Unusual ways to control costs in your small business

With today's ever tightening economy, small business owners have to find more and more ways, to control costs within their business. Traditional methods of controlling costs may not always be working, when your business is just starting out. However, with some creativity and planning, you can control costs, and help keep your business afloat, until it is a little stronger. If you are a small business owner looking for ways to boost the financial health of your company, here are some unusual ways to control costs in your small business-

• If your business is a start-up, don't quit your day job until you are sure you can afford to. Financial experts stress, that this could be the only way to keep your business running, until it is profitable. Many small business owners start their company while working somewhere else, while you may want to quit your day job and spend all your time on your business-don't. You should not take this step until you are sure your business can support your lifestyle and your family and itself, from a cash flow perspective. This way your fledging business will not have the added cost of trying to support you, as well.
• Use a home office-Again, if your business is a startup, you can work from home for awhile. You will be able to take a home office deduction at tax time, if you do it properly. Because physical space is one of the biggest costs to any business, this step alone can save you considerable amounts of money. In addition, not only will you save a lot of money, and you will be able to make sure your business will fly before renting office space.
• Work to extend your accounts payable-Your accounts payable are what you owe your suppliers. There is nothing in it for you, in paying your bills early. By doing this all you do is give your supplier the use of your money, when you should have the use of your money. If you have 30 days to pay, take 30 days, unless you get a discount for paying early. You should also ask your suppliers to extend your payment period. It is important to keep in mind that most suppliers will work with you on this, especially during a down economy. If you have 45 days to pay, ask for 60 days. Remember that all they can do is say no and many will say yes. This will give you the use of your money longer.
• Team up with another business-If your business is growing, you can save a lot of money by sharing office space with another business, if you're ready to leave your home office. In addition, an existing business might welcome the extra income from rent. Start by talking to friends who own their own businesses. One of them may be willing to let you use a corner of their office. If they are struggling financially in the recession, they may even partition their office off for you. In addition to teaming up for office space, you may want to work with other businesses, for better terms in purchasing, marketing and advertising.
• Consider using the barter system as payment-Bartering is exchanging goods and services with other individuals and business owners, without the exchange of real money. If you do this correctly you can offer products or services, to vendors, or other supplies, in return for products or services you need. However, you choose to do it, just be creative and don't be afraid to think outside of the box!