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Managing Your Own Office For A Smaller Pool Of Resources

Decent Essays
Small businesses don’t generally have hoards of cash lying around. It can be even harder to manage your finances, if you are building the business up without the use of outside funding. The process of bootstrapping your business, doing business with a smaller pool of resources, can be challenging, but it isn’t impossible.

The following six tips can help your small business bootstrap effectively, without compromising growth.

1. Begin prioritising

The most important skill to learn is the ability to prioritise and focus your efforts. When money is stretched thin, you can’t afford to have ‘everything you want’ – sometimes you can’t even have ‘everything you need’!

With each task or spending action, ask yourself what effect will it have on business growth? Does owning your own office boost your small business’ ability to generate growth? Perhaps it would be better to run the business from your home and instead spend the money on increasing stock.

A small business shouldn’t do business with an ‘all or nothing’ mentality. You need to be able to prioritise spending and understand what truly generates growth.

2. Add passion to your public relations

Bootstrap your small business by getting rid of a PR person. Your business shouldn’t spend money on PR at this stage (a way to prioritise!). Instead, opt for passionate PR by the best person to sell your business to the media: yourself.

You’re the founder of the business, you’ve poured your heart and soul into it, and you are
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