Whoever you are and whatever you do; you must have thought about your economic conditions, you must have thought about how you can get some extra money to support your income. The economy of the whole world is down and getting extra dollar will always help you. The first thing everyone must understand is that they have only limited amount of time and having too much to do and too little time to do it can cost you dearly.
Choose well; get better rewards
You must understand that the funds are dynamic and keep coming and going and a keen and observant eye should be monitoring it closely, when you have limited resources, every penny put to good use will earn you dollars and every misspent penny will cost you. The best way to spend well is to critically and elaborately calculate what you have, what you need and what options you have, then choosing the best available option and invest in it.
Be better friends with your bank
When you have good relationship with your bank; you stay punctual in all your fees and payments, clearly define your business strategies and objectives in front of the bank and you do not violate any terms or conditions; you will become friends with the bank. The bank will look at you as a profitable client and will try to help you with best possible advice; a relationship manager will closely monitor your organization and will help you avoid future bumps. You will get lower interest rates, and lowered fees as a nice perk.
Avoid loans; of all sorts
Interests are tricky, the interest adds up into the original amount, increasing it, so, the next time interest adds up, it will be a larger amount on the same rate. If you have no option than to take loan, you should repay it as quickly as possible because the late you pay, the more you have to pay. Using simple logic and better advice, you can easily increase your profit margin.
Control your business
Analyze your profit margins, as gross profit margin is usually misleading. Increase the prices of your goods after reviewing all the prices of your products. Stop competing on price and give no discounts. Start taking cash discount from suppliers. Closely monitor the bills and payments; every penny matters. Use computerized inventory monitoring systems so as to avoid thefts, which can also be avoided by increasing security. These methods are usually but can serve as a good temporary option.