Savvy business owners are always looking for ways to improve efficiencies, in good times as well as bad. One way to help reign in expenses is to make sure you don’t spend beyond your means. That way you can keep a close watch on your cash flow and prevent getting in over your head.Designer Elissa Barbieri is the owner of Loop LLC, which produces a series of hand-drawn notecards and wrapping papers on 100% post-consumer recycled paper. Here, she shares some of her advice for getting through difficult times:
Educate your customers“Tons of graphics can be created on a computer. But once people understand that my wrapping paper sheet is an original work of art – in most cases it’s not a repeatable pattern. It was drawn to scale. People slow down, and they take notice. And they’re more likely to pay a premium price when they understand their getting a premium product.”
Stick to a budget“The Gold Card from American Express OPEN really helps me keep a budget. I decided that I would use the Card only for one given expense, so that I could really track how much I was spending on office supplies. And then at the end of a few months, I could look back and see encapsulated on one card, how I was spending my money. And knowing that I had to pay it back right away, it kept me on budget, which is really important as a small business.”
Apply for a Gold Card from OPEN and we’ll waive the annual fee for the first year – a $125 savings. Plus, you’ll be able to earn Membership Rewards® points that you can use to reinvest in your business, and receive automatic discounts on more than 20 OPEN Savings benefits including travel, marketing and professional services.OPEN is committed to helping you keep your business resilient, so you can be prepared for when things turn around.