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Jan
10

Save Your Way To Success: Superscrimping Business Tips For The Budding Billionaire

On paper, you are doing alright. Maybe not a billionaire, but you should be able to save some cash each month and build your business.

But in reality… you are skint. You barely get to the end of each week without running low on cash or needing to get an I.O.U.

And for the budding billionaire, intent on running their own business, this is a situation you literally, cannot afford to keep happening. If you have employees who are reliant on you for a wage, then you doubly need to shape up and take charge of your finances – both personal and business wise.

NAPM asked some of the most successful entrepreneurs for their money saving tips.

  • TAKE CARE WITH CREDIT CARDS

Now we are not advising that you either don’t have or don’t use a credit card. In fact, they can be massively useful tools, in both business and private life.

However, they need treating with massive respect.

By all means, have a credit card, but don’t plan on using it unless absolutely necessary.

Make sure you plan to pay the balance off in full each month and take advantage of the 0% transfer deals available. By savvy switching, you should be able to avoid interest rates and could end up with a better deal than taking out a bank loan.

  • IF YOU DON’T NEED IT, DON’T BUY IT

Does your business really need the most expensive offices and made to measure furniture from the top designers in town?

Save as much money as possible on business premises and shop around for the best deal you can get.

You are just starting out and your first commitment is to your own bank balance – not to impressing clients with fancy pants offices.

The same principle applies to your car and personal living arrangement. Sure, if you have a family, we are not suggesting moving them into a shoe box, but if you are still single, then live as frugally as possible.

Your car needs to be driveable. It does not have to be a classic Chevrolet or sports coupe.

  • RECYCLE EVERYTHING

Recycling does not just save the planet, it can also save your wallet.

As well as installing low energy devices and monitoring your electricity and other utility usages, there are other things you can do to minimize overheads.

The paperless office is not just a gimmick or something that will benefit the environment, it can stop you from having to pay for costly paper mail outs. Where possible, get your customers to switch to electronic billing or communications.

That old cell phone you have sitting around, cluttering up your drawers, could make you a few bob if you sell it on. The same could be said of other old electronic devices.

Likewise, with other unwanted household items, sell them on e-bay or similar places.

  • IF YOU DON’T ASK YOU DON’T GET

As a business person, you ought to know about the power of haggling and sometimes, just pure cheek.

Try asking for a discount or even freebies. You never know, it might actually work!

And as a business, you could offer them something in kind, in return. Negotiating a better deal should be hard wired into you as an entrepreneur, but you could also try it in your personal life too.