With the economy being what it is, we are all budgeting a bit more carefully. Saving money and eliminating waste have become matters of fiscal need for many small business owners.
Making more money isn’t necessarily as important as making the right amount of money and saving whenever possible. Buying in bulk may no longer be the best way to save. Eliminating the need may pay bigger dividends. Elimination of debt in your business is as important as eliminating it in your personal life during “lean” economic times.
Scale back if you must, but don’t go into debt for your business. Pay as you go and weigh all the options carefully before any major (or minor) purchase. Barter and trade for services with your peers. Consider buying reconditioned and pre-owned items when that’s feasible. Check eBay, Craigslist and your local classifieds before buying new.
Sell the things you don’t need and eliminate the time, money and hassle of storage, give away items using FreeCycle, or offer them to your peers and/or startup folks who may need or want them.
During difficult times, the help you give others and the pulling together as a local or online community can make all the difference. And, as a client told me not too long ago…
We are the entrepreneurs. We are the survivors. We are able to recreate ourselves as the market changes to come out on top.
So while other people may have to worry about if they will have a job… we need only consider how we will maintain our edge and better serve the market as it grows, shrinks, evolves and changes. After all, it’s what we do, it’s what we have always done.