Owning a small business can be exciting, but tough on the wallet and your bank account at times. Those just starting out are usually more focused than ever on spending as little as possible so everything can be reinvestment back into the business. It’s once you get comfortable with running your business where revenue and profit is predictable is when you often need to put in place a plan to consider the future.
Ali Habib Mayar knows this all too well as a small business owner himself. As the current CEO of Platinum Rapid Funding Group, he is constantly making decisions to put the company in the best position possible.
Platinum Rapid Funding Group not only makes decisions as a growing business, but they help small businesses as well pave the road ahead.
They provide merchant cash advances, which business owners use to support their businesses without having to wait for longer, more drawn out options often through traditional banks.Most small businesses generating revenue or obtaining necessary funds want to make sure they spend their money wisely.
That is why he recently shared a list of 6 tips every small business owner can use. Each tip should help a business owner make the most out of their working capital or a merchant cash advance they’ve recently received.
- Automate as Much as Possible
There are so many inexpensive and convenient tools available to small businesses. Having things done by a service saves small businesses time, money, and energy. One website we suggest in particular is https://ifttt.com/.
- Ditch the Brick and Mortar
Growing up, most entrepreneurs probably dreamt of having a beautiful storefront for their small business. Times have changed, especially in certain sectors of the business world. It actually might be beneficial for some to completely ditch the brick and mortar, opting for a virtual storefront instead.
If brick and mortar overhead is holding you down, consider using https://www.shopify.com/ to get your business completely online and less reliant on foot traffic to ensure your success.
- Evaluate Hours of Operation
Every hour of operation costs money, so it is important for a small business to take a hard look at everything and see what hours work best. From labor hours to electricity, those bills can add up even by being open an hour or two longer than needed.
This is something restaurants in particular really need to take a hard look at. Middle of the day hours can be dead at times, so closing after the lunch rush until dinner could save money. Skipping a day could also be an option (most restaurants who do this prefer being closed on Mondays).
- Consider Outsourcing
This is another beautiful thing about technology and the world we live in today. Outsourcing is an affordable option for small business owners who need projects finished without having to make full-time or even part-time hires.
Outsourcing tech or writing are some examples of jobs that can be outsourced. If you’re having a hard time finding someone to complete a project see whether or not it can be outsourced.
- Shop Used Equipment, Not New
Whether it be Facebook Marketplace, OfferUp, Craigslist, LetGo or other local selling websites, finding exactly what is needed, used, is actually pretty easy.
A person might need to be a little patient, or get something that isn’t exactly what they wanted, but saving hundreds if not thousands of dollars over time can help the bottom line in the end.
For office equipment, this should be a no brainer. If you’re just starting out there shouldn’t a reason to by new desks, new chairs, and brand new office equipment when you can find incredible deals local on used equipment in great condition.
- Analyze Advertisement Spending
It can be pretty easy to get caught up into spending a lot of money on advertising. Try to limit spending at first, at least until a proven method works. If something isn’t converting, don’t keep pouring money into it. Local businesses who have relied on print advertising who are no longer seeing the return on investment they did in the past should consider using Facebook, Instagram, Google AdWords, or even do their own email marketing promotions to reach new prospects and existing customers.