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Expert Answers to Biz Questions

Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

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Stretching Your Business Dollars

 

Small businesses aren’t known for having scads of cash just lying around. Whenever you happen to have a great month you need to be shrewd in deciding how best to allocate your revenue so that the company remains stable and can grow in a sustainable and effective way.

 

Due to the fact that most small businesses just don’t have those endlessly deep pockets that multinational corporations have, it’s critical that they make the most of their revenue. Here are a few tips that can help with just that.

 

Evernote

All business owners need to keep notes on a variety of things and on a daily basis. Sure, you could spend thousands of dollars on various note taking apps that allow you to do one or two things each. Or, you could get one of the best note-taking apps you can download, Evernote, and use it across all of your devices so that your notes, photos, and more are all available to you regardless of where you are or which device you happen to be using at the time. With Evernote, you’ll be getting all of the features of a variety of apps, but all in one place, saving you a lot of time and money.

 

Find and Get Rid of Waste

This strategy requires a great deal of work to get started as well as a continuous effort to find and work around various wasteful practices, but it can also save you a lot of money. For example, you can take care of your electronic investments – meaning that, instead of continuously getting new expensive electronic equipment, you repair and upgrade what you already have. Every business is different, which means that specifics on this can only be so much help. That being said, there are a few basic areas where you can start. They include things like job duties and labor costs, vendor quality and pricing, how you use utilities, and identifying unnecessary or ineffective spending.

 

Make Purchasing and Efficient Inventory a Priority

With a few small exceptions, most small businesses tend to have purchasing and inventory needs. This might include merchandise that gets sold to its customers as well as things that are internally used by staff, which can include office supplies as well as items that might be industry-specific. Because of this, creating single, strong sources for your inventory and the information that you use to track that inventory is critical. Storing your assets in more than one location can make things difficult to find and can then lead to purchasing more than what is actually necessary.

 

Bills Don’t Necessarily Need to be Paid When They’re Due

While it isn’t exactly a universal practice, some suppliers and vendors will offer incentives or discounts if you’re able to pay their invoices a bit sooner than your due date or if you pay in cash. In a perfect world, you’ll be able to negotiate these payments down but, in order to do that, you have to follow the seemingly strange advice to “never pay the bills on time.” This is a simple yet powerful strategy. You’ll reap the benefits of lower costs, but only as long as you have the money on hand to pay those bills in full.

 

Finally, make effective plans for your company’s future. Set firm goals and deadlines. This is crucial in terms of stretching your budget as far as possible. Make a plan and be sure that you stick to it. This will allow you to start seeing the revenue your company brings in begin to increase its overall value down the road.

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