As your business grows and pulls in more money, you’ll need to spend more to drive expansion. However, you must ensure don’t overspend and are still saving money. Otherwise, you might end up in a situation best described as having too much month at the end of the money.
It’s the worst place to be financially for a business or even on a personal level. Here is some great advice from some of the leading business coaches on how to save money as your business grows.
Before you spend, observe, plan, and earn
Understand, observe, and become intimately familiar with your industry and its requirements. It takes time, mistakes, little testing, and planning based on the data you acquire every day to learn how to optimize your expenditures. Consider what you can enhance or change in your present cost structure. – Michelle de Matheu, The Mind, Body & Soul Stylist
Consider the Return On Investment (ROI) of each expense
Treat each expenditure as an investment, then calculate the return on each. This involves both your time and your money. Getting help with the things that others do better so that you may focus on the things that only you can accomplish is sometimes the best thing you can do. – Sharon Richmond, Richmond Associates Consulting
Say ‘No’ more often than ‘Yes’
For a growing business, It’s easy to say “yes” to a new product or service, a customer who doesn’t meet your ideal client profile, or a new opportunity. Say “no” to anything that isn’t part of your core if you want to stay lean. Focus is a strong tool that may help you achieve exceptional outcomes. – Chuck Gulledge, Chuck Gulledge Advisors
Make the Most of Free Marketing Platforms
It doesn’t have to be expensive to develop your professional brand. Make use of the free social networking tools available to you. Writing articles and publishing vlogs and blogs might help you build a large following. The importance of consistency cannot be overstated. Keep in mind that you must maintain communication with your followers while you grow your empire. Make an effort to maintain your engagement. – Joyel Crawford, Crawford Leadership Strategies, LLC.