#annie mueller

[rmimms]

I plan on using some of these tips while doing my own work. I definitely have issues with time management and efficiency!

[amexopenforum]

7 Bootstrapping Principles Any Business Can Use

What do you get when you combine small business and an economy in recession? A crunchy little budget for small business owners to work with.

Do not view the tight budget or the lean economy as your enemy. Certainly we all enjoy times of prosperity more than times of recession, but it's often during tight periods that we learn to harness creativity, drop the deadweight and get our businesses lean and ready for real growth. And real growth usually comes after tight times. So hang in there with your business and look for the positive side of a tighter budget.

Also, do not pull back and hide in the business equivalent of the fetal position until "things get better." Certainly, things will get better. But if your business is hiding out in the broom closet, things will not get better for you. Take the active approach. Drop excess costs. Tighten up. And work harder than you ever have, so when things do get better, you'll be ready to let your business grow.

In these lean times, it's smart to turn to tactics that bootstrapping entrepreneurs have always used to keep their business running without a lot of cash on hand.

Cut optional expenses

Focus on making money, not (just) saving money

Be smart, not cheap

Use all your resources

Do it in-house

Barter or trade

Always negotiate

Annie Mueller flushes out her tips here on OPEN Forum.