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Here are two easy ways to reduce your business expenses

by , 03 July 2014
South Africa's economy isn't growing. It contracted 0.6% quarter-on-quarter in the first three months of this year. And the Finance Minister says the country will miss its 2014 growth target.

Added to this, the recent petrol price increase and the Numsa strike are set to further cripple the economy.

If you're a small business owner all these things aren't good for your business. And chances are they're making it harder for you to run your business and improve your bottom line.

But, we have some good news for you.

We have two easy ways to boost your business's bottom line in these trying times. And it involves cutting unnecessary expenses.

Use these two easy ways to reduce your business expenses so you can improve your cash flow.

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Use these two ways to reduce your business expenses

#1: Negotiate lower credit card Annual Percentage Rates (APRs)

Finance writer, Brian Carey, says many small business owners use credit cards for working capital, minor purchases or travel expenses.

He says if you're paying high annual percentage rates, do your business a favour and negotiate a lower interest rate as you stand to save significant money in the long run.

#2: Negotiate lower prices with your suppliers

You shouldn't just be wrangling better deals from your credit card companies; you should also negotiate with your suppliers.

According to Carey, most suppliers are amenable to the idea of negotiating prices, especially in this economy and they'd rather do so than lose a regular customer.

As leverage, try to find another supplier that's offering lower prices and then ask your current partner to match or beat them. If they won't, maybe it's time to switch, says Carey.

There you have it. Use these easy ways to reduce your business expenses so you can improve your cash flow.

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