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Saving Money on Business Expenses – Making Purchases July 17, 2009

Posted by gsbusinessresources in Biz Resources.
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One of the biggest challenges small business owners face is cash flow – or rather, lack of cash flow!  For those that borrow money, it has to last as long as possible to keep from incurring further debt. For those that are using personal funds to get the business going – or to keep one going – stretching the money you have available is even more important.

There is good news. There are ways to save money without sacrificing your business’ growth and development. Since this is an issue that I confront daily in getting GS Business Resources off the ground, I want to share with you some of the tips and tricks I have learned.

Whether you have a new or established business, you are going to have to purchase supplies. For me, it is going to be office supplies and equipment primarily. Before I decide to make any business purchase, I ask myself the following questions.

First – do I really need this item I am considering? If so, do I need to buy it now? Can it wait until I get more money coming in to the business, or does not having this item cause me to lose business?

So often we think we need an item and never stop to consider if we really do. This is a very important question to ask. Once you have decided that you do need to make this purchase, and it needs to be made now, you can go forward with the next question.

Are there free samples I can try first? Of course this won’t work for everything you need to buy, but it is worth trying when it does apply. Do a google search for the product name and “sample” and see if any are available. You sometimes get a coupon with the sample to encourage you to make a purchase. Be sure to hang on to these – they will help out!

Can I find it on sale?  Most stores will post their weekly sales flyers online; if not, call various stores where you could purchase the item and ask if it is on sale. If it is near the end of the week, be sure and ask if the item will be going on sale the next week. Often you can get a price adjustment if you bought an item within a week or two of it going on sale.

Is there a coupon that I can use for this?Again, if you check the sales flyers, there may be coupons in there. Also, do a google search for the name of the product and “coupon”. You might be surprised what turns up.

Is there a reward program at the store where I am considering making the purchase? If more than one store has the item you need at a comparable price, consider purchasing at the store that offers some sort of reward program. The rewards may vary (and may change over time), but if it is something that would benefit you and your business, sign up!

How does the price at a warehouse store compare with other stores? Carefully check out the price per unit to make sure it is a good deal. If it is, but you don’t need the quantity (or have room to store it all!) contact friends, networking partners, etc. to see if someone wants to split the purchase with you.

There’s a few tips to get you started. How do you save money on business purchases?

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