On the current situation of the Philippine economy, it pays off to save and skimp. If you are currently running your business, either small or medium enterprise, with expensive bills and several costly advertisements, I think you need to think over and cut unnecessary payments.
Remember that if you are going to practice inexpensive ways in managing your business you are likely to gain more profit. The result of your being economical can give a huge and beneficial impact to your company.
There are several money saving tips that can help you boost your business and maintain clients at the same time.
- Get rid of advertisements– these are very much pricey and can take most of your profits. You can resort to blogging and social networking rather than advertise on print and television. The web is always for free and available to serve your purpose. It can also reach your target market.
- Avoid cash advance– you should know that there is always an upfront fee in advance and an interest that is growing immediately. This can ruin how you handle and manage your expenses.
Share your office space– if you think your office is too large for your business transactions you can have it for rent for you to gain additional income.- Do-it–yourself works– it will be more cost-effective if you will multi-task. You don’t need to hire employees to do little stuff for you. But if it’s necessary, you can hire someone for a part-time job.
- Go for refurbished furniture– you don’t need brand new items for your office. Buying secondhand furniture can serve its purpose well and you can save a lot than buying a new one.
- Do business with neighbors– if you want to run some promotions and sale you can team up with your neighboring businesses. Promote and encourage them to do a joint sidewalk sale with you.
- Avoid lawsuits– always give exemplary service to all of your clients. If you encounter unsatisfied consumers make sure to answer and work all the problems before a lawyer get involved. It is too much expensive to deal with a situation like this.
- Avoid giving too much credit– do not give or extend credits if it isn’t necessary. You can provide credits in some situation like to an irate and disappointed client.
- Know your business well– it is important for you to know how to manage your business without asking for legal and professional assistance because this can only cost you some penny.
As an entrepreneur you must know how unstable the economy in the Philippines that is why you need to value your hard work. It wasn’t easy for you to build and establish an enterprise; you exerted so much effort, time and dedication. You surely don’t want to lose everything you work hard for because of being spendthrift.
In conclusion, you need to be wise in spending and saving your money because that is the product of your blood and sweat. So why not start practicing these tips and see how it works for you.
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