Throughout the past several months, the Synergy Merchant Services Blog has certainly doled out its fair share of advice to our beloved readers. Just as our fantastic funding specialists do, we take pride in our business practices and hope to share our knowledge and experience with those who work with us.
That being said, we maintain that a merchant cash advance is today's quickest and easiest resource for additional capital to help small and medium-sized businesses all over Canada grow. Even though some clients communicate concerns about participating in this program during the current economic state of the country, we encourage them to think of their company's future today.
Renovating and expanding are excellent ideas during a recession as they will help satisfy customer needs, especially when the economy strengthens. Nevertheless, there are still those business owners who remain steadfast in their beliefs that they must cut costs.
Of course, our merchant cash advances remain very helpful tools. And never do we recommend unwise spending. So we thought we would research some ways you may want to think about cutting costs, even while you are working towards growing your business.
Alvin Jay of EzineArticles.com suggests a number of methods to cut costs for your business. The first is to “diversify your operations”. Provide your employees with more than just one role, says Jay. This allows for duty distribution throughout your company so that you do not have to uneccesarily hire new staff. As he writes, “a small increase in pay for added responsibility beats paying someone an entire pay package.”
Another of Jay's suggestions is to employ technology that is free. Using the internet, of course, is the most common way to make long distance communication effective. Cutting phone costs through the use of such features as Skype or MSN can be very helpful.
A tip that we especially advocate at Synergy is to use recycled paper in your office. In fact, at Synergy, we work diligently to maintain a paperless environment. However, when necessary, we will use both sides of the paper when printing and recycle scrap paper when possible. This, of course, saves money on printer ink and buying new stationary.
Obviously, none of the above advice would be all that beneficial without efficient accounting. According to Jay, “Not many people know that with efficient accounting, hidden costs and unnecessary spending can be rooted out and removed completely from the company. Some companies who finally turn to using professional accounting services have found that they could have saved up to $25, 000 a year on useless expenditure.”
By adopting all of these cost cutting measures, a business owner not only places him or herself in a better position to save money, but more importantly he or she can spend that money in more important places. Especially with the assistance of a merchant cash advance, following such tips can mean the difference between just surviving and truly prospering through and after the recession.