Within only 2 years of being in business, two-thirds will be able to make it, and the numbers get worse each year. The overwhelming majority of businesses that don’t make it, go under due to lack of cash flow. If you find yourself struggling to keep your business afloat, do not panic! Take a deep breath and keep on reading.

Aside from bringing in new clients and leads, there are other ways you can help your small business succeed. I put together a list of some money saving strategies you can employ to help your business soar in 2017.

Buying Used Equipment

Depending on the equipment you need, you can save up to 60% buying secondhand supplies. If you’re looking for computers, desks, copiers, or other office supplies it’s worthwhile to see if you can find used equipment at a fraction of the price. You can buy government surplus at auctions and sales. For individual items be sure to search on ebay and Craigslist.

Hire Entry-Level Employees

This advice seems odd at first, but it is in fact a great strategy. When you’re looking to hire new employees, try looking for candidates who don’t have much experience, but have good character traits. These employees are looking for a lower salary, and are excited to learn and gain more experience in the field.

Outsource

 If you can’t afford to bring on an employee on a permanent basis, but are overwhelmed managing your business, consider outsourcing. This method is relatively easy due to the large amount of services where you can find freelancers. You can try Freelancer.com, Fiverr, or Upwork.

Shared Office Space

This option also helps on saving on office equipment that you would have needed to buy otherwise. The shared office spaces are a much cheaper yet professional alternative to leasing an office space by yourself. Many of these co-workspace environments like wework, offer other amenities, like preffered banking rates, and exclusive shipping rates.

Ask For A Discount From Vendors

Firstly, make yourself knowledgeable on the market value of the items you're purchasing. You’re greatest ammunition in negotiating a lower cost is your knowledge. Next, check with your contacts, see if you know anyone using the supplier, and get quotes from them to cross-reference. Lastly, when you come ready with your data, be polite and firm and simply ask for the discount.

Alternative/ Lower Cost Advertising

This method has an endless amount of way it can be implemented. Paying for someone to handle your marketing and advertising needs, can be very costly and often bring in barely enough revenue to make it worth it. There are however some do-it-yourself methods that can bring in revenue and not break the bank.

Getting Started

Now is the time to get started! You don’t need to implement every tactic today, but you can schedule an appointment with your vendor for next week. Do some research tomorrow on shared office spaces, see what works best for your small business needs.

Do you think anything is missing from the list? Let us know how you plan to save money in 2017.