Authored by Phil Cohen
5 Ways to Save Your Small Business Money This Quarter
When you are starting your own business, it can be hard to know what is too much or too little to be spending on things you need. For many expenses, there are alternatives to choose to keep your bank account in check. Check out these tips to keep your business cash flow healthy.
1. Don’t Buy the Newest Model
Do you need a printer/fax for your brand new business? A new model can cost you a couple hundred dollars and provide the same service as a used printer. Services like Craigslist are great for finding products that you need for your office at a fraction of the cost of retail stores. This will save you some extra money for when you need to purchase something during an emergency.
2. Be Your Own Repairman
When you buy used items, there is always a risk that they will need repairing. Always try your hand at repairing them yourself first or ask a friend. It may sound easier to save time and hire someone to repair something for you, but may cost you more in the long run. You may also find that whatever was fixed, ended up being something you could have fixed. It’s always good to try and do it yourself before seeking help to save some money.
3. Hold off on Hiring a Cleaning Staff
Instead of hiring a cleaning staff, train your employees to take turns cleaning up the office. Once hired, an established rule of cleaning duties will avoid any objections by employees. A cleaning calendar is a great way to have everyone pitch in and save your business money. The larger your company gets, the more necessary a cleaning staff might be down the road.
4. Bartering
Never forget your trade. If your small gym simply doesn’t have the time to clean every night, barter with a current daily member to clean up for you in exchange for a free membership. This way everyone is happy and you don’t have to worry about adding someone to the payroll.
5. Utilize Interns
Using interns to fill some tasks in your business is a great way to save money. There is no salary or benefits to worry about and many college students are looking for internship experience to put on their resume in a business atmosphere. Everybody wins.
Prepare for the Worst, Expect the Best
There are so many ways a business can save money when they need it most. It is important to have a strong financial plan to cushion the blow of any issues that arise. But like we all know, we cannot predict the future. As much as you save and save, things do happen. A great way to prepare for anything, is to factoring your invoices. Invoice factoring increases your capital and provides you with a strong business cash flow. Factor Finders can get you the business funding you need to handle any expense that comes your way, big or small.