Every company goes through a business rough patch occasionally. Whether it’s due to factors outside your control like a national recession or internal issues such as loss of clients, cutting costs is one of the most effective ways to overcome it. Below are some tips on how to create a budget so you can do just that.

Get Organized Before Attempting to Rework Your Budget

Organization is key to cutting expenses. When you’re not organized, you might go out and buy equipment and other supplies for your business that you already have. Having papers scattered all over with no established filing system means you must spend valuable time doing it yourself or pay someone to do it for you. Reworking your budget is much easier when you have everything in place already. If you don’t already have a system to keep your business organized, now is the ideal time to create one.

Budgeting Software is Cheaper Than Hiring a Bookkeeper

Bringing on a new bookkeeper means paying that person an hourly wage whether he or she has enough to do or not. If you take on a full-time employee, it also means paying benefits. This can make your business rough patch last longer than it would have otherwise. Outsourcing the work is an option, but that doesn’t always come cheap either. At a time when you need to reign in expenses, working with budgeting software that walks you through each step might be the ideal solution.

Find Free Ways to Market Your Business

You don’t have to spend a lot of money to get the word out about your company. Social media accounts are free and can bring in a lot of new business. The key is to post and interact with current and potential customers regularly. Writing a regular blog can help draw people to your organization as well. When finances pick up again, resist the urge to hire new employees and work with a freelancer instead if possible.

We understand that going through a business rough patch isn’t fun. Commercial Capital Funding is here to help you every step of the way. Please contact us today.