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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Millennial Money: Use a crisis to build helpful money habits

As millennials, we’ve learned about money the hard way. From the Great Recession to stratospheric student loan debt to a pandemic, there’s been no shortage of life giving us lemons.

While the long-term economic effects of the pandemic are yet to be fully realized, you may have noticed one positive trend in the short term: For once, your debt may have dropped.

Credit card balances fell by $76 billion April through June, the steepest decline on record, according to an analysis by the Federal Reserve Bank of New York. Research by NerdWallet backed that up, finding that credit card balances carried from one month to the next dropped 9.15%, or more than $600 per household with this type of debt. Overall household debt shrank by nearly $1,000 among households carrying any type of debt in the same period.

If stimulus checks, paused student loan payments and sticking close to home

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Second Stimulus Check: How much money could you get if a second deal gets done? The latest on economic recovery talks

Even if the news isn’t always good the fact that there’s news at all when it comes to a second economic stimulus package is positive for people who are in desperate need of cash before year’s end.

That’s because any news at all means that Republicans and Democrats have been talking, and that’s a good thing because there were times — even earlier this week at President Donald Trump’s urging — when it looked as though they might walk away from the table before getting a deal done.

The sides have long been in agreement, however, that Americans need financial help, and Trump changed course during the week and is pushing for a package, too.

The latest Saturday was a $1.8 trillion stimulus package proposed by Republicans, and while a deal on the table is positive, it’s not likely to be the one that eventually gets done — provided

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Free financial service helps Sentinel readers manage their money

Orlando Sentinel readers called into the Ask an Expert hotline last week seeking free advice from certified financial planners about retirement, investing and other money matters.

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The event, held Oct. 4 this year, is sponsored annually by the Financial Planning Association of Central Florida and the Orlando Sentinel. Look for the Ask an Expert feature each Monday on the Sentinel’s Central Florida Business page.

Here is a sampling of questions and answers from the hotline.

Q: When COVID-19 hit, I quit my job working in the schools since I have pre-existing conditions. I only have $16,000 in savings and receive $1,200 a month in Social Security benefits. My expenses are between $3,300-$3,600 a month, including a mortgage payment of about $1,200. I also lease my car at $400 a month. What advice would you give me to help get closer to actually retiring? — N.W., Clermont

A: First,

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Inside the Beltway: Money talks: Economy remains top voter issue

Money still talks to voters. A new Gallup analysis released Monday reveals that the economy emerges as the No. 1 issue for voters as Election Day approaches, now just four weeks off.

“As the nation remains in a pandemic-induced recession, U.S. registered voters say the economy is the most important issue of 16 that may potentially affect their choice for president. Nearly nine in 10 registered voters consider the presidential candidates’ positions on the economy ‘extremely’ (44%) or ‘very’ (45%) important to their vote,” writes Gallup analyst Megan Brenan.

Among Republicans, 93% cited economy as their main interest, along with 85% of Democrats.

As it has been in past months, this is helpful factor for President Trump. Multiple pollsters have consistently confirmed over time that voters gave Mr. Trump higher ratings than Democratic presidential nominee Joseph R. Biden in economic matters. In some cases, Mr. Trump led his

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Alex Tapscott – This Is Money in 2030

In the year 2030, if we do this right, money, the foundation of our economy and civilization will be unrecognizable. As a society we have grown so accustomed to the status quo of today’s money – fiat currencies issued and controlled by governments and central banks – that we forget money periodically goes through a great upheaval. We are on the brink of one of these moments. Money, one of humanity’s greatest and most enduring creations, is becoming digital. 

The next decade of innovation will prove decisive as state powers, global corporations and an increasingly assertive digital civil society vie for control over the lifeblood of our economic lives. Each of these new stakeholders has a vastly different set of aims and objectives.

For some, the reinvention of money is a chance to break free from state and corporate control. For others, it’s an opportunity to further entrench the dominant

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On The Money: Economy adds 661K jobs in final report before Election Day | House approves $2.2T COVID-19 relief bill as White House talks stall

Happy Friday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.



a person standing in front of a blue bench: On The Money: Economy adds 661K jobs in final report before Election Day | House approves $2.2T COVID-19 relief bill as White House talks stall | Stand-alone bill to provide relief for airlines blocked on House floor


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On The Money: Economy adds 661K jobs in final report before Election Day | House approves $2.2T COVID-19 relief bill as White House talks stall | Stand-alone bill to provide relief for airlines blocked on House floor

See something I missed? Let me know at [email protected] or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.

Write us with tips, suggestions and news: [email protected], [email protected] and [email protected]. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.

THE BIG DEAL-Economy adds 661K jobs in final jobs report before Election Day: The U.S. gained 661,000 jobs in September, the Labor Department reported Friday in the final jobs report

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China’s Yuan Is Riding High as Economy Recovers, Foreign Investors Pump In Money

The yuan is closing out its strongest quarter against the dollar in more than a decade, boosted by optimism over China’s economic outlook and by the country’s comparatively high interest rates.

From the start of July through Wednesday’s close, the yuan has strengthened 3.9% against the dollar. That puts the yuan on track for its biggest quarterly gain since early 2008, FactSet data shows. The only other bigger quarterly gains on record are from the 1970s and 1980s, long before China began reforming its currency market in 1994.

China’s resilience, as the first country to suffer from the coronavirus and then bring it under control, has helped, said Jason Brady, president and chief executive of Thornburg Investment Management. “What we do see is a strong Chinese economy, which is part of what’s behind the strong renminbi,” he said, using another name for the currency.

Having returned to work, China is

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In America, Money Grows On Trees, Right?

Famous rapper, actor and filmmaker Ice Cube caught on to a recent trend in economic policy and proclaimed on Twitter that in the US, money grows on trees.

This idea has been popularized by economist and professor Stephanie Kelton, a major proponent of Modern Monetary Theory or “MMT.”

Advocates of MMT typically take on two slightly different policy paths, both worth describing.

One part of the MMT crowd simply states that deficits have no impact on the economy, and any inflation problem can be solved by raising taxes. In short, we keep the same monetary framework, issuing new debt to cover budget deficits, and we can more or less ignore the interest expense or the scary debt numbers that result. The goal of the politician is to maximize employment, investment, and consumption without causing inflation.

Ice Cube Joins The MMT Crowd:

Source: Twitter

The second faction of the MMT crowd

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Major Banks Moved Vast Sums of Illicit Money: ICIJ | Voice of America

WASHINGTON – Massive sums of allegedly dirty money have flowed for years through some of the world’s largest banking institutions, said an international journalism investigation published Sunday, which denounced shortcomings in sector regulations.
 
“Profits from deadly drug wars, fortunes embezzled from developing countries, and hard-earned savings stolen in a Ponzi scheme were all allowed to flow into and out of these financial institutions, despite warnings from the banks’ own employees,” according to the probe from Buzzfeed News and the International Consortium of Investigative Journalists (ICIJ).
 
The investigation, which was led by 108 international media outlets from 88 different countries, is based on thousands of suspicious activity reports (SARs) submitted to the US Treasury Department’s financial law enforcement agency, FinCEN, by banks from around the world.
 
“These documents, compiled by banks, shared with the government, but kept from public view, expose the hollowness of banking safeguards, and the ease with which

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