As someone who has built successful businesses from scratch, I know first-hand the challenges that small and medium-sized companies face. In order to succeed, these companies must be strategic about their expenses and activities, and ensure that every investment is truly necessary.
While large publicly owned companies may be able to afford all sorts of bells and whistles, small businesses must be more selective. Every expense and activity must be carefully examined to determine whether it is a necessity or an ornament. This requires a certain level of discipline and discernment, but it is essential for success.
Small companies must be particularly careful when it comes to marketing and advertising. While these activities are important for building brand awareness and attracting customers, they can also be expensive. That's why it's important to focus on the most effective channels and tactics, rather than trying to do everything at once.
Another area where small companies can save money is in office space and equipment. While it may be tempting to splurge on a fancy office or the latest technology, it's important to remember that these things are not essential to success. In fact, many successful companies have started out in humble surroundings, and have only invested in new equipment and facilities as they have grown.
Ultimately, the key to success as a small company is to be strategic and disciplined about expenses and activities. By carefully examining every investment and focusing on the essentials, small businesses can thrive and grow, even in challenging economic times. As someone who has been through it all, I can attest to the fact that this approach works, and I encourage all small and medium-sized companies to embrace it.