Running a small business relatively means running on a small budget. As an entrepreneur, you constantly need to innovate and think of clever ways to stretch your thin budget to run your business to success.
Your budgeting skill as a small business owner, arguably, is one of the most important skills an entrepreneur must possess. However, what if you’re running on a tight budget?
BCB Authors and entrepreneurs, Nikki Arnold, founder, and director of Inspired Living International and Andreea Mihalcea, owner of a sales and marketing consulting service, shared their best budgeting tips for small business in the Carol Roth’s blog Business UnpluggedTM.
Carol Roth’s blog Business Unplugged TM, features Carol Roth’s tough love on business and entrepreneurship, as well as insights from Carol’s community of contributors.
A believer in the power of marketing, International Speaker, Coach, and Amazon Bestselling Author Nikki Arnold’s tip was included in the Top 50 list for small business budgeting tips.
According to Nikki, “Marketing is at the heart of business success and thanks to cheap and free marketing opportunities available, you can attract more clients and more income in ways that don’t cost you a small fortune. Utilize Facebook and other social media sites to generate awareness and brand recognition, in addition to ‘building your tribe’. By publishing great content and advertising on social media sites, you engage with your TPOP (Target Population) and you are well on your way to success.”
Meanwhile, for Andreea Mihalcea, sales, and marketing guru, the best budgeting tips for a small business is to cut the expectations and cut your budget.
According to Andreea, “Expectations about what a successful small business represents are everywhere. You hear them in your conversation with your family, friends, fellow entrepreneurs and dedicated media outlets. Expectations will take your focus off business development and into unnecessary expenses like renting beautiful company headquarters with leisure rooms and high-end equipment when you and your team could very well work remotely, be more productive and profitable. Cut the expectations and your budget.”
For an entrepreneur, running your own business is both an exhilarating and overwhelming experience. But with hard work, perseverance, and proper budgeting, you can proudly say that ‘business is booming’!
Learn more budgeting tips and run your business to success HERE.
Awesome budgeting tips for small business, ladies! No big surprise that you have a thriving and successful business!
Carol Roth is a national media personality, ‘recovering’ investment banker, investor, speaker, and author of the New York Times bestselling book, The Entrepreneur Equation. She is a judge on the Mark Burnett (Shark Tank, The Voice, Survivor, The Apprentice) produced technology competition series, America’s Greatest Makers, airing on TBS and Host of Microsoft’s Office Small Business Academy show. Previously, Carol was the host and co-producer of The Noon Show, a current events talk show on WGN Radio, one of the top stations in the country, and a contributor to CNBC, as well as a frequent guest on Fox News, CNN, Fox Business and other stations.