Manta Small Biz Center


Cash Management Tips For Small Businesses


By Nazir Daud

In today's unhealthy economy, one can't help but wonder how small businesses can effectively achieve cash management. In fact, even medium scale and large scale business are struggling to cut back on their expenditures during the current economic situation.

Everyone is tightening their belts, both customers and consumers. Imagine the consequences if no one wanted to purchase goods other than the essentials. What will happen to the restaurant industry? What will happen to the retail industry, particularly those marketing electronics and those gadgets that people can manage without?

It's not just a matter of reducing expenses. Small businesses need to survive and compete with the lower prices that are offered by their competitors--and good cash management is a must.

Here are some tips to help you to save money and manage your business and cash flow. These will also help individuals to better manage their home expenses.

1. Energy Consumption

Electricity is an expense we can't avoid, but if you are able to keep your energy consumption lower than normal, you can save a fair amount of money. One way to save energy is through the use of laptop computers. Sure, they can be more expensive than desktop computers, but imagine the great savings you'll get when it comes to energy consumption. A laptop or notebook computer consumes around 90 percent less energy than desktop computers. Most small businesses use computers, and if these are replaced with laptops when the time comes, energy expenditure will be less. The more computers your business uses, the more money you will save.

2. Telephone Costs

The telephone is essential to all small businesses, and many use mobile as well as land lines. Check up on your monthly plan and negotiate a better deal. As competition is increasing, many businesses are stuck on a deal they started off with, and if they renegotiate they can save a lot of money. Use mobiles only where necessary since they are significantly more expensive to use than land lines. Good cash management involves keeping a close eye on communications costs, especially those that are non-essential.

If you use multiple telephone lines in your business, consider VOIP as an alternative. This can allow you to make huge savings, particularly if you have more than one location for your business. Also, Skype offers a completely free service between Skype users, and it is less expensive than normal to phone non-Skype users.

3. Save on Your Ink

Ink for printers can be another expensive item, particularly when calculated over a year. Try to go paperless and print only what is essential. Use recycled cartridges or buy in bulk to save money. Printer sharing on a network can save on the cost of the hardware and also on ink!

Next Page: 4 More Cash Management Tips


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