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Small Biz Tip: Money Management: Making Sacrifices

Tips from July 1, 2009

The Small Business tips today will be about making sacrifices in your business to save money.

  1. Cut back on office luxuries, and focus on spending money on the important things.  For example, providing office food can be cut back to once a week instead of every day.  That money can be used towards a new marketing or advertising campaign.
  2. Let the unproductive and nonprofitable employees go.  Having staff is important, but having staff that is not doing any good for your business is wasted money.
  3. Go generic.  Some prestigious brands are much, much more expensive than the generic ones.  Stick to the basics and you will have extra cash in your pocket.
  4. As a business owner, set money saving trends in the office. Limit personal spending and make other employees aware.  They will see the benefits and follow your trend.

Daily Overview: Cutting back on unnecessary things in the workplace keeps your business's money in the bank.

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