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.
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