You have to run a tight ship when it comes to keeping on top of cash flow in your business and that means being savvy with your spending when you are looking to acquire new equipment.
If you have a commercial building that needs to be cleaned and maintained regularly it could mean that you have to invest in some industrial cleaning equipment, which could soon get expensive.
One solution would be to search out used floor scrubbers, for example, so that you can implement your cleaning regime without having to break your budget.
Here are some suggestions on how to acquire the equipment you need on a tight budget.
Prioritize your kit list
First and foremost, it is essential that you create an inventory of everything you have right now and create a list of all the items you want to add or replace if you had the budget available.
Prioritize all the items on your list so that you spend your available budget on equipment that you need right now and put less important purchases on your wish list.
Auctions can save money
If your budget can’t stretch to buying all new equipment it makes sense to source some good quality used items that will be much cheaper to purchase.
You might be able to get some of these items with a warranty, which is something you would enjoy when buying new, but the big difference is that you will often be paying much lower than the retail price tag.
Look for some suitable auction sites and check what sales they have scheduled so that you can see if there is some equipment you need for your business that is coming under the hammer.
Don’t pay upfront if you can help it
Buying certain things like business software and machinery can soon blow a huge hole in your budget if you pay the full cost upfront.
There are options to acquire these vital components for your business without having to commit a large sum of money straight away.
Consider whether you can lease or rent the equipment you need to help your cash flow and many software packages can be used on a monthly license, which can be a better option than buying it straight away.
Another advantage of these options is that you should be able to get software upgrades and a warranty on equipment when you take this route.
An exchange of goods or services
Bartering is a tactic that has been around for centuries and that’s because it is a great way to get things done or acquire items without any money changing hands.
See if you can offer your products or services in exchange for some items that you would like.
These are some proven strategies for getting what you need for your business when the budget is tight and the amount you can spend is restricted, so look at all of your available options before committing to a deal.
A combination of these tactics should enable you to build your business up without emptying your bank account of much-needed capital.