Keeping a sharp eye on your finances does not mean you are a cheap skate. There is something to be said about living within your means, especially if you are a small business just starting out and looking to maximize your money. Here are a few quick tips to save you a few bucks on your small businesses expenses.
Consider travel expenses: If you are a small business dependent on making deliveries or one that must consider other travel expenses consider a few factors. Look for more effective routes that may be less mileage or combine trips to cut down on miles traveled. Also, if possible, try not to schedule deliveries at peak drive time hours so you are not burning up gas while idling in traffic.
Adopt used goods: Small businesses looking for office and equipment should consider the benefits of finding used supplies and furniture. Some items in the economy can actually cost you nothing as many business need to get rid of unwanted furniture. We know many businesses that have furnished their offices for next to no cost.
Improve internal accounts receivables: Many small business owners and operators keep their accounts receivables processes in-house in an effort to save money. That’s a smart move. However, if accounts remain unpaid for long amounts of time, businesses end up losing money and put their financial futures at risk. Help from a reputable collection agency can actually save you money as well as time. Get your back end in order and you might see that cash flow improve rather quickly.
Did you see our last blog post on why your business may be losing money? Take a look.