While nobody has a crystal ball, some signs are pointing toward an impending recession. Consumer spending is slowing. The employment market is volatile. Inflation, while ebbing, is still rearing its ugly head. But there is an important silver lining to remember regardless of whether a recession actually hits. Business owners are savvier and more agile than they were just a few short years ago, having undergone a master class on surviving and thriving during a very dramatic economic downturn. As a whole, we are a wiser bunch who are more willing and able to do things differently.
Whether you run a startup or an established business, this is a good time to consider belt-tightening measures that you can implement now or in any economy. Understanding your budget-conscious options empowers you to be a proactive rather than reactive business owner as you address your company’s journey through what could be a volatile economy.
Here are six smart money-saving tips you might think about implementing in your business:
1. Rethink Your Marketing & Advertising
The cost of marketing and advertising can be substantial, particularly for those businesses running pay-per-click campaigns or engaging large agencies. There are smart ways to generate contacts and customers that are both money conscious and effective.
Replace budget heavy ad campaigns with SEO enhancements on your website. Increase your organic social media marketing and focus on real conversations on those platforms.
Click here to watch our free, on-demand webinar titled “Increase Your Brand’s Social Media Engagement.”
This is a hard one for many business owners, particularly those who personally take charge of employee acquisition. While hiring for experience has been the gold standard for years, seasoned professionals are often substantially more expensive than their less experienced counterparts. Many job seekers today are reinventing themselves and seeking work in fields that fall beyond the bullet points on their resumes.
It might be challenging to conduct a Boolean search for intelligence or adaptability, so when vetting for these qualities, lean heavily on referrals from those employees and other contacts whose opinons you value. Then implement low-cost employee development and mentorship opportunities throughout your business.
Click here to continue reading “6 Top Money-Saving Tips for Business Owners."
Free Webinar: The Seven Levers of Cash Flow
How Small Incremental Changes Can Make an Immediate Impact to Your Bottom Line
Featuring Linda Ratner
Friday, March 3rd at 8am PST/9am MST/10am CST/11am EST
Linda Ratner is a dynamic and engaging presenter who supercharges business owners and the companies they run.
As an entrepreneur, Linda has built, sold, and continues to operate successful businesses across multiple industries. Through her vast experience in both the medical and business worlds, she has developed rare practical insights into creating operating systems and work environments that foster the success of any venture.
Linda was recognized by The San Antonio Business Journal with the prestigious Health Care Hero Award. She is also certified as a TAB Facilitator/Coach, a Value Builder Professional and in LivePlan Financial Forecasting.
We are extraordinarily pleased to welcome Linda as she presents her insight and acumen in this live BOSS Webinar titled “The Seven Levers of Cash Flow: How Small Incremental Changes Can Make an Immediate Impact to Your Bottom Line.”
The Alternative Board President & CEO Jason Zickerman
We are pleased to announce that TAB President and CEO Jason Zickerman has taken his expertise in leadership and business development to new heights by becoming an active contributor to Entrepreneur. Check out his article, "Business Owners, Put On Your Own Oxygen Mask First," where he stresses the importance of self-care in business ownership.
Click here to read now.
Develop Resilient Integrity
Not every business owner will act on what they believe to be in the best interest of themselves, their company, employees, and customers. This situation leaves us as business owners with feelings of fear, anxiety, doubt, a lack of decision-making, and ultimately low performance. Examples include firing the most toxic employee or letting go of a demanding customer.
Resilient integrity is a formed habit of being honest with yourself and others about the best answer, decision, and action, no matter how unpopular it may be. Then as you reflect on your actions in doing what is right, you will always move through the most challenging situations with a feeling of wholeness.
Waiting for someone on your team to emerge organically as a leader? Don't wait around too long. There are so many reasons that they may not be stepping up to show initiative (including your own leadership style!). Be blunt. Let the entire team know that you are looking for people to take the opportunity to grow in the organization. Give them a reason to overcome any trepidation they may be having.
Develop Diverse Set of Skills & Attention to Detail
As a business owner, it is essential to have a broad skill set of disciplines in as many business areas as possible. Over the course of my career, I've observed that the most successful business owners that I have met, no matter how small or big the size of their business, have one thing in common: They all possess an acute attention to detail.
Assess Onboarding Strategy
Before evaluating the success of new employees, assess the strength of the onboarding plan. Is it a solid plan that helps the new person succeed? If not, fix the plan and then evaluate the performance.
Brothers Heating, Plumbing
Implementing New Business Tools
When considering a new business tool that is a significant investment, define what success looks like, when and how success will be measured, check out references, and compare it with other options.
Lisa Marie Maxson
Setting a Vision for Your Company
Some people are afraid of setting a vision. They may be afraid to fail. But you need a vision, if you want to exit on your terms. To help you determine your vision, ask yourself what you would regret if you don't do.
Protective Packaging Solutions
Join The Alternative Board and iSpeak Inc. Co-Founder Russ Peterson Jr. for an illuminating and engaging conversation about the impact of storytelling within business.
Find out the answer to this common question business owners ask: “When would I use a story in my role?” and learn from Russ the three key story models you can apply to three relevant business challenges.
It’s not unusual for a first-time CEO or business owner to experience qualms about their ability to handle the challenges they face. But it’s also true that many veteran business leaders encounter self-doubt from time to time. Either they learn how to overcome those doubts, or they succumb to their lack of confidence in themselves and put their businesses at risk.
Fortunately, there are ways to counter any lack of confidence and translate their behavior into productive and inspiring leadership. Here are tips to keep in mind:
If you’re just assuming the new role, make a great first impression.
As Joe Farach, CEO TAB Georgia Northeast notes, “The new CEO’s first 90 days is a honeymoon period where she will be feted and indulged and tested.” To make a favorable impression with others in the organization, start out by identifying challenges your company faces, determining your key objectives, and assembling a concrete timetable that you are accountable for. Farach adds: “When a new leader makes known her values and demonstrates her leadership style, everyone on the team knows what to expect.”
When it comes to moments of uncertainty, remember you’re not alone.
Experiencing doubt about your capabilities is even more difficult to handle if you think you’re the only one who has ever felt this way.
On the contrary, “there are many more leaders experiencing self-doubt than you can think of,” notes Training Magazine. Rather than give way to doubt, derive lessons “from this tough period and treat the struggle as a platform for your future success.”
A profit and loss statement, also often referred to as an income statement, revenue statement, P&L statement, or P&L, provides business owners and potential investors a comprehensive and easy to digest view of a company’s financial standing. Profit and loss statements are relatively simple documents, almost always presented in the form of a table, that record a company's income, costs, overhead, and net profit.
In short, a P&L lets you and relevant parties know whether your business is earning a profit or losing money, and by how much. P&L statements, balance sheets, and cash flow statements are widely considered the trifecta of finance documents every business should maintain. They are usually generated monthly, quarterly, or annually.
Business owners leverage their P&L statements when determining budgets, growth strategies, need for investors, and numerous other aspects related to the health and sustainability of their companies. The concept is incredibly simple. A P&L statement allows you see how much revenue you are bringing in, how much money you are spending, and where you are spending it. It is a repository for the data needed to make informed decisions about things like profit drivers, underperforming revenue streams, high expenditures, and ultimately the health and profitability of your business.
There is some great accounting software out there, like QuickBooks, Peachtree, and others, that can generate a profit and loss statement for your business. But if you are a small business owner building a P&L on your own, even a simple Excel spreadsheet will suffice.
The following are easy steps in creating a comprehensive Profit and Loss Statement.