24 February 2017

5 easy ways to help your business get financially fit

As we start to wrap up the first quarter of the year, many of us may be struggling to keep the financial resolutions we made on January 1. For those who are determined that 2017 is the year you get financially (if not physically) fit, here are five simple ways you can save money for your business.

1. Go Green

This one is good for the environment as well as your wallet. According to research by Xerox*, nearly 40% of office paper is discarded within 24 hours of being printed on. If you add up the total amount spent on printing supplies and paper, it will become clear that you’ll be able to save trees and money by using electronic file storage. Encourage your staff to go paperless by using online services such as Google Docs, Microsoft Office Live Workspace, Amazon Cloud Drive and Drop Box.

2. Review your suppliers

Your customers are constantly comparing prices to get the cheapest and best options for whatever service they need, and as a business owner there is no reason why you shouldn’t be doing the same. Firstly, evaluate all your suppliers and make sure they are still relevant to your business. If you’re happy with them, you should implement a regular review of their services and provide feedback, which may help with increasing costs in the future. If you aren’t – shop around and find somebody cheaper and better.

3. Buy used equipment

Buying certain equipment second-hand can be a good option for saving large amounts of coin. You can save up to 60% buying used computer equipment, copiers, office furniture, coffee machines, fridges etc.

4. Borrow from a non-bank

Unlike the big banks, Tyro offers simple loans to business owners, with flexible repayment options. Once you’ve decided on the amount you would like to borrow, select what percentage you would like to repay from your daily EFTPOS takings (minimum repayments are required). There is no interest- just a flat fee (payable over the life of the loan) and the funds will be in your account in under 60 seconds once you accept the loan offer and provide a personal guarantee both in the Tyro App. You’ll know straight away how much the loan is going to cost in total, and as the money is repaid through a percentage of your EFTPOS takings pre-determined by you, you will never repay too much. A great alternative for quick cash.