Despite the best of efforts to turn things around, you find your small business is taking on water when it comes to finances.
With that being the scenario, your options are rather limited as to how to get things back on track.
That said don’t throw in the towel, leading you to have to close down your business.
Remember, this is the business that you’ve worked for years to put together, one that deserves every last ounce of your physical and emotional sweat.
When times get tough like this, there are hopefully still a few tricks likely left up your sleeve, but is time running out?
Correcting the Errors up to Now
So that you can get your small business ship back afloat, keep these three reasons in mind as to why you are likely struggling financially in the first place:
1. Reluctance to seek help
First and foremost, have you been reluctant to seek help up to this point and time? If so, that is a sizable gaffe.
Keep in mind that there are companies out there that can help you and your small business get back on your feet again, but you have to make the first move.
This means reaching out to companies with financial backing, companies that can provide a merchant cash advance for your small business.
In searching for such companies, be sure to research them online (and through those you know in the business world who has sought similar help.
Among the qualities you want (and need) in a merchant cash provider:
- Experience – Find a provider who has been in business for years, one with the knowledge and resources available to help you get things turned around.
- Resources – You want to work with a financial provider who has resources (financial and other) to assist you in changing course. One of those resources is the ability to provide excellent customer service.
- Results – Finally, get with a provider who has delivered results for other companies like yours, results that will keep your business afloat and moving forward.
2. Spending too much on office supplies
Although the old saying is that you need to spend money to make money (see more below), there are limits of course to that thinking.
For instance, what is your average monthly expenditure when it comes to office supplies?
Unfortunately, too many small business owners lose sight of such important actions, thereby having the bills add up quicker than they realize. When this happens, office supply costs become a bigger problem than most figure they will.
Do your best moving forward to curtail too much spending when it comes to office supplies.
If you take some time to look around (both online and offline), there are deals to be had out there.
3. Not spreading the word around
Finally, how much time and effort (along with money) have you spent in terms of marketing and advertising your brand? When you stop to research this, you may be surprised to learn you are not spending enough as it is.
Even if you are on a rather strict budget, it is important that consumers know about your small business.
Take note that you do not have to spend large amounts of money to get the word out there.
Among your options for less expensive branding promotions:
- Word-of-mouth referrals from your current customers
- Trading out for free advertising and marketing
- Using social media to the max
- Appearing at local community events
When all is said and done, you do have options in keeping your marketing and advertising promotions to a financial limit, so explore them.
As a small business owner, what advice do you have for your fellow business owners in avoiding major financial struggles?