Make MORE MONEY Without Spending Anything (Business Strategy)

This week I discuss a radical idea, Make More Money Without Spending Anything. Watch Now!

VIDEO SUMMARY

There is a concept in business that I want to share with you. This is an idea that has helped me a lot in my career. The concept is you can make more money without spending anything. If you really understand this concept, it is a very powerful idea. This is something people do not normally talk about, because we are so used to people trying to sell us something. We are used to people saying, “Give me so much money, and you will get additional value in return.” I am saying something very different . I am saying, “Give me NO money, and you will get enormous value in return.”

Let us compare these two ideas. Imagine you are working in a business. You can take two approaches.

• Make investments to produce a return. This would be something like spending money to upgrade your IT system to increase business efficiency. This could also be spending money on advertising to increase revenue.
• Spend no money to produce a return. One example of this is improving a business process that increases efficiency. Another example is improving your business strategy. Implementing a good business strategy does not have to cost you anything, but it can increase your revenue.

These two approaches to business are very different and require two different skill sets. The first approach uses a lot of return on investment (ROI) analysis. The second approach relies more on strategic analysis. It is important to realize this is not an either-or situation. You need both of these approaches in business. Sometimes you need to spend money, and sometimes you do not. The problem is that everyone tells you about the first approach, and no one tells you about the second approach because it does not make them any money. I want to spend some time talking about the second approach because it is so important and valuable for a business.

How do you make money without spending any money? The key here is to realize that the decisions you make are free. Decisions do not cost anything. And smart business decisions can have a huge impact on company profits. If you watch my channel, you will notice a theme that runs through all my videos. The theme is that I am trying to encourage people to be thoughtful about business. This concept is the reason. This concept means it does not take money to be successful in business. It takes ingenuity.

One a practical level, how do you implement this approach? Look for opportunities that do not cost any money. Here is what I want you to do. Go into your business and look at your department’s budget. Your business probably gives you a certain amount of money every year. Now imagine your budget is zero dollars. What are some things you can do if you have nothing to spend? This really changes your perspective because you have to get creative. You start looking at decisions you can make, for free, that will improve company profits.

The easiest way to do this is through strategy. Think about this. Imagine you have a company, with five different product lines, but only one of those product lines is in an area of competitive advantage. If you were to take the resources in your company, and move them to that area of competitive advantage, you can increase your revenue without spending any money. You are just moving around the resources you already have. This is strategy. Strategy is driven by your decisions. It costs you nothing, and you can make more money.

Let us use an accounting example. Let us talk about internal controls, specifically Accounts Payable. Accounts Payable is the accounting department that issues payments for goods and services. As an accountant, you can look at the internal controls for ways to improve your process. Every business is different, but I guarantee there are easy tips and tricks you can do to increase the rigor around your Accounts Payable that does not cost you any money. If you can better control the cash flowing out of your business, you can dramatically increase your bottom line.

Let us look at what it takes to improve an internal control:

• A clear strategy of what you want to accomplish.
• Clearly written procedures to follow
• Teamwork of all employees involved
• Self-discipline to follow the plan

Look at these four items. All these four things cost zero dollars. You are just using the resources you already have, in a better way. It is not easy. These are hard things to implement. But you can create tremendous value.

My point is to get you to realize the significance of your role as a businessperson. You have a tremendous power to positively impact your organization, simply by the decisions you make. Both approaches we discussed are important. Sometimes it does make sense to spend money, and make smart investments to set yourself up for future revenues. But sometimes it is useful to look at the decisions you can make, that do not cost anything, and can dramatically impact your profit.

Leave a comment down below letting me know what you think!

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Neither Zach De Gregorio or Wolves and Finance Inc. shall be liable for any damages related to information in this video. It is recommended you contact a CPA in your area for business advice.