After numerous bank closings and watching the Fed cut rates down to 2.0% the signs of a recession are getting stronger. The market is hitting a five year low while oil prices continue to rise as the US dollar falls. So, what are you doing to keep the “Open” sign in front of your business? As a student in economics and being the frugal person I am here are some ideas on how to help your business cut cost on numerous fronts. Please be in mind that you want to cut fixed cost as low as possible while limiting the usage on anything that is a variable cost. This tip alone should help you save a few bucks.

First Tip, cut the power usage in your business! How do you do this? Start by installing fluorescent light bulbs in all light fixtures. Another way to cut electricity is turning up the thermostat during the summer or having it automated to fluctuate during certain periods of the day. If you own your own building look into getting a soy roof or a green roof. This should help the longevity of your roof and help reflect the light during the summer which will help your building stay cooler. With this in mind look into getting an awning for your front windows to help reflect the sun off the front of your store to help save some cost. Lastly, shut off the lights in rooms that are not being used frequently. This was always drilled into every child’s head while growing up. (more…)

It was a great pleasure to meet many people at the SobCon08, but one of the more interesting people I met was Kristen King. She works from home and stays dedicated to what she loves, which is writing about the things she loves. She runs numerous blogs including: Inkthinker, Biz Chicks Rule, Lively Women, Meow/Bark/Blog, & L-K Article Challenge.

She also does freelance articles for small business owners who need an extra helping hand. She is young, talented, professional, and filled with charisma. Thank you Kristen for giving us your business pitch.

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Generally, we have Jared Fischer write this column but for the past three weeks he has been under the gun finishing up his Masters in Accountancy. So, this week I decided to fill the dead air  and talk about how you could save some money and gain some good employee. However, some small businesses may have a hard time with this since not everyone is near a university.

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Just because you run a business doesn’t always mean you have to do all of the work. In fact, doing all of the work most of the time will result in you utilizing your time in an inefficient manner. If you have trouble doing something, like building a website or writing a nice press release, do not be afraid to outsource the job to help you save time. Think about it for a minute. You didn’t start your business to work more hours than the standard 40 hour work week, did you? Most of us started up a business because we wanted to do something that we enjoyed or gave us more time to spend with our friends and family.

Good news is that in the world today affordable labor is just a click away. Websites that allow you to pick help from the US include elance.com and craigslist.org. These two sites allow you to post ideas and put you in control of your future employee. I also recommend you looking at local universities to help you get your business moving. A lot of young college students have very open minds that may help you see outside the box. Another way to save time is getting a credit card that has a personal assistant that is tied to it. I have used my personal assistant not only for concierge services, but also collecting data and giving me summaries on industries. I usually call them before I go to bed and the information is in my mailbox in the morning. The last resource I suggest is using places Brick Work India. It is based out in India, but offers any possible service you can think of. I would make sure you ask for someone that is very fluent in English. Also, make sure you set guidelines with any of your helpers. Make sure you give them a clear outline of what your goals are for a particular task.

Let me once again stress that work you do is not always the most efficient use of your time. Instead of building a website you can be helping a customer or putting your budget together for next year. Remember you want to make money with the least amount of effort producing the best possible item. You would be amazed at how other human minds can produce a quality product without your physical presence. Lay out the guidelines for your task and let them do the work with timely check-ups. Take the extra time you have to build up your business in other ways or spend the free time with your family. Remember labor is resource that is valuable if YOU use it efficiently and properly.

If you have any questions, ideas, or suggestions please email us at questions@businessonthemound.com.