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To conserve capital, start by knowing what drives your business. Determine your primary business of units sold, customers, average order, hours billed, etc. Next, determine your pricing by calculating the sum of product costs, service costs, direct and indirect costs, business image, and a reasonable profit.
Don’t forget that even in an office setting you can conserve capital by being thrifty. Don’t commit cash or capital until necessary, and don’t buy services before you need them. Lease instead of buying when it makes sense, and look for office equipment that can do double duty, for example a fax machine that can also make copies.
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
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