Cut Business Costs To Keep Growing

Are you looking for tips on how to keep your business operations lean and save money while you continue to grow your business?

1. Observe, Plan And Earn Before You Spend

Understand, pay attention and become totally aware of your industry and the needs of your business. Learning to optimize your costs takes time, errors, small tests and planning based on the data you can collect every day. Ask yourself what you can change or improve in your current cost structure.

2. Say ‘No’ More Than You Say ‘Yes’

In a growing company, it’s really easy to say “yes” to a new product or service, to a client that does not fit your ideal client profile or to a new business category or opportunity. If you want to stay lean, say “no” to anything that is not part of your core. Focus is powerful and leads to extraordinary results.

3. Use A Variable Staffing Model

Staff your business for the valleys and supplement with contractors for the peaks. Too often startups take their funding or early revenue and hire staff too quickly. It’s smart to use a variable staffing model to cover services effectively and find that quality mix of people on staff, on contract or freelancing.

4. Automate Your Savings

Automate it! I am forever grateful that I set up automated payments to save for taxes and investments when I first started. It became so addictive to watch these accounts grow that I started automating savings for travel and business education as well. Learn to live off of the remainder, and you won’t even have to think about it.

5. Consider The ROI Of Each Expense

Consider every expense an investment and determine the return you’ll get from each. This includes your time as well as your money. Sometimes the best thing you can do is get help with the things that others do better so that you can focus on those things that only you can do. You are a CEO, even in a business of just one person. Leverage and investment will help you grow profitably.

6. Invest In Expert Tech Support

Invest in expert support to leverage your technology investments. For small businesses such as ours, it’s critical to leverage technology for invoicing, accounting, document storage and calendar management, to name a few areas. We are experts at what we do, which is coaching and consulting, but not technology! We should invest in experts who can help ensure that we get the most from our apps and tech.

7. Don’t Be Tempted To Rebrand

Don’t be tempted by the idea that you have to rebrand and redo your website as your business grows. There are only a few types of businesses that require continuous updating from a branding and website point of view. You’re better off saving your money and refreshing your website with your own personal emerging content. Your business ultimately boils down to the value it offers, not how it looks.

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Source: Forbes