There are lots of costs involved with running your business. Regardless of whether you’ve just started out or you’ve been established for some time, knowing how to manage and reduce costs is key.
From staffing and equipment, to premises and marketing, expenses quickly add up. Every business will be different, but the goal is always the same: to reduce unnecessary spending, improve efficiency, and boost your bottom line.
One cost that’s often underestimated is fuel. For any business that relies on vehicles, even a small fleet, fuel can represent a big expense.
In this blog, we’ll explore some smart ways to manage the cost of running your business – a core focus of what we do at FuelQ. By using one of our fuel cards, your team can save money on every litre every time they fill up. Aside from cost savings, we also make managing your account easy as you can review your invoices, track your usage and manage your account 24/7.
Let’s start with some simple ways to manage business costs.
Ways to Reduce the Running Costs of Your Business
Like we mentioned in the intro, from staffing, to equipment, to fuel, every business has overheads that can quickly eat into profits.
Our aim is to help you save money, where possible, and this includes saving money on fuel. Below are a few other ways you can manage the running costs of your business and some extra information on how our fuel cards can help.
Save on every litre of fuel
Any business that relies on vehicles will use a lot of fuel. When you’ve got employees on the roads, perhaps visiting customers or making deliveries, it’s your responsibility to provide them with a simple way to refuel.
This is where business fuel cards come in useful as they can save you money every time your employees fill up at the pump. Simply give them a fuel card which will be linked to a central account (ideal for tracking and controlling usage) then they present this the same way they would a debit or credit card.
This also saves drivers having to pay out of their own pocket and submitting reimbursement forms which takes time and resources. In contrast, by having a fuel card which they can use across a network of filling stations, you can save both time and money, especially when vehicles are on the road every day.
Take a look at the savings you can enjoy below:
Simplify your admin process
Every minute spent in business costs money. So you want to be sure your team is spending their time in the best way possible.
Sifting through paper receipts and reimbursement forms is not the best use of their time, but this is often the case when you have a fleet of drivers out on the road. Not only does this take time, it’s also prone to mistakes.
In contrast, with business fuel cards, all transactions are logged automatically in a central dashboard giving you complete visibility in one place. You’ll also receive one HMRC-compliant invoice, making it easier to track costs and accurately reclaim VAT.
Furthermore in addition to fuel purchases, these cards can also be used for vehicle maintenance and repairs. For example, with the FuelQ card businesses can get 7% off Halfords essentials, and claim a free MOT when you book a full or major service. Therefore by having this centralised system, businesses can consolidate all vehicle-related expenses, streamlining the process overall.
Track and control usage
Following on from the point above, tracking usage across a fleet of vehicles can be difficult as you’ve got a network of different drivers using different fuel stations. This results in fluctuating fuel prices and a mess of receipts – an unnecessary admin task.
However by using a fuel card, it simplifies the process as the fuel card is linked to a centralised account which you’ll have full visibility of. You can then put a spending limit on each card, ensuring drivers stayed within their assigned budget, preventing any potential misuse.
Furthermore, business fuel cards also help prevent fraud as you can easily identify any suspicious activity on the account. This is difficult to do when drivers are using their own method of payment as paper trails are difficult to follow and investigate. With a 24/7 dashboard that is linked to the account, there’s no need for manual record keeping which means more time saved.
Maintain vehicles to improve efficiency
Another way to manage the running costs of your business, especially if you have a fleet of vehicles, is to keep them properly maintained.
This might be something you overlook, but there are significant cost savings to be enjoyed by keeping your vehicles in good condition. This includes regular servicing, maintaining the correct tyre pressure, and removing excess weight to help improve fuel efficiency.
Many garages offer free tyre checks (some with inflation included). If you’re using Halfords for servicing, you can also claim a free MOT with a full or major service through your FuelQ card perks.
It’s a small habit, but by doing these checks you can extend the life of your vehicles which saves you more money later down the line.
Start saving now by applying for a FuelQ card in minutes.
Go paperless
As we’ve discussed, manual processes take time and resources out of your business.
Whether that’s reimbursing fuel receipts, chasing invoices, or manually updating spreadsheets, switching to digital tools can save you time and money in the long run.
For example, tools such as Slack and Trello are great ways to streamline your operations, improve communication, boost productivity, and reduce the need for paperwork. Relying on paper spreadsheets is an easy way for things to get missed, or worse, lost, so embracing a digital focus makes good business sense.
The same way fuel cards simplify your vehicle admin, digital tools can do the same for other areas of your business helping you be more efficient.
Review suppliers and contracts
A general way to manage the running costs of your business, aside from saving on fuel, is to review your suppliers and contracts.
Regardless of what contracts you have, you want to make sure you’re getting the best deal. This is easily forgotten if you’ve been with the same supplier for years, as you assume you’re getting the most for your money.
However, even as a loyal customer, don’t be afraid to negotiate for a better rate. Lots of companies fall into the trap of setting something up and forgetting about it but you could be missing out on big savings.
Whether that’s getting a new quote or switching suppliers altogether, regularly reviewing contracts helps ensure you’re not overpaying. Costs can creep up over time, so making this a routine part of your business operations can lead to long-term savings.
Business Fuel Card FAQs
If you’ve got questions regarding how fuel cards specifically help you manage the cost of running your business, we’re answering some of these below.
How do fuel cards work?
Fuel cards work similarly to a debit or credit card, but they’re used exclusively for purchasing fuel, and in some cases, vehicle-related expenses. Each card is linked to a central business account, allowing employees to fill up without paying out of pocket.
Are fuel cards suitable for small businesses, or are they just for large fleets?
Yes, fuel cards can be a smart choice for small businesses, especially those with vehicles on the road. They offer savings on fuel, simplify expense tracking with detailed reports, and improve budgeting by setting spending limits for drivers.
Smart Ways to Manage the Cost of Running Your Business
There are lots of ways to manage the cost of running your business to make sure you’re operating as efficiently as possible.
One of the biggest areas often overlooked by businesses is the cost of fuel.
Whether you’re running a small or large fleet, reducing costs where possible is key. A business fuel card is not only a cost saving tool but also provides a better way to manage your business as a whole.
From preventing fraud and misuse, to setting spending limits, this card prevents a central location for all fuel spending which you can access from a simple dashboard.
The application takes minutes, and you could be saving up to £15,000 per year. Apply for your business fuel card here.
