As a business owner, the cost-of-living pressures can creep into your work life. Here are some practical tips to help your business save money and stay afloat during these tough economic times.
1. Reduce what you consume
Know how much energy your business is using to help reduce your bottom line. Ask your energy provider to give you a free audit on your business to understand your current energy usage. Then compare with other providers to make sure you’re getting the best rate. Save water (and money) by placing filters on your taps or setting a timer on sprinklers. You can also claim money on bills if you work from home or are a registered business.
2. Embrace sustainability
Bring sustainable practices into your business to help bring your bills down. Participate in a circular economy like ASPIRE (the Advisory System for Process Innovation and Resource Exchange) to exchange and trade unwanted waste materials. Read our top 3 tips to make your business sustainable in 2023.
3. Apply for a grant
A grant could give you the boost you need to achieve your goals quicker. Connect with Brisbane Council’s Business Hotline on 133BNE and stay alert to the grants you could be eligible for. Read our simple tips for navigating small business grants.
4. Register your business on the Brisbane app
Tap into the power of the Brisbane app to let residents know about your business. It’s a free promotional tool that will allow you to grow your customer base. Read more.
5. Take advantage of Council's business events calendar
Tap into Council’s free business events, from practical workshops and seminars to guided sessions to help identify gaps in your finances. You can build new skills, share learnings from industry experts, network with other business owners and build relationships with the local business community. Find upcoming business events.
6. Cut costs on your resources
There is a myriad of ways you cut costs on business resources. Consider using your home office as a shared office, join a co-working space or rent out a car space for commuters. Allow remote work to save rent on office space, change to paperless contact for clients and use cloud-based software and online programs instead of clunky printers. Ensure you also recycle home office goods, even printer and toners, to be resourceful.
7. Look for new vendors to cut business expenses
Take the time to research new vendors and wholesalers to find better prices for products and services and save you money. If your business has grown, you might have more vendor options than when you first started. As a loyal customer, you can also talk to your current vendors about changing the terms of your contract.