Most small business owners are conscious of their cash flow. Whether you are just starting out or have been in business a while, you’ll want to make sure every dollar goes as far as possible. Here are 5 tips to help you make the most of your business funds whilst still allowing your business to grow.
1. Don’t Pay Full Price
No matter what type of business you are in, you’ll continually need to spend money on goods for your business, ranging from office supplies through to equipment like furniture, laptops, coffee machines or tools. Invest a little time searching classified and auction sites and you can often find a real bargain. From second hand equipment that is no longer needed by another business through to new stock and equipment being sold as part of a liquidation, or an oversupply of inventory – savings can be found easily.
Often when you start your business, you are the jack-of-all-trades, however as your business grows, you are going to need additional help. This doesn’t necessarily mean employing staff and adding payroll costs to your bottom line: instead, you could think about outsourcing some functions. There are a number of areas you can look to outsource; from virtual assistants who can help you with administration and other day to day tasks, through to bookkeepers to help keep your books in order. Having an extra pair of hands will free up your time to focus on your business, easing the pressure on your bottom line.
3. Use the Cloud
Rather than investing in expensive computer hardware, consider cloud computing for your business. The right cloud provider will allow pay-as-you-go services so that you can quickly scale up or down to match demand and only pay for what you use. This allows your technology to grow with your business without your having to invest a lot of money upfront. Cloud computing can also mean that you can avoid any single point of failure without having to specifically factor this into your solution; plus you will save on expensive upgrades and maintenance costs.
4. Smart Website Design
For most small businesses having a web presence is an essential part of doing business, but getting a professionally designed website that’s mobile friendly, updated regularly and optimised for SEO can mean stumping up an investment of thousands dollars upfront. Consider using a service such as WebCentral, who offer affordable web design packages which will give you a professionally designed website from as little as $99/month. Not only will they help you get your website set up, they will also work with you on an ongoing basis to ensure your website stays up to date and relevant.
5. Shop Around for your Financial Services
As a small business, you need to ensure that your finances are in good order, and that means having the right financial services for your business. Many business owners will often just go to the same provider of their personal finances to get a new loan, credit card, bank account or insurance for their business. It may be that the provider of your personal finance accounts does not necessarily offer the best product for your business, which is why it is important to compare products in the market to ensure that they meet your business needs and offer you the best value. The best way to do this is using a comparison site; they’ll let you compare key product features and benefits, as well as price on the financial services you need!
Saving money doesn’t necessarily mean cutting corners or not spending on your business, it means being smart with your cash and spending your money wisely!