Are you stuck in a start-up rut?
My first apartment was nowhere near the penthouse and that car was no Lincoln either. Shiny new toys are great but do you really need them right now?
Gail Vaz-Oxlade, TV host and money maven, teaches us how to live on a cash diet. Jars, binders, lists, budgets… CASH. Debit cards? Credit cards? Banned. Finito. Au revoir! Not another crash diet; no starving nor bingeing – just portion control.
Would your business survive Gail’s cash diet?
YES! Maybe not with all the shiny new toys, but survive thrive it would. Impossible? I beg to differ.
How? Determine which percentage of your gross sales you will allocate to advertising, supplies, office expenses and of course, yourself (the beauty in owing no money: you can pay yourself first!). Maybe this month you only have $40 for advertising, but as your sales revenue increases, so will your advertising budget. Make the most of the resources you have: be creative!
Track revenues and expenses; measure results. Are they in-line with your strategy?
ROI (Return On Investment)
No borrowing costs. Reduced stress, increased productivity, and healthier bottom line. Success! ROI that!
Are you weighing yourself down with unnecessary ‘stuff’ or is the scale tipping towards fiscal responsibility and a balanced budget?