You'll start to wonder how anyone could possibly spend so much money and survive. Even with a great paper trail and smart spending habits it can be hard to keep up with all the expenses. Merchandise must be purchased, workers must be hired and paid, and business plans must be written. There is so much hard, expensive work that goes into running a small business that even the most frugal business owners will see thousands of dollars disappear at the ring of a telephone. It's rewarding work but the downtimes can be scary.
Saving money, because of this, can seem almost impossible. It's a real hairpuller - how do you save money as a small business when you spend all day watching it float through the door?
That means use every avenue that you can stand to gain exposure for your business. If you're local, things like door knockers, coupons, and special discounts can be combined with a friendly neighborhood business (non-competitive). Put up a cork board in a visible area of your storefront and invite local businesses to ta
ck their promotions up - ask if you could do the same in theirs. Chat up local bloggers who have some prominence in your town and ask to be interviewed. There are plenty of free and cheap ways to advertise your business, especially if you have the charisma to get noticed. Saving yourself advertising dollars is a huge way to put away real money.
Are you paying for a storefront that no one visits? Do you make more sales online than out in the 'real world'? Know what money is absolutely necessary to spend and then scrutinize it some more. Having a virtual business can cut costs drastically, freeing up funds for better merchandise. Employing only those you need to run your business successfully and taking on the other duties yourself (or outsourcing them) is also a huge plus to your bank account.
When dealing with certain aspects of your business, it can be a wallet saver to utilize less expensive avenues. There are plenty of online print shops that can cut the costs of going to a brand name printer, for instance. The internet offers many a chance to save through lots of online deals. There are also lots of alternative options to paying for hefty cell phones plans, company cars, and more. Accounts receivable factoring companies can give you the money from your net 30 and net 90 invoices right when you need them as well, giving you less of a wait and healthier cash flow.
The biggest thing to remember when saving is that everyone struggles with it. Be diligent and put aside as much as possible - you never know when a rainy day fund will help your business through a sudden storm.
Catamount has always been there for us and has been very instrumental in helping us succeed.
Without Catamount we would not be where we are today...period. They have been a tremendous help and are very supportive!
When we needed help Catamount stood up to the plate for us. Their service is outstanding...great people to work with!