As a small business it is vitally important for you to be cautious with your spending. when first starting out it’s hard enough to stay afloat let alone generate vast profits so being tight with your money really is a must if you want your business to succeed and grow.
Sacrificing quality with every item you purchase is not necessary, you can run a business affording all expenses simply by exploring alternatives.
Try hunting down well cared for used equipment as opposed to buying new and rather than hiring new full-time employees why not try outsourcing some of your projects to freelance workers.
In order to help you manage your spending better Merchant Money have compiled selection of simple tips. Follow them closely and you’ll be guaranteed full control of your financial situation:
Don’t be afraid to negotiate
Whether you’re negotiating the fee for new equipment you may be purchasing or any other services you may be looking to buy don’t accept the first price you are quoted. Much alike you, many of the businesses that you will be dealing with are likely to be small start-ups and are sure to give a little off the original price so do not be afraid to try and knock them down.
As an example, should you pick up a new desk for the office do not be afraid to ask for a little off the price of the furniture in exchange for a polite gesture such as you picking up the desk rather than requiring the firm send the item out to you.
Look to buy second hand
Regardless of whether it’s vital equipment or office furniture that you’re looking to purchase for your business then try looking to purchase second hand – a way of getting the supplies you whilst saving vast amounts of cash.
Online auction sites are great places to find items like this in plentiful quantities.
Further to this, should you be working from a home office then functionality is key. Do not end up parting with large amounts of money for items simply for aesthetic reasons. Many of your clients are likely not to see your work area should you work from home so the visual appearance of items should most definitely not be valued over the quality at which they fulfill their purpose.
Hiring more full-time employees to join your workforce can prove to be expensive. Should you find yourself in need of a few extra members of staff for a short period of time then look into finding freelancers and independent contractors to carry out the work for you.
Alternatively, you can outsource tasks such as bookkeeping.
Reduce your marketing expenses by looking to increase your business’ presence on social media and other free to advertise sites. Why not create a video that acts as a small summary for your business and the services you have to offer and post it to YouTube.
Another inexpensive way to maintain your presence within your existing customers’ interests is to make them aware of any news or special deals you may have to offer via an email newsletter on a monthly basis.
Whilst we are offering you money saving advice we understand it is not always possible for a business to grow without financial aid. Travel to our homepage to begin browsing the wide variety of small business loans that Merchant Money could offer you.
Jan M Stefanowicz
CEO Merchant Money Ltd