There are plenty of financial gurus on digital media who preach about saving money while running a business. But, are these solutions tangible and practical for most small businesses? Chances are that each business will have its own share of hurdles and they may require their own set of solutions to this problem. Yet, there are some simple ways through which nearly every business can save money:

3 Easy Tips to Save Money For Businesses

You can save money while running your business in many different ways. While choosing your means of saving money, make sure that you don’t allow this cost-cutting process to affect the operations and outcomes of your business. Here are 3 effective ways in which you can save money.

1. Get Sponsors

Aim to have your event sponsored by other companies. This method can be beneficial to both you and the sponsor as it would help you save money and would help the sponsor improve their customer reach.

1. Outsource

It can be tempting to hire fresh talent and have dedicated in-house departments to complete tasks. However, this comes with a lot of expenditure. So, outsource your work to agencies and freelancers to reduce your expenses. There are plenty of agencies and companies available that offer services in different niches.

1. Choose Low-Cost Advertising Alternatives

We tend to believe that expensive solutions offer great results. That may not always be true. Consider low-cost effective alternatives for your marketing and sales efforts. In case your current solution does not meet your needs, it is best to shift to a low-cost alternative.

Eligibility Criteria

If you need more funds, you can also apply for a loan. Make sure that you check your eligibility before applying. The eligibility criteria depend on whether you would like to opt for an MSME loan or a business loan. For an MSME loan, here are the eligibility criteria.

• The age of the applicant should be between 25 years and 55 years.
• The business of the applicant should be active for more than 3 years.
• Income Tax Returns should be filed for at least the past 1 year.
• The credit score of the applicant should be at least 750.
• The applicant should not have their name on any past defaulted loan or credit.

When it comes to a business loan, the eligibility criteria slightly varies. Here are the business loan eligibility criteria.

• The applicant should be a self-employed individual.
• The age of the applicant should be between 25 years and 65 years.
• The minimum vintage for the business is 3 years.
• Income Tax Returns should be filed for at least the last 1 year.

In a Nutshell

Saving on expenses while running a business is extremely crucial and can be done in several different ways. In case you are experiencing a financial crunch, you can opt for an MSME loan or a business loan. You can also check the EMI repayment amount by using the business loan or MSME loan calculator. Applying for a loan with Finserv MARKETS can be beneficial as it can help you experience several benefits such as a high loan limit, long repayment tenure, and quick online processing.