Many startups rely on using credit cards and loans to finance their endevors. But in today’s economy, this can hurt your chances of making it through the recession.
So what’s a small business owner to do?
- Cut down on spending and borrowing. Think about how you spend. For example, I use a ton of paper in my business. Not only do I buy it in bulk, but I also use both sides of the paper in my printer. I keep a box nearby for the paper that’s just printed on on side. I use the blank side to print items I need for proofing, etc - and give some to my girls for their coloring projects.
- Keep accurate books. If you are on top of your finances, it will be a lot easier to make tough decisions when you have accurate figures.
What advise do you have for when money is tight?
Tags: advice, finances, recession, small-business, startupShare This
