It's difficult enough running any business, but when you're managing a business on a shoestring budget it becomes a whole other level of difficulty. Here are some ways to help improve your output without increasing the output in your accounts payable.
Live Frugally
Not only is it wise to stay in your financial lane, but when you're running a lean operation it's sometimes even better to live below your means. I'm not saying you should strangle your business but cutting off all cash flow, but you need to really focus on what will provide a strong return on investment.
Health Is Wealth
A healthy body compliments a healthy mind and a healthy mind leads to wealth. I'm not saying you should go out and buy a $2,000 Bowflex or spend hundreds of dollars a month on premium health club memberships. But a dirt cheap home gym and reasonably healthy meal plan will work wonders.
Maximize Marketing
Effectively marketing your business can be incredibly expensive depending on your business model and goals. You can easily spend 5-7 figures on television, radio, print, billboard, and event marketing campaigns. That may work for some businesses, but not a bootstrapped startup on a tight budget. Digital marketing like social media, search engine optimization, email marketing, and content marketing will provide the bang for your buck that your company needs.
Work Smarter Not Harder
Working smarter not harder means being able to manage others, delegate or outsource secondary responsibilities, and create passive streams of revenue to avoid you having to do every little thing at every waking hour. A good start is to own a well-functioning website or ecommerce store to do a lot of work for you. You can use an FAQ or blog to provide information to answer customer questions so that they won’t be calling or emailing you at all hours. If you aren’t tech savvy, not to worry. Using a website builder makes it easier than ever to create a sleek, easy-to- navigate site. It's obviously important to provide quick and personalized responses to customers or prospects but you can't do it all by yourself long term at the expense of your health or other areas of your business. Commit to taking strategic breaks to improve efficiency since it's proven that productivity takes a major back seat after someone works for over 55-60 hours per week.
Have A Work-Life Balance
Don't forget to have at least some semblance of a healthy personal life! Schedule vacations, whether you go solo or with family and friends. Don’t forget to exercise. If you’re working long hours, you’re likely not getting a workout in, so make time for it. It’s good for your physical and mental health. Since you’re busy, try to multitask by incorporating exercise with another task. If you have a dog, take him for a morning and evening walk for 15 minutes. You’ll get in 30 minutes of total exercise, and your dog will too. On days when you have additional free time, take your dog for a hike. Remember, studies say that dogs in the workplace reduce stress and boost productivity naturally as well!
Finding a work-life balance should be a top priority for everyone, but especially for entrepreneurs who are putting in extra hours. You need a strategic plan for scheduling vacations in your off-season and squeezing in workouts. You also need to make a genuine effort to set aside time for your family and for your own leisure time. By sticking to your work-life balance plan, your business, relationships, and health will reap the benefits.
Conclusion
Take these tips to heart and your lean startup lifestyle will start paying major dividends. Live lean and prosper!
I hope you enjoyed this article about how to better maximize your money, muscle, mind, and momentum to be more successful in business and life.
Interested in more articles about improving performance?
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