General Guides | Business Money-Saving Tips

Business Money-Saving Tips

Thu, 13 May 2021

There isn’t a company in the world that will turn its nose up at the opportunity to save money.

While you never want to water down the things that make your company great, you’ll almost always be able to make some cuts here and there without devaluing what you do.

We’ve picked four tips that can save you money:

  1. Use vehicle tracking tools to spot waste and inefficiencies in your business
  2. Invest in fuel cards to save money on the diesel and petrol you purchase
  3. Promote remote working to reduce your office overheads
  4. Take out insurance cover to protect your company against unplanned expenses

In this article, we explain each one of the above tips in more detail, focusing on how they save you money and giving examples of how you can introduce these ideas into your business.

Piggy bank

Tracking tools help you spot waste and inefficiencies in your business

Vehicle tracking platforms are a great example of how technology can save your business money.

A small outlay of just a few pounds per week can give you eyes on all your drivers, minute by minute. Stopping a driver taking an unauthorised hour off could be all it takes for the whole investment to pay for itself and become profitable.

How does it work? There’s a variety of systems, but the gist of all of them is installing a tracking device in each of your vehicles and then using online software to see them on a map in real time, to see replays of the routes they have taken and essentially get a 100% accurate timesheet for each driver. If you repay your drivers their fuel expenses, you can easily spot any discrepancies. If you want to make sure your drivers aren’t taking a few unauthorised private trips on company time, vehicle tracking has the answers.

Investing in vehicle tracking also allows you to monitor how your drivers use company vehicles, particularly if they are prone to speeding or other driving habits that waste fuel. You can see if they handle company vehicles carelessly, over-revving them or braking harshly, which leads to more costly vehicle repairs and makes collisions more likely. Collisions lead to major hikes in costs, because leading brokers report that after a fleet insurance claim, the cost of a renewal premium can go up by three times or sometimes even more, and it can take as long as four claim-free years to get back to your original cost level.

You can use the data you get from vehicle tracking tools to spot opportunities for saving money on your fuel spending by making sure your drivers always use the most efficient routes to make their journeys, as well as avoiding speeding and other habits that waste fuel.

Vehicle tracking can give you a bird’s eye view of your fleet at all times, making it quick and easy to manage all your drivers. You can deal with breakdowns or accidents immediately and even check the driver dashcam footage or speeding incidents from your mobile phone.

As a free comparison site, iCompario can help you find the right system for the right price.

Fuel cards help you to manage your diesel & petrol costs

Fuel cards are a safe, secure and convenient way for companies to buy diesel and petrol. They can also help your company to save money on its fuel costs in the following ways:

  • You can buy fuel at discounted prices, meaning you could pay less than the pump price at a petrol station.
  • Your fuel transactions are recorded automatically, reducing the workload on administration or accounts.
  • You get a clear overview of fuel spending, so you can quickly establish if you’re overspending on fuel.

Different fuel cards have different pricing structures and discount types, so it pays to do your research and make sure you pick the one that offers you the most savings. iCompario can save you hours of time by helping you select the right fuel card for your business, whether you opt for fuel cards from one of the big global energy companies or multi-brand fuel cards that are accepted by more than one company.

These are just some of the ways fuel cards can help your business. To find out more about what they can offer your company, visit our fuel cards page now where we’ve answered all the important questions you might have.

Having fuel cards can save your business money, do your driver fuel expenses claims automatically and make it a 30-second job to reclaim your fuel VAT. As a free comparison site, iCompario can find you offers on cards from all the big oil companies or multi-brand cards, and deals with no minimum purchase or tie-in contracts.

Remote working helps cut the costs of maintaining a physical office

Remote working saves on overheads because your company doesn’t have to pay for an office space. This means you’re not paying to rent or buy a space, or to power it (with electricity) and maintain it.

But it’s not as simple as saying you lose all the expenses associated with running an office. You need to have an online infrastructure in place for your staff to be able to work remotely.

There are core three elements to setting up a remote office:

  1. Fast broadband, which your employees will need at home to stay connected.
  2. Hosted telephony, also known as VoIP, which gives you a cloud-based phone network.
  3. Business mobile solutions, which provides a reliable mobile phone service for all your employees with a single company billing structure.

Broadband is the most important aspect of a virtual office as it connects you not only to your clients and suppliers but to your colleagues as well. You may need to pay for broadband for your employees, but many are willing to use their own home broadband as they would have it as a fixed cost at home anyway. When offsetting this against their commuting costs, it usually represents an attractive saving for them and many workers regard the opportunity to work from home as a very attractive perk.

Hosted telephony gives you a ‘desktop client’, which means the functionality of a phone within your laptop, and a mobile app, which means desktop functionality in your mobile phone. From a customer point of view, this means they reach your people on the same phone number at all times, no matter where they happen to be working.

Some money-saving hosted telephony providers ideal for remote working

 

NFON Currently the industry leader in hosted telephony
Gamma Promises lower call costs and lots of flexibility
Wildix The real time control is brilliant. In other words, the system offers great functionality to let you know who is doing what (on a call, sharing their screen and so on) and who is reachable for collaboration at any time.
8X8 City and finance call-centre focused

 

Creating the infrastructure to work remotely takes time and uses company resources. However, once it’s in place your business can make significant long-term savings, with Hitachi Capital reporting that remote working can save SMEs £840 per month.

Comprehensive cover saves money by future-proofing your company

The purpose of any insurance policy – whether it’s mandatory or just highly advisable – is to safeguard your business in the event of something going wrong and your company being unable to cover the cost of fixing this.

There are many different types of business insurance for UK companies, including:

  • Commercial combined
  • Motor fleet insurance
  • Employer’s liability insurance
  • Public liability insurance
  • Business buildings & contents
  • Plant and machinery
  • Business interruption insurance
  • Cyber insurance

Your business may not need all of these types of cover or make claims against its policies. However, the point is that paying for these small expenses could save your business from paying much greater costs in the event something unfortunate happens.

To make insurance into a money-saver rather than a needless expense, you need to satisfy two factors:

  • Make sure you only pay for the cover you actually need, without unnecessary extras.
  • Make sure you do have all the cover you need, with a proper risk assessment. There’s nothing worse than having insurance and then discovering the one thing you need to claim for is excluded.

Shop around properly, choosing from a suitably large selection of FCA-regulated UK providers to get the best prices.

iCompario has teamed up with an FCA-regulated UK insurance broker The Burley Group to help you satisfy all these needs and maximise your savings.

iCompario is the free online marketplace for business products and services, where managers and owners can research and rapidly compare fuel cards, vehicle tracking systems, insurance, telecoms and other essentials. The team follows up online queries by telephone so every site visitor finds their ideal, future-proof product at the best price possible.

Make smart business connections with your remote telecoms

We explained earlier why and how remote working is a great way for your business to save money. We also noted that telecommunications is one of the key components of remote working. We’re expanding on this point because making smart business connections with your telecoms can help you save money.

How can smart management of your remote telecoms save you money? By reducing the cost of your phone calls, streamlining your operations and lowering the amount your company spends on handsets.

Working remotely presents your company with an opportunity to communicate more cost-effectively. Here are three great money saving tips for your business:

  1. Get Office 365 with Teams included to manage your data storage, streamline your operations and receive IT support all together at a great price.
  2. Add on cloud telephony (such as Microsoft Teams) which means all your phone calls are low-cost or free, with no additional software — it’s simpler and cheaper than standard telephony services for businesses.
  3. Select SIM only phone deals to let your employees use their own mobile phone (BYOD or “bring your own device”) and you supply them with a SIM and pay their phone bill. This works out cheaper than providing your employees a second handset.

To get the most savings from these tips, it’s vital you compare the best telecoms options on the market and pick the right plans and providers for your company.

iCompario is partnered with some of the top providers and can provide you with a quote for some of the finest business telecoms products available. We’re experts at reviewing the market and finding the best deal for your business.

As a free comparison site, iCompario can help you find the right business mobiles and SIM deals, internet phones, broadband and any other communications solution you need, for the right price.

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