Small Business Cost Saving

Right now, the economy is in a terrible state

Right now, the economy is in a terrible state. Small businesses are suffering because people aren't spending as much money as they once were, leaving us in a tough situation. Unfortunately, these difficult times have already conquered many small businesses that once thrived and it's hungry for more. So, how do you make sure you're not the next victim? Read on and find out.

Surviving this economic downturn is by no means easy, but there are things you can do to help you sail through the turbulence. The first thing you should look at are your expenses, your business costs. More often than not, careful examination of ANY outgoing money can often lead to potential cost savings. For example, could you downsize your premises? Could you negotiate deals with suppliers (don't be afraid of this, suppliers will most likely expect you to negotiate with them as they will fully understand your situation. They may also be desperate to keep you as a customer as they face the same struggles and may offer you big discounts.), take on more work yourself and ditch the hired help or even raise your prices.

One thing you may be able to do, depending on the type of business you run, is sell unwanted/surplus stock. If you've been holding on to items for a long period of time and they have value, consider moving them on, even if it's at a loss. The extra cash injection might keep you in business for a few months longer to get where you need to be. If your business uses pallets, you might be able to sell any unwanted pallets for a profit - despite their age or condition. If you choose a good pallet recycling company, they will even come and collect the pallets free of charge. If you use a lot of pallets on a regular basis, this could potentially become another more permanent income stream for your business.

Depending on your business, there might be other markets you could easily target with a few small changes. For example, if you own a cupcake company, could you offer discount wedding or birthday cakes? Perhaps your garage could start a pick up/delivery service. When the going gets tough, customers will search long and hard for the best deal so it's important that you give them more, even if the value is only perceived.

by: Brian Iddon

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