It’s been a tricky year for many business owners. With the pandemic hurting many businesses around the world, owners are trying to tighten up on a lot of spending avenues.

It makes sense, too. Many have gone bankrupt, especially those in the leisure, tourism and hospitality industries. It means those businesses aren’t spending much on public relations, marketing and advertising. This itself has a knock on effect as new leads may not be explored.

So, how can smaller businesses stop shedding money to enable longer term security in these unsure times? All industries differ, and the businesses within differ further. It’s why you need to focus on applying any advice you see in a bespoke way to your own operation. Here are some top tips to get you started. 

Check What’s Available To You

Some business owners don’t fully explore what’s available to them. You may be closing the coffers, but there might be other ways to pull money in towards you. Grants are a great example, such as Research and Development Tax Relief.

If you can find grants you’re entitled to your cash flow will certainly improve and it will at least help to hold off any rash decisions on your part. Check the criteria properly to ensure it’s something you have a right to.

If you don’t it might mean more trouble down the line. Knowing what you have available might take some research on your part, but the time spent will certainly be worthwhile.

Snowball The Debt

You may have business debt to pay off. Snowball it. Make the minimum payments on all, but focus on the debt with the highest level of interest. Once that’s cleared, move onto the next. It can stop your business paying out high levels of interest.

If you’re in a really bad place, you may be able to talk to the bank or provider and look at what they can do. There are more options available than usual at the moment. Tread carefully and try not to have too much money going towards interest payments. Imagine what else that capital could do or shore up. 

Focus On Those Micro Behaviours

It’s the small things which can shed cash. The little things that need changing so that your business doesn’t lose cash. For example, if your team still prints paper, stop. Just use emails instead or view things on the screen. It’s small, but it will save you money.

Consider your utilities. Maybe on some days your employees can work from home. It will surely reduce in office bills. Electricity, hot water, air conditioning, even internet costs can be mitigated. If you can get your workforce on board with what you’re trying to do, your efforts will be far more successful.

Spend Right

Sometimes it isn’t just about cutting back completely. It’s about choosing where to spend your money in a careful and calculated way. Don’t spend on the unnecessary. Spend money on exploring new sales avenues, and on increasing your output.

Put money towards improving your product or your service and the awareness around it. It’s one thing stopping your business from needlessly shedding cash, it’s another when your looking at stopping money going towards things which increase sales.