Budgeting brilliantly: Money saving tips for businesses

Keeping a lid on budgets to ensure they do not spiral out of control is always an important part of business planning and this is especially true for a startup company.

Of course, there are many ways businesses can look to improve their financial efficiencies, and ensure they are getting the most for their money. So, with this in mind, Penta has listed its top three tips to control your company’s budgets to ensure you stay in the black.

Travel expenses

It may sound obvious, but with advances in video conferencing software, business leaders really do have a chance to save significant amounts by choosing exactly which meetings they travel for.

UK fuel card company Allstar claimed the average work trip to London costs businesses almost £350 once the price of a hotel, food, drinks and travel are accounted for, while statistics from 2013 claimed Geneva is the second most expensive city in the world to visit on business, with meetings there priced at US$537 per day.

With high-quality, stable, secure video conferencing options now available, it really can be worthwhile asking whether every business meeting needs to be truly face to face.

Staff expenses

While this is especially prevalent for start-ups, all businesses should analyse exactly which roles they really need to fill.

For example, employing a Chief Technology Officer (or CTO) can be a big step for any business.

Finding the right person who understands the needs of your business and has the right knowledge to make it work can be a difficult and expensive process. Additionally, CTOs in Dubai are paid an average of UAE$13,069 per month, second only Chief Executives and Treasury managers. With this in mind, it is easy to see why many businesses look elsewhere for their IT service provision.

Outsourcing your IT needs allows you to ensure your business is only ever paying for exactly the infrastructure and services it needs, taking the stress away from decision making and leaving you to focus on what your business does best.

With Penta’s outsourced IT offering, businesses can save thousands, as Penta can scale its service to meet your needs and set up bespoke infrastructure solutions to your IT issues.

And with Penta’s five-star IT services support team available to assist with any problems – big or small – 24 hours a day, seven a days a week, Penta can guarantee your business will always have someone on-hand to help with any query.

The true costs of business meetings

 The cost of business travel
 The most expensive cities for business meetings
 Expert Market

 UK business expenses
 How the cost of meetings is changing
 Business Travel IQ

 Benefits of CTO as a service
 Managing IT costs better
 Penta blog