You never really know the importance of that old ravaged $1 note in your pocket till you are at the brink of bankruptcy. It’s then than that you will heed to its “save me” tune. You would think entrepreneurs are excused from such atrocities but alas they are the ones plagued most by this disease.
When business is booming you spend and make merry without thinking of when next hard times will knock at your door. It’s important to save and spend wisely even when you’re reeling dough like Bill Gates.
A dollar off can go a long way
Imagine if you got a 1 dollar discount for everything you have ever purchased in your business? The amount saved would be out of this world, right? What if I told you there’s a way you can get up to half off for every future purchase? With coupon sites that inform you various online coupons, you could never miss a deal online no matter your trade. Take advantage of such opportunities to buy more products or save the remainder for a rainy day.
Trade in the junk
I bet your business is full of stuff that has outrun its usefulness to you. Wouldn’t it be like a feather in the cap if you could seal a deal for them? I’m sure someone else will make better use of that run down truck parked in your warehouse for the last 2 maybe 3 years.
You don’t even have to sell it you could simply just swap it in for something more useful. This barter system has proven to be a sound way of locating goods, trading services, saving cash, locating excess capacity and moving inventory. Trust me whatever you let go no matter how expensive it was, is better of being useful in someone else’s hands. Take what you can get for it before it’s completely obsolete.
Free is always better
Why would you spend money for things you can get free of cost? Planning your projects, managing your finances, keeping track of your customers are some of the activities that continually eat up your money unnecessarily. Why waste pots of pennies when there are many free and inexpensive types of software that could do the work for you?
Ditch the destroyers of wealth
It’s no secret that Tax, Fees and emotional decisions tend to stunt business growth and may drain out the cash. I’m in no way asking you to skirt the law and d cheat on your taxes. All you have to do is diversify your interests with real estate investments to reduce the toll of taxes. This way you will be leveraging inflation. A big chunk of your income will be protected from taxes since you will be benefitting from depreciation.
Fight your intuitions when emotions lead you to buy more when things are down in hopes of selling them when they are up. Ajay Gupta the financial advisor to Tony Robbins Company strongly disagrees with such kind of logic and so do I.