National Small Business Week was feted across the country this past week. And the question has been asked if small business is doing anything different than other businesses – i.e., holding onto their cash.
It may be that small businesses are continuing to use personal savings and credit cards because community banks are still having a hard time of it with lending. Community banks faced a deadline this week to apply for more than $9 billion in loan funding for small businesses.
In the meantime, there are opportunities to improve efficiencies in your business. Technology is making online presence and storage via the cloud simpler all the time and Verizon is one of the top 50 companies influencing cloud development. This article on cutting credit card transaction costs can be a major cost-saver. Verizon also offers discount on Chase Paymentech to help you manage your transaction costs.
Whatever your business, being efficient takes many forms, but low-cost operating capital and using technology to your best advantage will help you get growing! Let us know what you’re strategies are to keep your cash flow up and costs down.
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