Phil Khor

Can You Share Your Top 3 Money Saving Tips In Business?

I think most of us are always looking to save, and I'm wondering if you'd be open to sharing what has worked for you, and what your top 3 tips would be?

To kick it off, my top 3 would be:

1. Keep office overhead low (within reason)

When we first started, we were "cafe hopping" wherever we go. Then, just recently we had to move from our old office because we were getting crammed like sardines. There are different ways to keep office overhead low. Work from home, co-share and serviced office are all different options to consider.

2. Compare and shop around

I think comparison sites are the best thing since sliced bread. OK, I'm exaggerating but you get the point. It really pays to shop around and haggle. I shopbot everything (almost) and haggle before I buy.

3. Outsource

I know it's hard to get our head around this sometimes, but outsourcing does save time and money. The key is ensuring that you're clear about what you're getting for your money. I tend to outsource the stuff that we hate and get on with doing what we love and what we're good at.

So what are your top 3 tips?

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2 Answers

Dave Holmes

1. Ditch the landline, move to VoIP. 

2. Get the right accountant. We struggled for years with a couple of accountants who were the wrong fit, cost us dearly. Now we have a good one, we are seeing the benefits.

3. Buy an office with your Super Fund. Instead of paying rent to a landlord the rent goes back into your SMSF - so you have the property investment and you reap the rental money you used to lose.

Phil Khor

Phil Khor , Founder at SavvySME

Great tips Dave, I especially like the last one :)
Great tips Dave, I especially like the last one :)
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Jeffrey Joel

Jeffrey Joel , MD at Auspac Trading NSW PL

1. Always get a second quote, a third is even better.

2. Always look out for better ways to gain efficiency and productivity.

3. Do it once and do it well.

Phil Khor

Phil Khor , Founder at SavvySME

Thanks Jeffrey. Great tips, esp the 3rd one about getting it right the first time!
Thanks Jeffrey. Great tips, esp the 3rd one about getting it right the first time!
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