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5 tips for smarter business
Every SME owner knows that in a small business, every dollar counts. Many, however, are often unaware of how to make the best use of each dollar and ensure maximum company growth. We've compiled a few tips to help you ensure your budget is being optimised, so you can cut out the clutter and focus on growing your business.
Assess budgeting practices regularly
It goes without saying that it’s crucial to check your progress and budgeting practices regularly. Free tools like the SME financial management toolkit help you stay on track by highlighting your business’ financial management capabilities in several areas like business profiling. By doing so you know where you’re budgeting right and where some adjustment is required.
Use open source software
Instead of investing money in software and tools, you can explore Free and Open Source Software (FOSS) for a reliable solution that, as the name suggests, costs nothing. FOSS is secure, customisable and user-friendly, given that it is edited and worked on by IT proficient members of the FOSS community, instead of professionals who create software for profit.
FOSS Office tool kits like Apache’s OpenOffice provide free, efficient alternatives to the usual Microsoft Office. By making the switch to FOSS, you can funnel the money you save into other areas of the business instead.
Get a business credit card
Use credit cards to keep track of every transaction, so you have a tangible paper trail for all business expenditure.
Many business credit cards also come with discounts and rebates. If you’re planning on overseas expansion, pick a card that gives you travel benefits like airline miles to cut costs further.
Find solutions that help you pool resources to reduce wastage and optimise efficiency, like mobile pooling. Similar to car-pooling, mobile pooling can help maximise savings by combining your employees' mobile bundles into a common pool for all to tap into.
For a cost-effective pooling service, consider StarHub's new service, SmartShare. SmartShare combines all employee mobile plans into one shareable bundle so that light users can share their unused data, talktime and SMS with heavy users in the SmartShare pool. This helps minimise wastage from unused mobile bundles and reduce excess charges.
When faced with a sudden influx of work, companies often opt for new hires. While this can help to solve the problem, on several occasions your business might be financially better off using an automated solution instead.
For example, in lieu of rising HR requirements like new payroll regulations, instead of spending more on new HR personnel, try payroll and accounting software instead. Not only are they more affordable, good payroll software like StarHub’s ePayroll offers automated payslip updating and generating services, so your monthly payroll routine is as effortless as possible.