Joseph tramontana - 5 money-saving tips for small businesses

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    08-Aug-2015

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  1. 1. 5 Money-Saving Tips For Small Businesses Entrepreneurs know that operating a small business can be a stressful job. Small business owners must manage cash flow, pay employees and watch for wasteful spending. These issues all contribute to stress. Cash flow is a primary concern for the majority of business owners, no matter how well they are projected to do in the future. Cash flow is affected by rising costs, late payments, and check clearance. Here are five tips to help you in your journey: 1. Purchasing Decisions: - Before you buy that new piece of high-tech equipment, think about three things: Can you afford the purchase? What it your ROI (return on investment)? Are there any tax advantages or deductions? 2. Review finance costs: - Keep a watchful eye on how you finance your business. Although lending has become more difficult over recent years, many banks are open to negotiating competitive interest rates. It is often worthwhile to speak to a number of banks for comparative purposes. Consider all sources of funding, because each has their advantages and disadvantages. Business financing deals with issues such as bank loans, mortgages, asset allocation, and other factors. Financing is a complex area and usually well worth seeking competent expert advice. 3. Make full use of technology: - Technology is essential in making your business more competitive. Make sure you keep up with the efficiency of your competitors. 4. Save on Energy: - Conserve energy by turning off lights, computers, and other equipment when they are not in use. You can also install automatic controls to your heating and cooling in order to cut down on costs. Let your employees know your goals and that you appreciate their contribution to this effort. Programmable thermostats and timers can cut costs by nearly thirty percent. 5. Keep Up-to-date on Technology: - Communication is the key to any business, but you could find that your phone bills are causing a huge drain on your cash. If this is the case, why not consider making using Internet Technology to reduce costs? Online calling systems can provide you with a substantial discount on your phone bills.