Owning and/or operating a small business can be equal parts rewarding and frightening. The satisfaction of creating an enterprise from the ground up is often counterbalanced by all the stress involved with getting a small business through its first year. There are many reasons small businesses close their doors, and the vast majority of them involve insufficient funds. As such, it’s in the best interest of every fledgling enterprise to practice frugality until they’ve comfortably established themselves. Fortunately, conserving financial resources doesn’t have to be an uphill battle for budding entrepreneurs.
Embrace Free Avenues of Promotion
Depending on the nature of your business, traditional forms of advertising may not be the best way to promote it. If your enterprise caters to a younger crowd, print advertisements in local papers, TV ads and radio spots are unlikely to reach your target demographic. In addition to being ineffective for certain businesses, the aforementioned methods of promotion tend to be rather pricey. This isn’t to say you should abandon these avenues entirely, but focusing on digital – and free – forms of advertising can be a boon your enterprise and help grow your business checking account. For example, in recent years, many small businesses have been successful in promoting themselves on popular social media platforms. Not only can social media help you reach a broad and diverse audience, but it’s also free – a perk that no cash-light business can afford to pass up.
Reach Out to Vendors
Many businesses are eligible to receive special discounts from assorted vendors but are completely unaware of this fact. So the next time you need to place a bulk order for office supplies, computer equipment or snacks, reach out to your preferred vendor and enquire about bulk-buy discounts for businesses. In doing so, you stand to save yourself a considerable sum on workplace essentials, thereby freeing up funds for additional staff and promotional endeavors. If none of your current vendors offer discounts to businesses, look for ones that do.
Consider the Perks of Telecommuting
Allowing certain employees to work from home can have a number of positive impacts on your enterprise. In addition to enabling team members to work in a comfortable environment, telecommuting can be an invaluable money-saver for many businesses. The less staff you have onsite, the less office space you’ll need – which can help you save big on rent. Furthermore, having fewer onsite employees will help you save on utilities, office supplies, and food. As an added bonus, telecommuting has been linked to increased worker satisfaction, heightened productivity and strong company loyalty. With few exceptions, guiding a small business through its first year can be a wild ride. Unfortunately, a large percentage of fledgling enterprises have no choice but to throw in the towel before they’re able to fully establish themselves. While closure is sometimes unavoidable, many small businesses go under as a result of poor budgeting. Putting the previously discussed pointers to good use can help first-time business owners get a handle on their finances and keep their respective enterprises chugging along.
