15 Tips To Keep A Growing Business Lean And Save Money
Expert Panel Forbes Coaches Council
As your business grows , you ’ ll likely have more capital in rotation . As you bring in more money , you will also need to spend more to continue growing . However , it ’ s important to ensure that you ’ re not spending in excess and are still saving money where you can . Otherwise , you may find yourself in the red and facing some exceptionally difficult financial decisions . Below , 15 members of Forbes Coaches Council share their best advice for business owners looking to keep their operations lean and save money .
Members provide tips for staying lean and saving money as your business grows .
1 . Observe , Plan And Earn Before You Spend
Understand , observe and become fully 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 collect every day . Ask yourself what you can change or improve in your current cost structure . - Michelle de Matheu , The Mind , Body & Soul Stylist
2 . Say ‘ No ’ More Than You Say ‘ Yes ’
In a growing company , it is 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 . - Chuck Gulledge , Chuck Gulledge Advisors
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 . - Joanne Markow , GreenMason
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 . - Elise Montgomery , Coach Elise Montgomery
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 . - Sharon Richmond , Richmond Associates Consulting
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 . - Antonia Bowring , ABstrategies LLC
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 . - Ashley Good , Ashley Good Coaching & Consulting
8 . Align Your Use Of Resources To Your
Business Objective
Ask yourself , “ What is my goal for my business , and how should I use my resources to achieve that goal ?” If your goal is growth , you have to invest in branding , marketing and product development . If your goal is to manage cash , then focus more on shorter-term sales . - Bill Berman , Ph . D ., ABPP , Berman Leadership Development
9 . Hire Slow , Fire Fast
It ’ s all in your team ! First , hire slow , fire fast . The longstanding phrase stands the test of time . Second , invest in developing your people who truly represent the brand by living the company values daily with your customers and suppliers . With them , co-create those values about cost and company sustainability and define exactly what living them every single day looks like . Third , model the way . - Linda Allen-Hardisty , Allen-Hardisty Leadership Group