Ways to save your small business money in 2020

By Henry Brown

All small businesses should be looking to save as much money as they can, but it can often be challenging to decide where these savings should come from. You’ve likely become accustomed to the way things are done, and any shift might disrupt the harmony you’ve cultivated. However, if you want to push on in the new year and expand your small business, saving money and investing it in the most profitable areas is essential. With that in mind, here are the best ways to save your business money in 2020.

Let someone else do it

We know it’s difficult to loosen the reins when running a business, but sometimes you have no other choice, and it could be the easiest way to both save and make money when the new year comes. Investing in Managed IT Services for businesses can free up your time while still ensuring everything runs smoothly, and with often-24/7 support, they can deal with any problems before they morph into something worse.

From here, you can enjoy more time to focus on other areas of the company, especially those that you may have neglected recently with the pile of work that you need to do daily. You’ll feel more refreshed, more creative, and more productive, which can only bring excellent results in the long and short term.

Work with sponsors

If you’ve not yet had an event promoting your small business, then start planning one for the start of the new year and the new decade. This event can be a fantastic way to spread the word and get more eyes on your service while also putting yours at the forefront of your existing customer’s minds.

However, events can be expensive. Considering you want to save money, there’s a lot of profit potential from working with sponsors. The best sponsors will bear the brunt of the costs in return from advertisement in your promotional materials and at the event itself. This is a great way to raise your company’s profile and build a new network of connections.

Learn to negotiate

Perhaps you’re already good at negotiations, but wouldn’t you rather be amazing at them? A savvy negotiation can save you hundreds if not thousands in the long run, and just so long you don’t insult your vendors or suppliers, you can bring in more business and create a more comfortable turnover.

Most vendors will be happy to renegotiate deals if the other alternative is losing you as a client, so don’t be afraid to broach the subject next time you put an order in. Remember, there’s no harm in asking for a better wholesale deal.

A penny saved, a penny earned

A small business’ early success often depends on how clever it is with its money. As long as you target the right areas to try saving more in the new year, you’ll find yourself with more financial freedom throughout 2020 and beyond so you can finally focus on the growth you’ve always dreamed of.


Henry Brown is an online marketing executive. When he isn’t talking shop, he’s roaming the streets of London, uncovering the extra-ordinary in the ordinary.

Leave a Reply

The Self-Employment Survival Guide can help you succeed. Learn all about it here.

Self-Employment Survival Guide book cover