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  • Yohlar

6 ways to save money in your organisation

1. Forecast cash flow - Before thinking of ways how to stop money as a business you need to know where the money is coming from and where it is getting spent. There are many cashflow apps and websites out there, but using a simple spreadsheet can be one of the most effective ways to see the business financial scenarios in front of you.

2. Access financial support- If you have a shortfall to meet, there are many options available, including bounce-back loans and business interruption loans.

3. Cut costs - As a result of the crisis, two-thirds of microbusinesses have changed their business models. It's important to examine all of your spendings to see if there are new ways to cut costs - even the amount you spend on milk.

4. Shop around - Take the time to look for deals if you have to renew your costs soon. A business price comparison site, a partner and a member body, or even a referral scheme offered by another small business might offer discounts.

5. Save energy, save money- Microbusinesses are most likely to underestimate the cost of energy. Installing a smart meter is a great way to know how much energy you are using, identify ways to reduce it, and save money as well.

6. Negotiate openly- You shouldn't suffer in silence if you're really struggling. Talk to everyone you can to see if discounts are available, or if there are more manageable payment terms.

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