Saving Money As You Expand Your Business

14 Dec

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Setting up your own business can be an extremely stressful challenge, and the process can often be a slow burner for the first 12-24 months while you get your enterprise established. However, with careful planning, a great business model and a considerable amount of blood sweat and tears, your business will go from strength to strength and eventually you may find yourself reaching a limit to how much you can achieve single-handed.

The decision to expand your business can be very daunting for sole traders who have built their business up from nothing, and it is definitely not a decision to take lightly. If your business is attracting more and more new clients above and beyond your current capability, then taking on staff to assist with the workload can provide a welcome relief for all hard working entrepreneurs. HMRC gives you a good idea of how to go about this. However you must take into account the costs involved in recruiting as keeping your business in the black has got to be your number one priority.

When deciding on creating a new role, consider whether you really need to appoint someone to work full time or could you make do with a part time employee? This can incur big savings for your business while still giving you the extra support you need. You may want to consider employing someone on a fixed term contract so that you are not bound in to a long term obligation; this is preferable to using freelancers who may have premium rates for their ad hoc services.

If you are recruiting employees who may spend some time away from your business premises or perhaps work mainly from home, then you will need to arrange for them to have business mobile phones to enable you and your clients to contact them during working hours. Using a standard phone tariff can prove very costly as you can soon rack up super high bills with hours of customer care calls, and companies can soon find their profits diminishing due to the use of business mobile phones. Therefore it is vital that you protect your assets and contact several network providers beforehand to find the right phone contract that will allow you to communicate efficiently with your employees whilst saving you money. You could compare phone deals online or you could browse websites like Mobi-data to see how you can get the best coverage.

Business owners need to aim to recruit right and recruit once. The costs of advertising for a new position, using recruitment agencies and not to mention the man hours involved in sifting through CVs and completing interviews can soon mount up. If you do not get a good calibre of applicants for your vacancy then re advertise. Being bound to a contract of employment with someone who is not suitable to the role can create you a great deal more work in the long term, plus the hassle of potentially needing to recruit again in the near future after terminating an unsuitable appointment. Although you will not be able to get the help you require as soon as you might like, when you do appoint it will be the right person for the role who will be an asset to your business and save your recruitment fees to boot.

Expanding your business isn’t easy- there is a lot to think about. But with careful planning and a savvy business mind – you will get there in the end!

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