Uncomfortable things

How To Run A Small Business Without Breaking The Bank!

It’s not an easy task.

Ever thought why the CEO of a small business is working more than they should? Staying up late in the office, rarely going home other than the weekends, having their heads stuffed in management, marketing, development and practically every aspect of the business, these are some of the few telltale signs of a true entrepreneur.

When you meet the CEO of a start-up, chances are you meeting a number of people in one go.  They are most likely playing the parts of a CEO, CFO, COO and CMO all at the same time and most probably fixing their coffees as well for themselves while juggling with customers on their phones.

While the best businesses are defined by their efficiency of running every aspect smoothly with the least amount of resources possible, sometimes it becomes extremely difficult for start-ups to succeed with minimum resources especially when the things are not managed properly. Success becomes a long lost dream for such businesses causing them to split soon after they are conceived.

It has come to our knowledge through various reports and studies done over the past couple of years that most small businesses dissolve within their first year, around 15%! And another huge percentage shuts down within 3-5 years. The statistics tell us a lot about where the problem lies, with most businesses falling due to lack of knowledge to survive on minimum resources.

So from where start-ups, small businesses and entrepreneurs can avail resources without breaking the bank?

Here are some options:

Make Friends With Like-Minded People

Who doesn’t like free advice? And what better ways to pick up some than to become friends with people who think just like you?

One of the easiest ways to increase your business knowledge is to hang around with other entrepreneurs, business-minded people. Socialize with them, engage in meaningful business talks, listen to them what they have to tell you about their experiences and chances are every time you have a chat with such people you will leave with an advice or two to implement in your own business. Meanwhile you too can share with them what you have learnt from your experiences, what are the challenges you face at work and how you can overcome them. This tactic costs anyone nothing instead it allows business owners to share their specific skill sets with each other and widen their exposure.

A Team You Can Rely On

Three minds together can do better than a single mind alone. It sounds silly really to suggest a small business or a start-up who can merely afford a decent office to have a board of directors or mentors in their team. But this is one way to bring in a huge amount of knowledge to your table.

You can build your team with either the people you are inspired by, those you know who have went through a period of struggle in their businesses, it could even be your friends or peers who you want to join in with your venture. Whether you have them sit around your coffee table in your humble office or in the basement of your father’s house, it really does not matter. Have them around and discuss with them your project, ask them what you can do with it from there.

Use Apps To Make Things Easier

“There is an app for that.” We all are pretty familiar with this statement and it is certainly not exaggerated. In today’s age with the evolution of smartphones into super helpful devices came a plethora of apps at our disposal. Small business owners may not be able to afford a CCO but they might not need one as well!

A lot of business owners prefer multitasking and with the help of the technology in their hands they can easily unlock the power of a trained financial mind. A huge number of businessmen, more than ever before are running their businesses through mobile devices and apps. Being able to set meetings, create invoices, a quote is now only a click away. Businessmen want to incorporate such time-saving solutions into their routines that save them on money as well.

At the end of the day, you have to keep your business up and running while making the most of every resource at your disposal. That’s what we call smart business skills.

One comment on “How To Run A Small Business Without Breaking The Bank!”

  1. Howdy! This article could not be written any better!

    Reading through this post reminds me of my previous roommate!
    He constantly kept preaching about this. I am going to forward this article to him.
    Fairly certain he’s going to have a very good read. Thank you for sharing!

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