Any small business owner can increase their profit if they follow a certain set of guiding principles.  If you are like many business owners, you have tight budget.  Does it really need to be that tight?

The answer is no. There are ways around paying more to get less. Here are three ways that you can make the most of your small business budget:

Take Inventory Regularly

One pitfall that many small business owners have is buying things they already have. One way around this is to take regular stock of the office products.  Additionally, there are certain staples that you should have on hand with respect to office supplies. Review your buy list and determine whether or not there are items that you can eliminate. There is no need to supply your team with multi-colored notebooks and gel pens when standard white-lined notepads and less fancy, longer lasting pens can replace them. 

Avoid Brand Name Products

There are usually very slight differences between brand-name products and store-brand products. One of those differences is the price. Some business owners prefer to buy store-brand product because they are cheaper and may even be of better quality than brand name products. When trying to stretch your business budget, determine those things which you can eliminate from your expenditures rather than what you can afford. There is no need to invest in brand name products if the store-brand meets your standards.

Capitalize on Discounts

Many small business owners are squeamish when it comes to buying in bulk, namely because with certain things, having the right amount of inventory on hand is a moving target. Non-perishable items like paper towels, toilet paper and drinking water, products commonly found in breakrooms and personal facilities, will always come in handy. Avoid spending money on brand-name products unless price cuts on bulk orders are deeper than those with store-brand offerings. Stay alert. Develop an eye for spotting great deals.

Ultimately, the key to stretching your small business budget is planning. The more time you invest in cutting costs, the more money you will save, allowing you to generate more capital.

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