Stretch your business dollar
In business, cash flow and capital are absolutely crucial to whether or not a business survives. While you can use financial help, such as loans to boost your cash flow, learning how to stretch your dollars further, so you need less money to get by is also a valuable skill to have. The following are some tips for stretching your business dollar to the furthest extent.
Tip one: Eliminate waste. Start by doing an evaluation of all aspects of your business and find where funds are being wasted. Do you have money going into marketing campaigns that are not garnishing results? Do you have people who are not worth their salary? Where are you wasting those important business dollars? This is a crucial question to ask yourself, and you have to really be honest with yourself if you are going improve your business. Invest the time to do the research and evaluation of your company spending to find any leaks. It is similar to a personal financial plan, if you do not identify the poor uses of money, it is hard to eliminate them and improve.
Tip two: Find ways to make what you are already doing cheaper. The next big challenge after you eliminate waste is to determine if there are ways to get the same results for less money. For example, if you make regular conference calls, that get costly because you are calling over seas, for example, could you make these calls using an internet calling service, making them much less expensive, or in many cases free? This is like the couponing of the business world. You still want to get the same stuff, but can you get it and pay less to do so? Can you trade with another company, or barter some of your goods or services for goods and services you need?
Tip three: Get creative. Sometimes the best business solutions are the cheapest. Social media is the perfect example of this. Companies that have very little money to spend on marketing have developed methods that are super low cost. If you are struggling with the money you need to get your business moving forward, look for creative ways to achieve the desired results. If you have great product placement, and good reviews, but your products just aren’t moving off the shelf, consider samples. If you find that your customers are not connecting with you, engage in some social media and ask for their feedback so you can pinpoint problems. Use the resources you already have, and the people you have to find creative solutions to expensive problems.
Tip four: Partner with other companies that share your target market, but are not your direct competitors. A great way to stretch your dollar further is to split the cost. If you have a home with one person or four people living in it, the cost is not going to change much. You still have to heat the house, run the fridge, etc. Try campaigns like, “Come in for a new patient teeth cleaning, and get free teeth whitening.” The dental office partners with the teeth whitening company, and everyone wins, including the customer. And it costs less for both the dentist and teeth whitening company to get their name out there.