good idea to share some money-saving tips for SMEs as we head into the new year via the festive season. Here you go!

Work from home

If there is one thing that we learned from lockdown, it’s that you don’t need to be in an office to be effective. Get your team members to work from home if possible and embrace the joys of the telecommute. This will lower your overheads considerably.

Get your data in the cloud

Avoid the cost of expensive hardware and uses cloud-based services to host data. Look out for software that allows you to pay per annual user rather than offering a blanket rate.

Leverage the power of social media

If you don’t have the budget for above-the-line promotion in print media, on TV, or over the radio, you can still get your marketing message out there by means of social media. Read up on the best ways to use Facebook and Instagram to your business advantage, or find a well-priced digital agency with affordable marketing packages that won’t rip you off. TOP TIP: Word of mouth is best for this.

Get an accountant to do your tax

Yes, this seems counterintuitive, we know. Surely if you want to save money you need to do your own tax? Not so. Trying to navigate the murky waters of South African SME tax all by your lonesome is a clear-cut case of being pennywise and pound foolish. Rather get some expert assistance and allow a trained accountant to help you find the best way to stay compliant without paying too much.

Be open to employing recent graduates

Everyone needs to get experience somewhere, and there are recent grads out there looking to cut their teeth at businesses like yours. They also happen to have very reasonable salary expectations. They may be inexperienced, but if you know how to pick out the diamonds in the rough you can get some really great help at excellent rates while helping someone a leg up in the business world.

There you have it – 5 money-saving tips to help your business save some moolah after this doozie of a year. Feel free to reach out to a member of the Experity team to find out more about our financial services; we’re here to help you make sense of all the complicated accounting stuff you don’t have time to worry about while you build your empire.