When you run your own small business, you’ll always be looking at ways to ensure there is enough money to keep everything going. This can be a challenge, especially in the face of stiff competition. It’s therefore important to ensure you are making the most of the resources you have. In this article, we’ll discover some of the ways you can make your small business finances go further.
Take advantage of free tools
Nowadays, there are plenty of tools at hand to help propel your small business. Social media accounts are free, and offer you the chance to promote your business to an audience of billions. A Facebook page, Twitter stream, and Instagram account will allow you to showcase your products or services, connect directly with your customers, discover trends to help you plan ahead, and ensure that you have a presence that is readily accessible, any time. It’s free to set up on eBay and Etsy, and although you will need to pay fees when items are sold, this is infinitely less expensive than having a bricks-and-mortar presence with associated overheads.
Keep shopping around for the best deals
You may be working with outside sources, such as raw material suppliers, manufacturers, designers, and delivery companies. You’ll also be paying for any applicable overheads, such as internet access and business insurance. It’s crucial to ensure that you are always getting the most for your money, in the same way as you would for your personal finances. For services such as internet access, check that your provider is still the most competitive every year. Do the same for your business insurer; there may be offers with other companies that save you money. Don’t be afraid to switch every year if necessary. Likewise, keep an eye on whether your suppliers and manufacturers offer an optimal balance of price and quality. If your chosen delivery company is more expensive than a competitor, particularly if their service is not exceptional, consider making a change. It’s always worthwhile to approach the companies with which you have an existing relationship to establish if they will match a deal from a competitor; they will not wish to lose business, and may be accommodating of a change in terms.
Explore networking ideas
There may be opportunities for your business to work with others on mutually-rewarding projects. Whether this involves reciprocal promotion, a collaboration on an exclusive item or service, or discounts shared between customer populations, it can be lucrative to explore these options. Network at local business-owner events (which may be free, or offered at a relatively low entry price) or join online forums for longer-distance alliances. Be open to all offers.
Expand the investment in your company
If it is time to consider expanding the scope of your small business, it may be prudent to seek additional investment. This may come from your own personal savings, assistance from a relative, agreement with an outside investor, or an attempt at crowdfunding. You may also consider a small business loan; if you’re considering this route, learn more here.