Savvy cost saving is a key part of doing business for every growth-minded small business. Fortunately, there are hoards of ways to keep your small business cash flow in strong health. Flexible business loans are one way to ensure you have all necessary productivity tools and resources to keep business humming without cutting into working capital. Compliment clever borrowing with smart penny-pinching strategies to keep maximum money in your business back pocket.
Four simple money-saving strategies
Here are four shrewd ways to save money when running a small business.
- Share and share alike
Small businesses are all in it together. So why not pool resources and share costs with your neighbouring businesses to support each other? There are so many ways you can make things happen together that none of you could bankroll on your own. Share distribution channels with relevant counterparts. Enter into joint promotional opportunities together. Get collaboratively creative to slash that marketing spend while kicking bigger goals.
- Ramp up those referrals
Flexible business loans give you additional cash flow to make larger ticket buys for your business needs but referred business keeps new cash flow pouring into your business on a long-term basis. Don’t be afraid to reach out and ask for referrals from your contacts. Who do your networks know that need your products or services? Get their contact details or ask your contacts to pass your business details on to the prospects. Either way, make contact and you will be well on your way to new customer conversion.
- Dare to compare: when you are checking out new suppliers, do you simply pay the first asking price you find? Or do you shop around for more competitive quotes? Almost every small business will (and should) answer the latter. Selecting business finance is no different. It is good practice to get quotes from at least three different lenders so you can compare rates and solutions. That way you can select a business loan that is best compatible with your specific working budget and requirements.
- Find finance that fits
Running a small business means you will need equipment, stock and other important assets to achieve top productivity and business growth. Save much-needed funds by getting finance that fits your needs and your business. Flexible business loans let you get what you need without depleting your working capital reserves. In fact, the right flexible business loans actually improve your cash flow with easy repayment arrangements and no security required. Capify has a range of flexible business loans that offer the transparency and manageability of fixed daily repayments. So keeping a clear strong handle on your business cash flow is a cinch. Best yet, the funds hit your account within 48 hours of your having been approved.
Fire up your small business financial position with strategic savings and flexible business loans. Speak with Capify today.