If you want to succeed in business, you’ve got to learn to make your money stretch. Unfortunately, a lot of small businesses
attempt to run their operations like major corporations; this turns out to be detrimental to their financial health.
Gretchin Thompkins, a 49 year old Florida based Business Analyst says, “Too many small business owners want to have it
all right away. They don’t want to go through the development process necessary to grow into a thriving organization.”
This isn’t true of just a select few; many new entrepreneurs make the same mistake. “Planning is a huge part of the
equation,” shares Thompkins. “Figure out how much you can comfortably afford to invest in your business and stick to your
budget.”
Try eliminating those little extras that serve no purpose besides making you “look bigger.” This is the advice of Latonia
James, a highly successful California based graphic artist. “Don’t get preoccupied trying to be something you’re not, says
James. "In the beginning, I wasted lots of time doing that.”
But she couldn’t keep the façade up for too long. “Pretty soon, spending out big bucks caught up to me. I ended up having to
do some serious downsizing.”
After learning her lesson, however, she made a strong comeback. Today, she oversees several businesses and enjoys
mentoring start ups.
There’s nothing wrong with being eager to succeed. You should possess a healthy desire for more. The problem occurs
when you become overly-anxious to attain things reserved for more established businesses like:
1. Office Space- If you’re getting an office just so you can “appear” more professional, rethink that investment. If you can
work out of your
home, then do it. Client meetings can always be held at area restaurants and other venues.
2. Personal Assistant- Just because you don’t like doing administrative work and answering phones does not mean you
need an Administrative Assistant. Unless you can’t handle your obligations without help, don’t waste the dollars.
3. Flashy Car-Many entrepreneurs hurriedly upgrade their vehicles, brief cases, and other vanity items just to impress
clients. Remember, quality products and services impress clients, not shiny cars.
4. Pricey Computers and Gadgets- You don’t necessarily need the latest flat screen computer and a blackberry to be a
legitimate business. Instead of buying a new computer try upgrading your software or purchasing more memory. This will
save you tons. Also, Blackberries are great. But if you have a free email account and the only emails you get are from: Mom,
dad, sisters, brothers, aunts, uncles, cousins, and friends and a just a few business contacts—you don’t need a Blackberry.
5. Business Line- If you’re working out of your home and don’t have a lot of money flowing in, don’t waste money on a
business phone line. Friends and family end up calling you and running up your bill. If you already have a cell phone, let that
double as your business phone.
Listen, there’s no exact science to running a business. Despite what many “experts” say, entrepreneurship is an
experiment based upon
theories and hypotheses. You have to find out what works for you.
While you’re figuring it out, be sure to make smart choices with your finances. Your business is hanging in the balance.
Don’t take unnecessary risks.
attempt to run their operations like major corporations; this turns out to be detrimental to their financial health.
Gretchin Thompkins, a 49 year old Florida based Business Analyst says, “Too many small business owners want to have it
all right away. They don’t want to go through the development process necessary to grow into a thriving organization.”
This isn’t true of just a select few; many new entrepreneurs make the same mistake. “Planning is a huge part of the
equation,” shares Thompkins. “Figure out how much you can comfortably afford to invest in your business and stick to your
budget.”
Try eliminating those little extras that serve no purpose besides making you “look bigger.” This is the advice of Latonia
James, a highly successful California based graphic artist. “Don’t get preoccupied trying to be something you’re not, says
James. "In the beginning, I wasted lots of time doing that.”
But she couldn’t keep the façade up for too long. “Pretty soon, spending out big bucks caught up to me. I ended up having to
do some serious downsizing.”
After learning her lesson, however, she made a strong comeback. Today, she oversees several businesses and enjoys
mentoring start ups.
There’s nothing wrong with being eager to succeed. You should possess a healthy desire for more. The problem occurs
when you become overly-anxious to attain things reserved for more established businesses like:
1. Office Space- If you’re getting an office just so you can “appear” more professional, rethink that investment. If you can
work out of your
home, then do it. Client meetings can always be held at area restaurants and other venues.
2. Personal Assistant- Just because you don’t like doing administrative work and answering phones does not mean you
need an Administrative Assistant. Unless you can’t handle your obligations without help, don’t waste the dollars.
3. Flashy Car-Many entrepreneurs hurriedly upgrade their vehicles, brief cases, and other vanity items just to impress
clients. Remember, quality products and services impress clients, not shiny cars.
4. Pricey Computers and Gadgets- You don’t necessarily need the latest flat screen computer and a blackberry to be a
legitimate business. Instead of buying a new computer try upgrading your software or purchasing more memory. This will
save you tons. Also, Blackberries are great. But if you have a free email account and the only emails you get are from: Mom,
dad, sisters, brothers, aunts, uncles, cousins, and friends and a just a few business contacts—you don’t need a Blackberry.
5. Business Line- If you’re working out of your home and don’t have a lot of money flowing in, don’t waste money on a
business phone line. Friends and family end up calling you and running up your bill. If you already have a cell phone, let that
double as your business phone.
Listen, there’s no exact science to running a business. Despite what many “experts” say, entrepreneurship is an
experiment based upon
theories and hypotheses. You have to find out what works for you.
While you’re figuring it out, be sure to make smart choices with your finances. Your business is hanging in the balance.
Don’t take unnecessary risks.
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Small Business, Small Budget? How to Make Your Money Stretch
Although the Economy is a bit sluggish, and business may not be flowing the way you want it to, when you
apply wisdom and prudence, your money goes much further.
by EEW Magazine Finance Editors
Although the Economy is a bit sluggish, and business may not be flowing the way you want it to, when you
apply wisdom and prudence, your money goes much further.
by EEW Magazine Finance Editors
I've seen it too many times. My friends with small businesses are desperate to look bigger. They try hard to
create a megaimage on a shoestring budget. Sound familiar?There's nothing wrong with wanting to
project a certain image, as long as long as you don't risk your financial well-being.Today, I want to help you
adhere to solid principles that will lead you on a path toward longevity in business.
create a megaimage on a shoestring budget. Sound familiar?There's nothing wrong with wanting to
project a certain image, as long as long as you don't risk your financial well-being.Today, I want to help you
adhere to solid principles that will lead you on a path toward longevity in business.
