Every business owner has always had to deal with financial issues while running his company. However, in taking into account the recent economic collapse, keeping track of finances has never been more important, especially with debt at an all-time high and banks no longer willing to loan. There are a number of ways in which you can tighten your belt, and still reap the rewards of lower prices while maintaining a reasonable marketing budget. Here are the key things you need to know.

Insure Yourself Properly:
Group insurance is always a better option than individual. For example, Illinois physicians can get their own malpractice insurance through private companies and pay a hefty fee, or join the Illinois State Medical Inter-Insurance Exchange and get insured for much less. Whether you are a retail store or a home-based business, knowing your insurance options will save thousands of dollars a year in headaches alone.

Stop Borrowing:
Jim Rogers, a co-founder of the Quantum Fund, called most of the U.S. banks “totally bankrupt.” Not since the early part of the 20th Century have we seen our country in a situation as dire as this. Respond accordingly. Fund your business as you would fund your family’s expenses. Pay for the necessities and eliminate the excesses. While a gas station owner might think it’s nice to have a rack filled with NFL team apparel right next to your register, they should think about replacing it with windshield wiper fluid to spur sales from here on in.

Consolidate Your Purchasing Power:
Depending on your industry, there is nearly always an organization that is able to get better pricing as a group rather than a solo entity. For example, the Illinois State Medical Society is able to get better pricing for medical equipment for their members. Paying a nominal yearly or monthly fee will save a doctor thousands of dollars a year. Take the time to find out what organizations exist for your particular type of business.

Market Wisely:
Print advertisers continue to charge exorbitant amounts of money for a minimal space in their magazine or newspaper.

The internet, with the likes of Craigslist and eBay, have proven to be extremely effective in getting your wares found and distributed in a much more cost-effective manner. Take the time to learn how to manipulate the internet for your business’ advantage. When you need something, you probably go straight to your computer. What makes you think it is any different for the rest of society?

Regardless of your business, by taking advantage of programs available to you, you could increase your sales and also cut down on your overhead. Whether it’s America’s Best Companies or another organization, taking the time to do your research will benefit you and your business. We all went into business for the same reasons: To earn a living and to meet a need in the local community. In this day and age, unfortunately, that’s just the beginning of the battle.