Have you ever heard the phrase,
“Tripping over quarters to save a nickel?”
It’s happened in every business and organization I’ve been involved with.
Everyone runs around trying to save money on the little things. That’s great, but they spend so much time and, yes, money focusing on this little stuff that they don’t see the bigger picture.
For example, one executive I knew made his secretary run all the way across town to Costco to buy office supplies because they were a little cheaper than the office supply stores. But he forgot about the cost of gasoline, and he always grumbled when she was gone.
Being a Frugal Business isn’t just about saving money. It’s about a whole new mindset for your business. It means making some core principles an integral part of your business.
And for every day.
These core principles take time to work their way into your business. That’s why I use the term “GROWING a Frugal Business.” It’s not just a one-time fix. It’s a continually process of development.
The 7 Basic Frugal Business Principles
From my upcoming book 50 Secrets to Growing a Frugal Business, I’ve pulled out 7 basic Secrets, from which all the other secrets are derived. To get started on your Frugal Business, start thinking and learning about these principles. Each principle has several secrets within it,
1. Focus on the Essentials
The first principle focuses on the three Essentials for your Frugal Business. Without all of them, you have no business.
Find and Stick to your Big Idea. Your Big Idea is the core principle of your business. Think of it this way: If someone asked you, “What does your business do?” your answer would be your Big Idea.
Promote your Big Idea. A great idea isn’t going to sell unless you market and promote it.
Support your Big Idea, by running the business with Frugal Business principles, in your financial and administrative functions, in dealing with people, and in making decisions.
2. Make Thoughtful Decisions. Be thoughtful about decisions – buying and spending, saving, dealing with day-to-day issues, and in planning big projects. Thoughtful decisions can make your Frugal Business grow faster. I’ll teach you some ways to make better business decisions.
3. Work Smart. Time is Money. Learn the importance of valuing your time and how to think about time vs. money in many situations. For example, should you do it yourself or hire it out? A significant part of your Frugal Business will depend on your ability to work smart.
4. Simplify. Being frugal is being simple. Simplicity is cheaper, takes less time, and is easier to implement. I’ll show you some ways to simplify, and give you some examples from my own experience and experience of others.
5 Set up Rules of Thumb. Starting out the way you want to go by developing processes and guidelines is infinitely Frugal. It saves time and mistakes, both of which cost money.
6. Have an Abundance Mentality. In every interaction with others – employees, vendors, customers, advisors – there are some ways to make things easier. A Frugal Business owner weighs money against relationships and allows the relationship to win sometimes. That’s Frugal, believe me.
7. Take the Straight and Narrow. You know those bumps they put on the side of the road so you don’t go into a ditch? Riding on the bumps is tough. It’s much easier to say in the middle of the road, in the straight and narrow, where it’s smooth. It’s also easier to be ethical and stay within the white area of the law, instead of getting into the gray area.
Want to learn more about the Frugal Business Secrets? The best way to begin is by signing up for my newsletter. When you sign up you will receive:
A no-cost copy of 7 Secrets to Grow Your New Frugal Business. This mini-book focuses on secrets for starting a business the Frugal Business way. If you already have a small business, it will give you some tips for your make-over to a Frugal Business.
A short e-course “The Path to a Frugal Business,” a series of emails that lays out these principles to consider and work on as you start growing your Frugal Business.
Yes! Teach me how to grow my successful business