5 business owners’ tips for spending smarter

To save on expenses, he recommends using open-source software where possible. “It can often provide the same functionality as proprietary software at a fraction of the cost,” he says.

“We have been using an open-source CRM software called Vtiger at our business, and it has helped us save significantly on costs. With 30 users, we would have had to pay a monthly fee of $50 a user, which would have amounted to $18,000 a year for a proprietary CRM software.

“However, by using Vtiger, we incurred no additional costs beyond the one-off installation of the software on our web server.”

Invest in your team

Ben Lucas is the director of Flow Athletic, a fitness and yoga studio in Paddington, Sydney. One smart way of spending money — which ultimately saves you money — is to invest in your employees, he says.

“Look after your staff,” Lucas says. “We will spend on relevant education that will help to upskill and inspire the team … and we are very transparent with our team.

“We have incredible staff retention: eight, nine and 10 years for many. We treat our staff with respect, pay them well and constantly upskill.

“Having a high staff turnover could be one of your greatest expenses. We have saved tens of thousands over the years with our staff retention.”

Go for government grants

Dean Salakas is chief party dude (AKA the CEO) of The Party People, a business started by his mother when she was a clown, and which is now a $5 million operation selling balloons, decorations and other party supplies.

He suggests looking into government grants to help develop your business and save on expenses.

“There are some great initiatives, such as the Export Market Development Grant, R&D grants and others that business should be using,” says Salakas, who recommends using a specialist to put in your grant application. “They will often take a success fee but if they don’t get you a grant it costs you nothing.”

Salakas also suggests investigating grants and rebates to make your business more energy-efficient, and using free government small business advisory services, such as NSW Business Connect.

Reuse packaging

Krys Charalambous was a marketing executive in the IT industry when she started online fashion boutique Modella as a side hustle in 2014. Since 2019 it’s been her main gig, and as a small business owner she’s very aware of the need to spend smart when it comes to expenses.

Charalambous suggests reusing packaging to make a difference to not just costs, but your carbon footprint too.

“I use old bubble-wrap to protect delicate items in the post,” she says. “I reuse clear plastic bags and make them part of my gorgeous complimentary gift-wrapping service instead of buying cellophane. And I often repurpose the bigger plastic stock bags as my postal bags for larger items.

“All of these small changes quickly add up to yearly savings of hundreds of dollars.”

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Sign up for a BP Plus fuel card and earn triple Qantas Points plus save up to 5 cents per litre on eligible fuel. Fill up with 10,000 litres or more within six months and you’ll fill up your business with 100,000 bonus Qantas Points*

Find out more at bpplus.com.au.

* T&Cs apply. Qantas Business Rewards Terms and Conditions apply, find out more at qantasbusinessrewards.com/terms.