Money management for SMEs starting up in the UK

Investing in the right resources early on, to ensure your funds are used to their full potential, is important. Read on for just a few of the ways that you can do this.

 
 

EVERY small business owner knows that keeping costs low is key, particularly for those moving or expanding their businesses to the UK. Long-term solutions to reduce company expenditure are easier to find than you might think.

Investing in the right resources early on, to ensure your funds are used to their full potential, is important. Read on for just a few of the ways that you can do this.

Marketing yourself well is one of the fundamentals for a start-up business but can often prove expensive. It may help to split the costs by promoting yourself alongside a company with a similar client base or complementary services, sharing suppliers and mailings lists to mutual benefit. If you prefer to market your products alone, use invoices to advertise services at the same time, or mail out fliers with customer products or purchases.

Technology is an essential part of your business, no matter how comfortable you are with using it, and wherever you run it from. Using e-billing to create a paperless office can save a substantial amount on printing and mailing costs.

If you work from home, you may find it cheaper to use existing domestic services for phone and internet but if you require your technology to be a bit smarter, such as call forwarding, bigger download allowance or your own intranet, it may be wise to get a business bundle from your communications supplier or consider taking up premises in serviced offices.

There are plenty serviced offices in Leeds and across the UK, in prestigious office parks and other central locations. Virtual offices allow you to pay for office services that any client would expect but which circumvent the cost of renting office space. An upmarket London postcode (which is great for your startup’s reputation) can be used as a separate business address and you can have mail forwarded to you.

Your calls can be taken by a receptionist and you can use meeting rooms and other facilities such as projectors as and when they’re needed. This is one solution that gives a professional appearance without the cost of buying one.

If your business is expanding fast, there are some good deals to be had in the way of serviced offices. Central offices are usually supplied with furniture, security and optional things like catering, but you can also rent business-specific sites like workshops and retail units.

As well as London, you’ll find serviced offices in Leeds, Nottingham and Manchester now as well as other suburban and rural locations. Space can be as little and as basic as you like, especially when starting out, so it may be worth seeing if this option fits into your monthly budget.

There are funds out there to help your start-up business, even in uncertain financial times. It pays to research the available government grants online as well as looking to the bank for savings and account services.

Running a small business may seem like you have to consider your balance book with every step you take, but early wisdom can ensure longevity for your business and eventually add up to your success, at home and overseas.

 
 

 
[vivafbcomment]