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Few things are more rewarding than seeing a business you built from the ground up become profitable. However, for many fledgling enterprises, the road from obscurity to success is fraught with tremendous hurdles. Because of the high cost of operating a business that hasn’t yet found its customer base, a sizable percentage of small businesses fold within their first year. That being the case, it behooves entrepreneurs to tighten their belts whenever possible – provided, of course, this doesn’t entail compromising the quality of the products and/or services an enterprise provides. Fledgling business owners looking for easy and effective ways to free up funds can benefit from the following pointers.
Let Certain Employees Work from Home
In recent years, telecommuting has become an increasingly popular practice in businesses large and small. In addition to reducing job-related stress, allowing employees to do the bulk of their work from home often leads to increased productivity and heightened professional satisfaction. Furthermore, giving team members this level of freedom reduces your odds of losing them to other employers.
Being open to telecommuting also stands to save your business a fair amount of money. For starters, this will enable you to rent a smaller office space. If most of your workforce isn’t required to be physically present on a daily basis, there’s no sense in paying for more space than you need. Secondly, fewer employees in the office means less money spent on desks, work supplies and food.
Eschew Costly Forms of Promotion
Promotional efforts are often crucial to the success of fledgling small businesses. After all, if no one knows your enterprise exists, how are you going to attract clients? While there’s nothing wrong with spending money on promotional endeavors, it’s important to focus on the proper avenues. For example, an enterprise that’s trying to reach a young, tech-savvy demographic is liable to have more success with social media promotion and online advertising than with television, radio and print circulars. Taking the time to ensure that your promotional funds go into the proper endeavors will ultimately help you grow your online business checking account.
Buy in Bulk and Avoid Obsessing Over Name Brands
Businesses that provide onsite refreshments and free office supplies can save a bundle by buying in bulk. While this may be slightly pricier in the short term, it stands to save your enterprise a small fortune in the long run. Additionally, don’t be afraid to ask your suppliers about discounts for small businesses. You can also save big by not getting hung up on name brands. Refusing to subscribe to the notion that reliable products only come from big names can be a boon to your company’s finances.
As any seasoned small business owner can confirm, an enterprise’s first year of operation is often the toughest. Even the most appealing enterprises need to time to reach their respective customer bases and staying financially afloat during this period can be very trying. As such, small businesses should seek to conserve their resources while working to establish unique identities for themselves.