As a small business owner, there are always things that you need to purchase for your company. Keeping up with what you need and getting the most for your money can help stretch your budget.
Margot Carmichael Lester with Staples recently wrote 6 Ways to Stretch Your Small Business Budget. She highlighted some great tips that can help with your small business budget. Among them are the following:
1. Identify priority items: There are some items that a business must have to operate properly, so those should be on the top of your shopping list. Other non essential items can be purchased gradually as funds become available.
2. Track inventory: Store all inventory in a single place and keep an up-to-date inventory list. That way, you won’t waste money purchasing items that are not needed.
3. Stock up on store brands: Often store brands are equal or superior to brand-name products but at a much lower price. Always look to store brands if they are high quality.
Please be sure to read all of the tips and the entire article here.