Your business needs to do one thing above all - it needs to make money. A bootstrapped business that doesn't make money, but sees its expenses outweigh its income will be on a lifeline, and the lifeline could be flatlining depending on the actions taken by the business owner to resurrect the business. If your business can make ends meet - or turn a profit - it will be on the cusp of success. At the very least, it will not be that far away at all.
A business making a loss will need to do one thing, and that's cut costs. It will need to bring business expenditure down to a level where it can meet forecasted income. In other words, you'll need to be frugal and make the best out of what you've got. There are plenty ways of achieving those goals, but one way that you can cut costs is by taking advantage of the many tools that your disposal.
One of these tools? It's a businesses ability to connect, and one way that a business can connect is through technology. A smart use of technology could save you plenty and ensure your budget is relatively low.
This might be new to you - you might not know your Google from your Yahoo or Bing. You might have to join the ranks Internet of Things beginners worldwide. The most important thing is that you need to get to grips with technology and what it brings to business as it will be a huge asset in helping your business become connected.
A business that connects does its best to bring the internet locally into an 'intranet' that is based on file sharing within the office. Your workplace computers need to be able to communicate and network to share files. This is the basis on which connection is formed and can ensure that all computers in your workplace are equal with regard as to what they can access and do!
Getting to grips with basic concepts like networking and an intranet can help open your mind. Let’s go back to the internet of things - bringing internet connectivity into the workplace or retail space via physical products can evolve your business and it’s efficiency. We are seeing more payment options via NFC wallets and things like Bitcoin. That means options for your customers and do you know what options means? And more business and more money for your company.
A huge part of being an efficient and frugal business owner is seeking options and remedies to existing problems.
If your business is not making the cash that it needs to make ends meet - it could well be that you need to improve the way that you connect to your customers and your workforce. If that's the case, you'll need to be a better business owner and seek ways that you could improve your connectivity. Likely, that's through tech - so do not be scared , or too fearful, to get to grips with technology in the workplace, for the sake of your bootstrapped business.
