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Every small business owner is seeking for ways to boost revenues, save money, and enhance cost effectiveness in the face of a faltering economy.
The good news is that books and articles are full of inspiring ideas. But in today’s challenging economy, you need innovative and imaginative strategies to save rather than just covering the obvious ones.
Use a balance transfer with a 0% credit card.
A fantastic approach to reduce your debt and reduce interest costs is to move the debt balance from one card to a card with a 0% intro APR. For example, if you had a $5k balance on a card with a 17% APR and moved the balance to a credit card with 0% initial APR for 15 months, you would save $862 in interest alone!
When giving customers credit, take into account getting a portion of the money up front with each purchase; it will assist your firm decrease risk, enhance cash flow and save money in collection attempts. For example, you can impose a 25% down payment on all future transactions made from your net 30 account holders.
Depending on the agreements, the vendors you use can provide quantity savings of 50% or more. If you can fulfill these conditions, you might be eligible for a discount. You might be eligible for anything. This including an early payment reduction or an interest-free loan in the form of vendor credit.
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