Small Biz Tip: Managing Finances: Conserving Capital

Tips from September 21, 2009

The Small Business tips today will be about how to manage your finances by conserving capital.

  1. Know what sells best. Figure out number of units sold, best sellers, average order, buying trends and what your customers want.
  2. Determine prices by product, service, direct, and indirect costs, as well as keeping the image of the business & some profit.
  3. Be hesitant with money. Don't commit capital unless absolutely necessary. Know you absolutely need something, then go ahead.
  4. Conserve in the workplace. You can lease space, computers, or other office equipment instead of buying to save money.

Daily Overview: Every penny is important when trying to conserve capital: be smart, sensible, and resourceful.