Monitor your Money

Cash flow/working capital are the foundations of any business and hold significant prominence in sustainability, therefore as owner of your business you must ensure you are fully aware of all transactions and completely up to date and on top of your figures. Push for immediate transactions from your debtors via paying online by card opposed to cheques whilst paying your creditors with less haste.

Analyze your Outgoings

Methods of reducing costs are often overlooked and in these current times of hardship, this is an issue that should be addressed. Look at the extent of travelling expenses, could you manage a phone call instead of face to face meetings? Technology is available to video conference over the internet for free; a perfect opportunity to significantly reduce costs on phone calls and travel costs. Could you reduce transporting deliveries costs by forecasting and planning to combine deliveries along the same route whilst also increasing efficiency. Take a look at energy efficiency costs and see if you can reduce outgoings in this area by investing in the latest energy efficient light bulbs basic measures such as turning lights off and plug switches etc.

Explore cheaper credit arrangements and charges

Search for alternatives to the traditional loan payment schemes and gather a host of deals on offer from to compare and select the most suited to your business – banks will compete for your business providing your credit history is sound. You should also consider the most cost effective payment plan such as differing costs of issuing cheques and paying online.

Get noticed and radiate confidence

Clarity is key; clearly project your offer, what you can do, how you do it and the added value for your customer. Explore the most cost effective way of marketing yourself and your organisation, the cheapest being word of mouth and one of the most effective.

Stay focused and optimistic

Just remember everyone is feeling the pinch so stay positive. Consumers and businesses will continue to purchase and your proposition may be exactly what they need.

Don't feel disheartened and remember you are the fuel driving your enterprise, stay aware of all aspects of the company however keeping a close eye on your cash flow and maintaining employee moral are essential to overcoming these times of hardship. Good luck and enjoy your newfound money saving tips to survive the crunch.