5 easy ways to cut costs in your small business

These simple changes can help you reduce expenses, without compromising quality. You’re welcome.

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Small businesses operate on tight margins, that’s a given. But there are plenty of opportunities to cut costs, without cutting corners. You do not believe me ?

Check out these super simple changes that could save your small business money. The best piece? They don’t require huge operational changes or large upfront expenses.

1. Change your EFTPOS

Have you ever given much thought to the EFTPOS machine used by your business? Or did you simply stick to the one offered by your bank?

Well, believe it or not, the EFTPOS world is actually quite competitive and you might be able to find a more affordable provider, or one with better ancillary benefits.

Aaron Babb, Director of Aevum Physiotherapy discovered this about 8 years ago when he switched EFTPOS providers, opting for the Australian commerce and payment platform Tyro.

“As soon as we made the switch, I don’t think we ever looked back,” Aaron said. “The rates they charged were really fair, and they’re actually cheaper than what our previous merchant was offering.”

Despite the lower prices, Aaron said it was the integration that was the shining star and helped the company save time and money.

“We have less to do in the background because Tyro integrates seamlessly with Xero and also seamlessly integrates with our practice management software.”

A woman holds a Tyro EFTPOS machine while a customer taps their card.

2. Change utility

By using the SME Retail Tariff Monitoring Project May 2021 report, we looked at the prices of a New South Wales-based SME on a single tariff, using 20,000 kWh per year.

Prices, which included conditional discounts, ranged from $4,252 to $7,236. That’s a lot of money potentially saved just by switching providers.

We also used the government site Energy Made Easy to compare gas prices for an NSW business using around 30,000 MJ over the course of a year. Prices have returned from $790 up to $1,290 per year.

Switching plans isn’t the only way to get a cheaper deal. According to guidelines published by the NSW Small Business Commissioner, businesses can also access discounts for paying on time, opening a dual fuel account or paying by direct debit. So don’t be afraid to ask your supplier if you can get your money back!

Light switch with yellow post-it indicating

3. Compare insurance

Just like utilities, comparing commercial insurance providers can help you get a more affordable policy. Remember that not all business insurance is created equal, so you need to ensure that you have an adequate level of cover for your own situation.

You may also consider talking to a business insurance broker. It won’t cost you a penny to get advice from a broker (they get paid by insurance companies) and they might be able to give you advice on a better policy or find a more affordable deal for you. you.

Three businessmen are seated around a table.

4. Collect reward points

If you have a business credit or charge card, consider using one that allows you to earn points on your daily business expenses. This way you may be able to get more for your money.

For example, let’s say you earn rewards points on your daily spending and you can redeem those points for flights, hotel stays, tech gadgets, or gift cards.

These rewards can be used to offset business expenses. You can use them to treat customers, reward employees, or upgrade company equipment. All thanks to the money you would have spent anyway.

Of course, keep a close eye on the annual fee and make sure you pay your balance on time each month or you could be charged interest.

A brewery owner uses a business credit card to pay for a purchase.

5. Try trading

Research other businesses that may offer a mutually beneficial service or product exchange. Let’s say you run a consulting business. You may be able to offer free or discounted services in exchange for something your business needs.

Perhaps you can offer to give business coaching to an advisor who is starting his own practice, in exchange for discounted therapy sessions for employees.

Or maybe you need a new logo designed to provide business coaching to an up-and-coming graphic designer.

Ready to trade your EFTPOS?

Rates last updated on April 4, 2022

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