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Ways for Small to Medium Businesses to Cut Costs
Running a business right now is tough. Prices are up, interest rates are higher and energy costs keep climbing. Inflation is sitting at 3.7% and forecast to soon hit 4.0%, so it makes sense to look for quick and practical ways to save.
Here are some steps that may ease the pressure:
- Check what rebates you can get - The NSW Government has rebates for electricity, gas and other bills. You can use the Service NSW Savings Finder to see what you’re eligible for. Visit the website here: https://www.service.nsw.gov.au/campaign/savings-finder. There’s also a federal $300 energy rebate that’s automatically applied to eligible electricity bills.
- Compare your regular bills - A lot of businesses can save money just by switching providers. Reviewing things like insurance, loans, energy, and phone plans can save businesses over $10,000 a year. It also helps to look over your last year of spending and cancel anything you’re not using anymore.
- Reduce energy costs - Energy prices jumped after federal bill relief ended on 31 December 2025. To keep costs down, try: Comparing electricity and gas plans, Using NSW energy‑saving tips (see the Cost of Living hub link here), Looking into solar or battery rebate options if you’re eligible.
- Spread out large bills - Some providers let you pay bills in smaller instalments instead of a big hit all at once. Things like electricity, council rates and insurance just to name a few. Just call your provider and ask for monthly or fortnightly billing.
- Make a simple budget - With interest rates up at 4.10%, keeping track of spending is important. Moneysmart has free tools to help businesses see where their money is going. You can visit their site here:Moneysmart – Manage the Cost of Living. Even tracking your spending for one week can show quick wins.
- Review insurance every year - Insurance prices creep up without you noticing and switching to a better‑value policy can save hundreds of dollars. Before you renew, get a few comparison quotes.
- Get Help Early if You Need It - If money is getting tight, free financial counselling is available through the National Debt Helpline. Call 1800 007 007 for support.