How do you deal with limited funds?

[Nomad]

When you have limited funds, you will not only encounter problems in manufacturing but also in running your business as well as marketing your products. As a small business owner, you need to leverage existing resources and employ low-cost digital marketing strategies to reach customers. You might lack funds for product development and marketing budgets, therefore, you will have to sell someone else's products.

 

[Goldynn89]

Having insufficient funds can be debilitating to a business, but you should have had a plan for that from the onset of your business.

Otherwise, you'll need to first look for ways to cut down costs in your business, and then ways to generate more money.

 

[Kirubel]

In the business world having a shortage money and limited amount of funds could e a problem, but it can be managed by limiting the resource we are using for our products and also limiting the excessive and unnecessary expenses.

 

[arunima25]

Sufficient funds becomes the most important factor for smooth running of any business. As far as possible, try to have a business within your budget. You can start it very low scale and slowly upgrade it as you get the profit margin.

 

[Fidelia]

When you have limited funds, you need to try and leverage non professional staff to help keep your wage bill down. Instead if employing a chartered accountant, you can make do with a non accounting professional who can learn to keep financial records.

 

[arunima25]

One has to look at all the possible ways of cost cutting when it comes to managing on low fund. Be it cost cutting in production, cutting down the employees number etc, one will have to look at all the aspects and take tough decisions. But at the same time, one has to make sure that the quality of the product or service is not compromised as that might make thd business loose customers.

 

[eLdavis]

One way to deal with this is by simply creating a list that states your needs and wants, and focus on your needs according to their level of importance. This would help you spend and manage your funds effectively.

 

[Xtynehappy]

Alternatively you can seek additional funds from the lending institutions to boost your business funding.