Simple cash-savvy tactics for SME owners

POSTED: 22nd February 2013
IN: Guides

Getting a small business off the ground is both an exciting opportunity and a major feat considering all the hard work it entails.

undefinedSo to ensure that your company stands the best chance of survival, remember to employ a few simple tactics to make savings and raise the profile of your business.

For instance, you could offer to deliver a class at a community meeting on your speciality. Not only will this set you apart from competitors, it will also subtly inform potential consumers of your existence. 

Don't be afraid to call on the expertise of a loved one. While you do not want to take advantage of anyone else's skills, a friend or family member may be able to offer you initial help without expecting a pay cheque.  

Avoid the temptation to be a technophobe, but rather embrace the potential of social media. Hiring a recent graduate as an intern can be a great way to kick-start a campaign and they will welcome the opportunity to gain experience.

Examine your office space and consider whether or not it is green. Recycled materials and the savings made from long-lasting light bulbs all add up so it is worth investing time in a sustainable workplace.

Taking this one step further, ensure your company is on the best energy costs it can be. Shopping around for energy deals will help prevent the potential to pay over the odds for electricity and gas.

This can also be employed when thinking about credit cards. If you often find your credit card balance goes unpaid by the end of the month, it is worth searching for a rate that better suit your business needs. 

Remember that every penny counts and that excess cash can work harder for you when stored in a business savings account. While one tactic may not make a huge difference to your company's cash flow, a range of strategies will ensure you keep costs to a minimum. 

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