In today’s down economy, we must question every expense and stretch a dollar farther and longer in our small businesses. This can leave us with many questions:
- What do I do when my business’ cashflow is low but I need equipment and materials for my small business?
- Since banks aren’t lending as freely to small businesses these days, what do I do?
Don’t panic! As always, I’ve got 3 solutions to help us stretch a dollar to save and make thousands:
- Bill Me Later. We’ve all seen it when checking out through various online retailers shopping carts. But what is it? Bill Me Later, as its name implies, allows you to pay for your purchases at a later date without using a credit card. All you have to do is enter your birthday and last four digits of your social security number. It’s that simple. Many retailers offer anywhere from 90 days to 6 months no payments no interest which is great because you can stretch your dollar a little further and longer. The downside is that the annual percentage rate is 19.99% but you are going to pay it off in full anyway so the APR doesn’t matter. Bill Me Later was acquired by eBay in 2008. Why not give it a try?
- Credit Cards. Like it or not, we all need credit cards in our businesses. Many credit cards offer great promotional offers (i.e. 0% APR for first 6 months purchases) or rewards. You just have to know where to look. Likewise, you must be financially responsible and only charge what you know you can realistically pay for. This will definitely help you stretch a dollar to save and make thousands. There are many websites to compare credit cards but your focus should be on finding the best credit cards and rewards for your business. I had an excellent interview with cardratings.com founder, Curtis Arnold, on his book How To Profit From Credit Cards. Always remember: Do your research!
- Barter. That’s right, I said barter. In today’s economy, many small businesses are bartering their products and services with other businesses. This is a great way to stretch your cash a little further. Just keep in mind that you must record this on your taxes (yes, I’m serious). Visit the IRS website for more information.
With these three money-saving and dollar stretching tips, you can do a little more with less in your business!