15 Tips To Keep A Growing Business Lean And Save Money

As your business grows, you’ll likely have more capital in rotation. As you bring in more money, you will also need to spend more to continue growing. 

However, it’s important to ensure that you’re not spending in excess and are still saving money where you can. Otherwise, you may find yourself in the red and facing some exceptionally difficult financial decisions.

Below, 15 members of Forbes Coaches Council share their best advice for business owners looking to keep their operations lean and save money.

1. Observe, Plan And Earn Before You Spend

Understand, observe and become fully aware of your industry and the needs of your business. Learning to optimize your costs takes time, errors, small tests and planning based on the data you collect every day. Ask yourself what you

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Five Tips For Building A Strong Team In Your Small Business

Business Coach and developer of Chironomics, a coaching program that provides business support, strategies, and systems for Chiropractors.  

The saying, “No man is an island,” holds true in business. After all, it is impossible to do everything by yourself. The sooner you recognize this, I believe the closer you get to achieving any goal you set for your company.

That said, while two heads are always better than one, having the right two minds is imperative. Building a dynamic team, both externally and internally, is the cornerstone of any successful business. For your company to experience significant revenue, you need help. These five tips keep me on pace in my business as I continue to build my team:

1. Create a hiring plan.

You must have an effective plan of action when building your team. Onboarding new members can be a challenging process, and hiring the wrong people

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4 Real-Life Tips For Risk-Averse Entrepreneurs In Search Of Proven Business Ideas

At first glance, the words “risk-averse” and “entrepreneur” don’t seem like they’d go together. After all, entrepreneurship is an inherently risky business — insert your mental image of an 80s- era Tom Cruise here.

But in reality, entrepreneurship does still have room for more risk-averse individuals.

There’s a lot more to reducing risk than finding a proven business idea in a seemingly stable industry. Sure, a “proven” business idea is a good start, but the way you choose to run your business will go a long way in reducing immediate and long-term risk so you can have a successful entrepreneurial career.

Embrace Adaptability (And Be Willing To Adapt, Too)

Survival as a freelancer or solopreneur often comes down to being flexible — or being able to quickly pivot, learn and thrive in new ways.

This isn’t just true during times of crisis. Market conditions change all the

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Helping Others Help Themselves: 4 Expert Tips on How to Start a Successful Coaching Business


Coaching can take many forms—life, executive, career, skills—but all share the same mission: to help people unlock answers. As human beings, we are often the biggest block to ourselves and our progress, unable to realize our potential without someone else shining a light on it. The result is that coaching businesses have been booming.

In the professional sphere, one survey found that almost one in six entrepreneurs were using business coaches for self-improvement. The life coaching market in the U.S. alone is worth $1 billion. While there is high demand for coaching, newcomers hoping to get traction in the industry are heavily dependent on establishing a reputation and starting new conversations around wellbeing, critical thinking, and positive action. Unlocking that

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4 Expert Tips to Create the Perfect Investor Pitch for Your New Business

When it comes to pitching, the odds often seem stacked against startups. Investors reportedly look at pitch decks for only 3 minutes and 44 seconds, and for every 1,000 pitches an investor hears, they only fund 100 companies. But investors aren’t in short supply, so there has to be another reason why the window of opportunity is so slim. What if the problem is how founders are telling their startup story?



a man and a woman sitting at a table


© Maskot | Getty Images


Think back to when you were a kid. What were the stories that engaged you most? Had you sat upright on your bed, wide eyed, and pleading for your parents to keep reading? Probably the ones that had a strong main character, a detailed background, and were just short enough to get your full attention. In many ways, the best investor pitches have the same traits. 

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Here’s how to create the perfect

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4 Expert Tips on How to Start a Successful Coaching Business

Coaching can take many forms—life, executive, career, skills—but all share the same mission: to help people unlock answers. As human beings, we are often the biggest block to ourselves and our progress, unable to realize our potential without someone else shining a light on it. The result is that coaching businesses have been booming.



a man and a woman sitting at a desk


© ljubaphoto | Getty Images


In the professional sphere, one survey found that almost one in six entrepreneurs were using business coaches for self-improvement. The life coaching market in the U.S. alone is worth $1 billion. While there is high demand for coaching, newcomers hoping to get traction in the industry are heavily dependent on establishing a reputation and starting new conversations around wellbeing, critical thinking, and positive action. Unlocking that uniqueness is a bold endeavor in a highly-saturated business.

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Nonetheless, the coaching landscape is constantly in motion, and there is always potential for

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5 Tips for Making Money in Cheap Stocks



a telephone on a table: A laptop, pencil, pair of eyeglasses, and many coins rest on a wooden table.


© Source: Shutterstock
A laptop, pencil, pair of eyeglasses, and many coins rest on a wooden table.

First, let’s get something straight. The definition of penny stocks is entirely subjective. What I think constitutes a risky penny stock, you might feel is a robust, thriving enterprise.

Therefore, before I answer the question of whether you can make money in penny stocks, I’m going to explain what I believe is the best definition of a penny stock. From there, I’ll tackle the five rules investors should follow to be successful in trading cheap investments like penny stocks.

The Definition: Merriam-Webster defines penny stock as “a usually unlisted highly speculative stock usually selling for a dollar or less.” Hence, the penny-stock moniker. Others are more liberal in their interpretation of what constitutes a penny stock.

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The Successful Investor, an investment newsletter publisher I do some work for here in

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4 Tips for Taking Your Brick-and-Mortar Store to the Online Realm

This year has been rough for brick and mortar retailers. Data from Yelp shows that 60 percent of temporary business closures related to COVID-19 have now become permanent. Many big-name brands have filed for bankruptcy as they’ve seen retail sales dry up.



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On the opposite end of the spectrum, ecommerce is thriving like never before. Statista reports that ecommerce site traffic in May and June of 2020 actually eclipsed the traffic levels of the 2019 holiday shopping season.

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As brick and mortar stores continue to struggle with government restrictions and the public’s desire to avoid outings that could lead to COVID-19 exposure, the need to take businesses online has never been more urgent.

Even if you’re late to the online game, however, you can still make a successful transition.

1. Choose the right hosting platform

First things first: you have to claim a

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3 Tips Every Consultancy Business Needs to Grow Strong

The upheaval caused by the recent global health pandemic has changed the dynamics of the online world. Brands, businesses, and entrepreneurs are turning towards digital mediums to continue their business activities and retain their positions in the industry, sometimes with the help of paid traffic consultancy firms.



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Brandon See has demonstrated how entrepreneurs can find success by using astute decision-making skills and implementing the right tactics and strategies in paid advertising.

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Online consultancy firms have been able to generate massive revenues and cash for e-commerce clients through paid advertising. But for most of these firms, the success they enjoy today did not come easy. They had to spend a lot of money to test strategies and tactics initially to eventually develop their own in-house strategies that would yield results for their clients. Through his firm, Digiceptual, See helps beauty, fashion,

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5 Tips for Managing and Improving Your Online Reputation

“Sticks and stones may break my bones but words will never hurt me.”

This children’s rhyme does not apply in today’s highly connected world where a few negative words can cost your company a lot of business. Now everything from quality reviews and recommendations, legitimate issues and reputation damaging complaints are there for the entire world to see.

Managing your online reputation is no longer optional. It needs a simple strategy that combines monitoring what is available about you and responding appropriately. This will ensure your business is not unknowingly damaged by negative comments.

Even if you have never added your information into Yelp, Google My Business or other online business directories, it doesn’t mean that your business isn’t already visible online and immune from the backlash of an unhappy customer.

How should your business approach managing its online reputation?

Because of its critical nature to the success of your

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