I don’t know the exact circumstances of your self-employed business, but here are a couple of points you can think about.
I’m assuming these bank charges derive from an bank overdraft or bank loan.
So, if your loan is say $5.000 and your monthly payments to suppliers $10.000, then you may be able to re-negociate your payment terms with some of your suppliers. If for example you could get $6.000 worth of suppliers to agree to a 60 day payment term then you could repay your loan and would not have to pay these charges. These suppliers need to be “monthly” suppliers, otherwise this will not work.
The best thing for you to do is go to your accountant, bookkeeper and get them to do some Reality Cash-Flow Gaming with you. All the tools you need for this are available free of charge in our OnlineOffice.
Once you start planning your cash-flow you will understand your business much better, and you will see that there are other ways to create cash-flow too, outsourcing and credit control for instance. This will allow you to get rid of your bank charges. Comparing bank charges can reduce the impact on your business, not each bank is the same.
I love bootstrapping techniques for running small businesses, so you could read about that too, with a little creativity and realism you can do a lot without money.
Last but not least, not borrowing is the best strategy, too many people scream for Venture Capital, bank loans, government funding, if you need anything like that to survive, don’t do it! Get creative! ST.
Disclaimer: As with any of my readers questions, I do not have all the answers and this is not business advice, since I only know very little about your business. If any of you can add anything here do so for the benefit of my reader, who asked the question and everybody else, leave a comment below – I thank you for your effort.