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The first step to conserving capital is to know what drives your business. Determine your primary business of units sold, customers sold, average order, hours billed, etc. Pricing should be determined by the sum of product costs, service costs, image of the business, direct and indirect costs, and a reasonable profit.
You can also conserve capital by waiting to buy services until you need them, and you might also consider leasing instead of buying when it makes sense. You can also 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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