Savings and support for small businesses

Running a small business is a great way to be your own boss and can be very rewarding. However, it can also be challenging to make ends meet, especially in the early stages or when costs seem to be on the rise. Here are some strategies to save money or make your dollars go further.

Energy

  • Review and switch plans: Regularly compare electricity providers and switch to a plan with lower rates or off-peak discounts.
  • Upgrade to energy-efficient appliances, lighting and bulbs. Use natural light whenever possible. While there may be an upfront cost of $50 to $100, you'll see ongoing savings on your electricity bill.
  • Apply for rebates on installing energy-efficient equipment through the Queensland Business Energy Saving and Transformation (QBEST) program.

Marketing and advertising

  • Utilise free online tools like social media platforms and free online tools to market and advertise your business. This requires a time investment from your staff but can be a very cost-effective way to reach customers.
  • Focus your marketing efforts on your ideal customer base to avoid wasted spending. Targeted marketing can significantly reduce your advertising costs. Explore Queensland Government grants that may be available for small business marketing initiatives. Grant amounts vary, but this could be a great way to fund your marketing efforts.

Operational costs

  • Negotiate better rates with suppliers for services like internet, phone, and waste collection.
  • Consider outsourcing non-core tasks to freelancers or virtual assistants. This can save you on staff costs, but the cost savings will vary depending on the task and the outsourcing model you choose.
  • Regularly review your insurance policies to ensure you have adequate coverage but are not paying for unnecessary options.

Advise and support

  • Seek guidance from a free mentor be registering for the Mentoring for Growth (M4G) program which offers eligible businesses free access to volunteer business experts who provide insights, options and suggestions relating to challenges and opportunities you are experiencing in your business.

Access free tools to build and improve your business by visiting the ‘tools’ section of the Business Queensland website.