As a small-business owner, you know stretching every dollar in your company's checking account is important during the initial years of operation.
Given that most investors want to see your business operate for at least two years before they'll put money into your company, you'll have to do what you can to avoid exhausting your funds until you can acquire more. With this consideration in mind, here are five tips for saving money at your business:
- Become a paperless business. Your company can spend a lot of money on printer paper and ink over time. When possible, avoid printing. Instead, opt for e-statements and other services that allow you to electronically store information. Your business can save money, you can help reduce paper waste and your data can be accessed on the go.
- Advertise for less. Many small businesses have tight advertising budgets. If you're already pinching pennies in this area, there are some affordable ways to expand your marketing campaigns without straining your business's funds. Several social media profiles have free basic functionality for businesses and only charge for targeted ad campaigns. Of course, one of the best advertisements for a business is word of mouth, so tell friends, family and acquaintances about your business.
- Use affordable strategies for acquiring equipment. One of the largest expenses you'll face as a business owner is the cost of new equipment. Luckily, there are various ways to reduce this expense. You can purchase used equipment rather than new. Additionally, you can apply for equipment financing as part of our business banking solutions. We can give you a customized loan that meets your business's needs and leaves you some capital for other expenses.
- Establish bonds with your suppliers. Do you have a list of vendors you regularly turn to when you need products or services? If not, work on establishing these relationships. Once you are more familiar with your suppliers and have a history of making on-time payments, you can ask for a discount.
- Use green products. If you have a storefront or office, you can save a lot of money by switching to energy-efficient light bulbs and appliances. Swap out incandescent bulbs for compact-fluorescent or LED ones to watch your business's energy bill shrink. Also, switch to fridges, microwaves, printers and other devices that use less energy.
For more information about how you can grow your business, contact Landmark Bank.
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