Ever notice when it comes to money these days, it flies out faster than it comes in? Everything seems that much more expensive, our bank balances have suddenly mastered the ‘disappearing act’, and all of us (yes, even us) are watching our pennies. But there’s something to be said for using what you have more efficiently to drive down costs and increase revenue. So here are our top tips on how to save money and make money in these crazy times.
Ditch your admin – get a ‘virtual PA’
If you haven’t heard it on the grapevine already, virtual PAs are all the rage in the business world. They are basically personal assistants who will work out of their own premises and take the admin hassle off your hands. Tradespacer and virtual assistant, Romany Thresher explains the benefit, “The biggest saving is time, freeing up valuable time for business owners to focus on their business which will help them to increase profits. If you have an hourly rate of £30 per hour and you spend roughly 10 hours a week doing tasks which can be handled by a virtual assistant you are wasting 40 hours of valuable time. By hiring a virtual assistant for those 10 hours a week you can increase your profit by £520 a month, which is £6,240 annual profit for the year.”
Romany herself went into business by just harnessing the Internet and technology like Skype to service her friends. Now, her company Direct Assist Online, has a wide array of customers whom she helps doing logos, presentations, websites, business proposals and even business ideas! So if time is an issue and admin is getting you down, go virtual.
Retrain yourself and your staff
Human beings in general, are diverse creatures. Our jobs don’t necessarily define who we are and every one of us has a multitude of skills! So as a business, one way of increasing productivity, is to draw up a list of all your key skills and see how you can use them in your business. If you do finance but have a creative eye, try your hand at marketing too. Do the same with your staff – not only will you find a whole host of hidden talents, but you’ll get to know them more. Plus if people get to do the things they love, passion, productivity and profit all immediately come into the mix.
Outsource when and where you can
Where you can’t get your current staff to cover tasks in your business, outsourcing is always an option. There are pros and cons to outsourcing but there’s no question as to whether it’s a great way to save money. Whatever your business, there’s always something you could do cheaper by outsourcing. For example, we (BT Tradespace) are outsourcing our video transcriptions to save money and time. (Tip: Having video transcripts on your site helps SEO!)
If you’re thinking about outsourcing, The National Outsourcing Association has all the answers on their site, plus they’ve commissioned this comprehensive guide that will give you a head-start. (Tip – outsourcing, doesn’t need to be offshore. Have you thought of getting a student to pick up some of the things you don’t have time for, like managing your Tradespace?).
Encourage flexible working
Technology can be a great thing, but using technology for flexible working is an even greater thing. Not only does flexi-work offer cost saving opportunities for businesses, it’s great for work-life balance. A recent BT Business report stated that 65% percent of UK companies who offer flexible working, cite increased motivations and 50% improved productivity as benefits. The point is you can save on real estate, energy, travel and increase efficiency and mental wellbeing which all contribute to the green line.
Be tax efficient
Yes, there are ways to be tax efficient and no, ‘evading tax’ is not one of them 
. Being tax efficient is about cutting your tax bill legally. You can do this by taking full advantage of your tax allowances and reliefs. For one, did you know that you can deduct most things for your business from your tax? There are capital allowances for investment in equipment and premises, tax relief and credits for spending on research and development and stamp duty relief in disadvantaged areas. Business Link has a full brief on what you can deduct and how you can cut your tax bill.
Another way to save on tax is to set up an ISA account. The government does cap the amount you can put away in an ISA each year and you can only have one account per person but there’s still saving and interest to be had!
Shop around for the deals
The best thing about shopping online has got to be that you can take your time and do your research. It’s a buyer’s market and even the big brands are offering online shoppers competitive prices, so the more you shop around, the better the deals you’ll find. If you haven’t tried it, Uswitch is brilliant for comparing your day to day cost and showing you where you can save money plus switching is easy. Other sites like Confused.com and My Voucher codes are also money saving sources that you can try. And if you haven’t spotted it, we offer our own money savers. You can save money on PR, business video, poster adverts and much, much more in our Business toolkit area so check it out.
Become a green business
Being a green business isn’t just about saving money; it can also be about making money. Our recent article on Going Green mentions a recent study that found that 26% of consumers would boycott firms that damage the environment. So being an ethical and green business is one way of making more sales. Plus with stats like ‘businesses can save around 30% of their water costs through implementing simple and inexpensive water minimisation measures’, what’ve you got to lose eh?
Sell to contacts on and off BT Tradespace
If you’re struggling to find new leads, then one way of making more money is to use the contacts you have. Friends, family and even contacts you’ve made through online networks are all potential leads. And if they can’t give you business, dig into their address books. Who do your contacts know? And can you use them?
BT Tradespace is a great place to network with and support each other. We know a lot of you are already doing this but be active in the communities – you’ll soon find people you can sell to or buy from. Also, did you know you can have more than one Tradespace? If you’re not using your Tradespace to sell, remember there’s no charge to list your products and services, you can create as many sites as you want even if it’s just to sell your clutter and make a bit of spare cash!
Make money from affiliate programmes
Affiliate programmes can be huge revenue generation streams. All you have to do is drive traffic to the people you affiliated with and earn money! Tradespacer, Michael Andrews of Your Trusted Tradesman is one person who has benefited from the BT Tradespace Affiliate Programme.
“I got involved with the BT Business Tradespace affiliate scheme some nine months ago after hearing about it in one of Bian’s blogs. I personally have found it a most rewarding way of making some extra revenue through my site. It’s so easy to set up. Just apply at either http://www.buyat.com or http://www.tradedoubler.com, then choose your banners or links place them on your site and just wait for the cash to roll in. I can’t recommend it enough for that extra source of income for your site. Since I joined I’ve had over 2500 sales which is paying for a nice holiday this year. So, thanks BT Tradespace!”
Do you have tips the BT Tradespace community can benefit from? If so, let us know by commenting on this article or better still, updating your Tradespace with your tips and posting the link in your comment!