Top 10 Things You Shouldn’t Sacrifice In ‘Yo Biz When Living On a Budget

by Ally Tobias · 40 comments

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This is a guest post from Ally. You already know budgeting and saving is a smart idea both personally and from a business stand point.

But Ally gives you some hope that it doesn’t have to be all deprive-y and angst-y.

And she also points out a few things you absolutely should not sacrifice when it comes to budgeting well for your biz.

Hope you find the read useful and please drop any thoughts in the comments below. Word.

Small businesses — particularly those who are just starting out — are dependent on their own funds. Sometimes, you need to budget your income just to even things out.

As a business you always pros and cons. In the pro side, you as the owner have a hands-on look at the daily operations of the business. You know what’s going on, what problems the business is experiencing and you are able to easily find solutions for these concerns.

The downside of this is the fact that you do not have any one or anything to fall back on except your own resources. Corporations and big businesses have a board of investors or bigger financial coffers to dip in to should they need to. Here are the top 10 things you shouldn’t sacrifice when you’re living on a budget with your business.

Improving Your Skill

The key to any business is the knowledge you’ll bring into it. While there are a lot of entrepreneurs who go into a business without knowing much about it, they immediately rectify that by trying to learn what they can.

You can learn through books or asking for advice from experienced people in the same field. Some people go back to school and get a degree. It is an expense, but consider it an investment towards your business. Don’t scrimp on finding the best resources and guides to help your knowledge improve and help your business grow.

Equipment

In any business, having the right equipment is next to having the right information and knowledge. This is crucial particularly for business that cater to certain needs in the industry. Food services need good and solid kitchen equipment.

Internet shops need reliable computers with updated software. Good quality hardware is an essential part of any business. Investing in quality equipment from the start and maintaining it regularly ensures its longevity. It lessens your need to replace it after a short period of time.

Quality Staff

Even small businesses need a staff to help it run smoothly. As the owner, you need to have a group of people you trust. In return you have to make sure they’re well compensated and happy in your employ. Having a great relationship with them helps ensure a business that runs smoothly.

Advertising

Spreading the word about your business is essential if you want to get customers. Explore all avenues that help let people know that what you’ve established, what services you offer and what they can do to avail of it.

Networking

Much like advertising, networking helps you connect with people who can either help spread the word about your business. Networking also allows you to find people who can help you learn more on how you can improve on your business.

Insurance

Regardless of the size of your business, never scrimp on insurance. There’s no telling what will happen. Better be prepared for anything rather than lose your business and start from scratch.

Product Quality

Never compromise your business in any aspect, particularly on your product quality. Regardless on what business you are in, your output and service should always be topnotch. Slipping on these can break you, and it will be hard for you to get back up.

On Improving Your Business

Just as you need to improve on your skills as a business owner and manager, you need to improve the business. Even after a couple of years, your equipment will be out of date no matter how good it is. When it’s time for an upgrade, don’t scrimp on getting good equipment.

Your Beliefs

When running a business, it’s easy enough throw your beliefs out the window. You start off enthusiastically and with much faith, but the challenges can sometimes break you down. Don’t let those get to you, and always remember what it is that started you on getting your business running in the first place.

Time to Relax

Most small business owners carry more stress than big business owners as the former has more direct contact with the daily operation. Taking time off from your business is crucial if you want to have a clear head to keep it running.

The good thing with technology these days is that it actually provides ways for you to get the best for your business without having to shell out that much money. It helps you stay within your budget while being able to meet the goals you want. For example, having a solid internet connection with a good computer already opens up a lot of avenues for you.

You can find suppliers of your equipment or material and you’ll be able to compare prices for the best deal. At the same time, the Internet allows you access to various social networks that help spread the word about your businesses. Lastly, you can also find resources to help expand your knowledge.

There you have it. Some things you just shouldn’t sacrifice, even when you’re on a budget. Whaddaya think? Are there other things? Do share and if you found this post useful, spread it ’round on Twitter and Facebook and such. ;)

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{ 40 comments… read them below or add one }

Alan Ishibashi October 10, 2011 at 12:01 AM

It’s tough when you’re starting a business and money is super tight. I think it’s important to focus on your product or service — that you hopefully believe in above all else — and really deliver!

Maybe it’s the recent passing of Steve Jobs, but the principles he stood by really make sense, and can apply to any type of business. It’s easy to forget how bad Apple was doing in the late-90′s, and yet he turned it around by canning weak products (like the Newton) and focusing on just a few that he really believed in.

As this article mentions, you gotta know what to sacrifice!

Reply

Ally Tobias October 10, 2011 at 11:50 AM

Hi Alan!

Yes, product/service quality is really important. It is one key to any small business’ sustainability and growth, regardless of the budget.
Cheers,
Ally

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admin October 13, 2011 at 2:24 PM

Hey Alan, so well said. Steve Jobs was remarkable, and focused only on creating remarkable products, things he was passionate about. So super important, budget or not!

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Kimberly Castleberry October 10, 2011 at 6:11 AM

RT @BigGirlBranding -> Top 10 Things You Shouldn’t Sacrifice In ‘Yo Biz When Living On a Budget http://t.co/6eVcSP57

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Stella October 10, 2011 at 6:43 AM

Hi Ally:

You really nailed it, in this post. I couldn’t agree more that having the right tools is critical to helping any small business “get there” fast. One thing though, sometimes people get holed up on thinking that “the right tools” are the most expensive but that’s not true. If what you can get or have can get the job done, instead of waiting to buy that costly one, why not use it.

BTW, thanks for referencing my small biz outsourcing post

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Ally Tobias October 10, 2011 at 12:05 PM

Hi Stella!

That’s right. As mentioned in the article, having the right tool/equipment is also highly essential. A business owner should consider it as an investment, especially if it can help improve the quality of product, service, and the flow of business.

But of course, one may save money on a brand new tool/equipment and utilize an existing one instead, as long as it is capable of delivering. Thanks for pointing that out.

Cheers,
Ally

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admin October 13, 2011 at 2:23 PM

Exactly Stella.. don’t wait around for the “perfect” tool/situation/whathaveyou. It will only paralyze you from moving forward. If you have something already that will get the job done equally as well, then go for it.

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MattLevenhagen October 10, 2011 at 8:16 AM

Top 10 Things You Shouldn’t Sacrifice In ‘Yo Biz When Living On a Budget http://t.co/u7fFst81 via @BigGirlBranding

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Jeff Bullas October 10, 2011 at 9:38 AM

Top 10 Things You Shouldn’t Sacrifice In ‘Yo Biz When Living On a Budget http://t.co/PSk9GMnF via @BigGirlBranding

Reply

Francisco Rosales October 10, 2011 at 10:40 AM

Top 10 Things You Shouldn’t Sacrifice In ‘Yo Biz When Living On a Budget http://t.co/xohPd3vb by @BigGirlBranding

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Aaron Lee October 10, 2011 at 11:28 AM

Top 10 things you shouldn’t sacrifice in your biz when living on a budget http://t.co/2iVhm64U by @biggirlbranding

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Francisco Rosales October 10, 2011 at 10:40 AM

Top 10 Things You Shouldn’t Sacrifice In ‘Yo Biz When Living On a Budget http://t.co/Iz1HN7ky by @BigGirlBranding

Reply

Sarah-Jayne Gratton October 10, 2011 at 11:53 AM

Top 10 Things You Shouldn’t Sacrifice In ‘Yo Biz When Living On a Budget http://t.co/K4ODRns3 RT: @BigGirlBranding

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Neal Schaffer October 10, 2011 at 12:36 PM

Top 10 Things You Shouldn’t Sacrifice In ‘Yo Biz When Living On a Budget http://t.co/on04EFfj by @BigGirlBranding

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Sandra M. Dempsey October 10, 2011 at 12:55 PM

RT @grattongirl: Top 10 Things You Shouldn’t Sacrifice In ‘Yo Biz When Living On a Budget http://t.co/AxjyJZuQ RT: @BigGirlBranding

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Melanie October 10, 2011 at 1:52 PM

Great list!

I would add legal business registration to the list, as its something that really makes your endeavor legitimate and sets the foundation for everything that comes forward. Failing to have it done right can cost you later.

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admin October 13, 2011 at 2:21 PM

Hey Melanie great addition! :) Definitely better when you start off on the right foot to go forward.

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Julia Rosien October 10, 2011 at 2:10 PM

Top 10 Things You Shouldn’t Sacrifice In ‘Yo Biz When Living On a Budget http://ow.ly/6SjQj by @BigGirlBranding via @socialmouths

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Level-343 Team October 10, 2011 at 2:50 PM

RT @socialmouths: Top 10 Things You Shouldn’t Sacrifice In ‘Yo Biz When Living On a Budget http://t.co/aP4pkevH by @BigGirlBranding

Reply

Laura E. Pence October 10, 2011 at 6:40 PM

Top 10 Things You Shouldn’t Sacrifice In ‘Yo Biz When Living On a Budget http://t.co/3a0EEPEH by @BigGirlBranding

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andreas October 11, 2011 at 3:32 AM

Great post! Thanks for this very insightful post. I believe that improving skills is the best thing you should invest when entering into the business world. Simple as this, how can we get quality staff that will work for us if we ourselves haven’t enough sufficient knowledge either.

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admin October 13, 2011 at 2:20 PM

Amen Andreas.. if you don’t know your stuff, it’s hard to figure out if the people you hire know their stuff! :) Unless you’re hiring them BECAUSE you don’t know your stuff.. in that case, do your due diligence and research them to make sure they really know what the frack they’re doing in the first place. LOL

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dhanna October 12, 2011 at 2:20 AM

Well, the last “Time to Relax”, even if I don’t want to sacrifice this…most of the time I did. Others would agree to me, I’m sure. Improving your ways and skills are important part but to think of the budget it’s really hard to provide quality. Kinda tough to move on with a tight budget, but first thing’s first…the business should be going.

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admin October 13, 2011 at 2:19 PM

Yep, it’s tough on a budget, no two ways about that. But definitely not impossible. :)

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Blackberry Tracker October 12, 2011 at 1:43 PM

I always have an insurance for my biz cause for me that is the most important in case some accident happens.

By the way Ally are you a Filipino?

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admin October 13, 2011 at 2:18 PM

The sucky part is when people have insurance for something and insurance companies balk at paying out claims. Going through that myself at the moment! (Not biz insurance though, totally off topic! LOL)

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kelli October 17, 2011 at 2:43 AM

+1 on the insurance, oh and time to relax!!
kelli recently posted..5 Keys To Help You Get Traffic from TwitterMy Profile

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admin November 11, 2011 at 2:34 PM

Amen sister! lol time to relax is paramount!

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Mira October 19, 2011 at 2:49 AM

The last point is the one that stands out. I get much more stressed working for myself at home compared to just working for other people. There’s no one to consult over decisions and if you fail something there is no one to blame but yourself. So much stress! I have to stop myself from working on weekends, too.

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admin November 11, 2011 at 2:31 PM

Hey Mira, I feel ya. I have to have a strict no weekend policy and as you can see… sometimes I don’t adhere to it!

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Hendrik October 21, 2011 at 3:15 PM

Yes, I totally agree with you. It is very important to plan your budget beforehand. However, as you aptly stated, while on tight budget, it becomes even more important to take care of certain things in the business. All the 10 points mentioned here are really valid.

Internet marketing has open doors for every one regardless of age, gender, location and qualification and while you thrive to earn money, there are certain things to be learnt.

This is a good post explaining the 10 important aspects of a successful business.

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admin November 11, 2011 at 2:17 PM

Thanks Hendrik, glad you found the read useful. :)

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Judith October 26, 2011 at 2:40 AM

Great post Ally. Starting a small business brings a lot of stress to new entrepreneurs. Knowing where to invest or in some cases re-invest your money takes skill and an understanding of your business goals.

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admin November 11, 2011 at 2:14 PM

Damn skippy Judith, well said. :)

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Gemma November 18, 2011 at 5:19 AM

Your beliefs and vision is definately the one that gets a lot of people down. It won’t happen over night and if it does not go right the first time, or the second time, or the 3rd etc, do not give up trying. It is those that continue with the enthusiasm that they started with regardless of how long it takes for the business to finally take off that end up succeeding, those that lose that drive before making it ultimately fail to do so.

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admin December 6, 2011 at 10:22 AM

So true Gemma! So many people quit right on the edge of a break through. You have to make like Dory and “just keep swimming”. :)

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Teresa Jenkins November 26, 2011 at 6:33 PM

RT @writeonpr: RT @BigGirlBranding #BGB #Remix Top 10 Things You Shouldn’t Sacrifice In 'Yo Biz When Living On a Budget http://t.co/3aH8cQdb

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Teresa Jenkins November 27, 2011 at 12:29 AM

Great article! RT @biggirlbranding #BGB #Remix Top 10 Things You Shouldn’t Sacrifice In 'Yo Biz When Living On a Budget http://t.co/3aH8cQdb

Reply

Teresa Jenkins November 27, 2011 at 12:33 AM

RT @writeonpr: RT @BigGirlBranding #BGB #Remix Top 10 Things You Shouldn’t Sacrifice In 'Yo Biz When Living On a Budget http://t.co/3aH8cQdb

Reply

Veronica Cervera January 4, 2012 at 4:15 AM

You’re right, hiring the right people is very important because when we don’t have quality staff the results are not satisfactory. A good work relation is also very important. As employers we pay them but at the same time they work for us to make things easier for us. There are just so many factors we have to take into account and you’ve pointed out the most important things. Well written!

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