Spend wisely

Posted by Kate Osborne on in Tips

women in fashion design studio using ipad

With our currency falling and prices on the rise, now is the time to look at reigning in unnecessary spending, cutting back costs and making every investment count. i catching design, inspired by business journalist Tim Smedley’s feature in ‘First Voice’ magazine, share the following ideas to help spend wisely and make your money go further…

Save on energy UK energy bills are set to rise, so spend a few minutes today to ensure you are on the best possible tariff, may be worth securing a good rate for a year or two. Don’t put off maintenance work that effects the insulation or lighting, this may be a simple case of purchasing draught excluders or energy efficient light bulbs. Investing today in alternate power like solar will give you greater fuel independence in the future. Don’t leave computers or screens on standby overnight. A single degree in temperature drop can save 10% on heating and if you are a heavy paper user, try sending more by PDF’s on line or always print double sided.

Embrace ecommerce Productivity can go up by 10% by doing more online – replace mail-outs with emails and targeted interactive sales-letters, reduce retail space by trading online, or switch landline phones to VoIP services.

Employ wisely Having the ‘wrong’ person for a job can be worse than not having enough people. Be sure as an employer to get a good referral, and look at other benefits you can offer, like flexible working hours, working from home, job-share, which can all help to attract top quality candidates without spending a fortune.

Know your strengths, outsource the rest Look at how your business operates, observe who does what well, then see if anything could be done better and more cost effectively ‘off-site’. For example an ecommerce can have their stock held and distributed by Amazon. Some business cannot afford the time or energy to have their own designated marketing or PR department, partnering with a business who specialise in this cannot only prove very cost effective but often brings new inspiration and motivation also.

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