How to Reduce Costs as a Business Owner

Running a business can be highly rewarding, but it can also be a costly affair. For sole traders or small companies, reducing costs can be essential.

There are a number of ways you can save money, without compromising the quality of your work or the safety of you and your employees. Adele MacGregor looks at what installers need to know:

Organisation

Keeping organised is key to saving money when working as a tradesperson. Having a clear diary, ordered paperwork and a track of your income and outgoings is vital. Disorganisation can lead to missed jobs, overpaying for supplies needed last minute or having to replace parts that have been misplaced.

Maintaining Your Vehicle

Another way to save money is to take care of your trade vehicle. If it is in poor condition, it can result in you missing jobs, costing you more than just the cost to repair the vehicle. An unreliable vehicle could potentially lose you thousands of pounds in work if you are late or cannot attend a job.

Look After Your Tools

The same can be said for your tools. By keeping them in good condition, you reduce the risk of damage and wear. Badly treated tools will need to be replaced more often, costing you large amounts of money which could easily be avoided.

Not only do your tools need to be stored somewhere dry and undercover when not in use, but they also need to be kept in a secure location. This is due to the high risk of these items being stolen.

Utilise Self-Storage

One way of protecting your tools is by utilising self-storage. For both tools and supplies, larger items are especially difficult to store safely. These items can take up valuable room in trade vehicles, offices or for some sole traders, in their own homes.

Self-storage offers convenient and affordable spaces for storing supplies and equipment. It is often at the fraction of the cost of renting traditional business and office spaces. It is also far more secure than keeping items in a vehicle.

Whether you are a sole trader, a new company or a long-running business, utilising a storage unit can be a great and practical solution.

The main benefits of using a self-storage unit include:

  • Saving on operating costs – Hiring a self-storage unit will often work out cheaper than renting office space or a traditional warehouse, with an average UK storage cost of £23.94 per square foot. Be aware this will vary depending on the size and location of the unit.
  • Additional room for supplies and equipment – One of the main advantages of using a storage unit is the additional space it provides. This way you can safely store your equipment without worrying about damage. It can also be used for supplies that have been ordered in advance and will need to be on hand to meet completion dates.
  • Security and protection from theft – One of the key benefits of using self-storage is the level of security that comes with the facilities. Most storage companies will have state of the art security systems, 24-hour CCTV and modern intruder alarms. This is far safer than keeping hundreds of pounds worth of equipment in a vehicle, especially when it is unattended.
  • Protection from the elements – Storage units are covered, dry and well insulated, meaning your tools and supplies will be protected from changes in weather. If required, you can even rent climate-controlled storage units.