Outrageous Money Saving and Business Growth Tips

One of the essential skills of successful entrepreneurs is the ability to think outside the box -- to be creative in solving problems or facing challenges. Recently the Small Business Trends blog (my #1 pick of Top 10 Most Practical Blogs for Entrepreneurs) asked several well-known business bloggers: Tell Us Your Most Outrageously Creative Money-Saving or Business Growth Tip.

Some are very specific examples that are unique to the problem at hand, while others are more general tips anyone can apply in their business. Here's my contribution:

For the past few years, I've committed at least 4-5 hours a week to building passive income streams outside my core business such as: royalties on books and other info-products, affiliate sales, and so on. So many entrepreneurs have to shut down their business and go back to a j-o-b because of cash flow issues, and very often they're temporary - just a month or two.  With a baseline of passive income, I'm much more confident about the survival of my business, regardless of circumstances, and am able to make better financial and strategic decisions because I'm not constantly in a cash flow bind.

Want to learn more about how to do that in your business? These articles will get you started:

• Passive Income: How to Earn More and Work Less
• Better Bootstrapping: The Importance of Income Automation
• Juggling Multiple Streams of Income: How to Maintain Focus
• Make Money Online (Without Spending a Dime)
• Consultants Crack the Billable Hour Ceiling