More bang; for your less than a thousand bucks: 25 bargains that will make your business better

Entrepreneur, Feb, 2002 by Chris Penttila

9 CREATE AN ADVISORY BOARD. An advisory board of unbiased business peers is a cheap way of getting feedback without the legal entanglements and cost of a board of directors. "Advisory boards are one of the world's best-kept secrets," says Ray Silverstein, president of Chicago's President's Resource Organization, which helps entrepreneurs create and run advisory boards. Payment is negotiable, and the rewards are great. "You can negotiate a fee or just take them out to dinner," Silverstein says.

When creating an advisory board, look for four or five people whom you not only trust but who collectively can find money, introduce you to customers, mentor your managers and review your ideas. "These are people who have political power to bear. They can open doors," says Betsy Atkins, who sits on the advisory boards of a few small companies and is also CEO and president of Baja LLC, an independent venture capital firm in Coral Gables, Florida. "They can also help you fine-tune your business plan."

10 GET MORE SECURITY-CONSCIOUS. Feeling a little insecure lately? It might not be a bad idea to upgrade your security system by installing a few security cameras and deadbolt locks. RadioShack carries a wireless security system including a camera and monitor that, at press time, was selling for under $200.

If you're a do-it-yourselfer, another option is Marlon P. Jones and Associates (www.mpja.com), a Lake Park, Florida, company that sells inexpensive high-tech parts and gadgets. You can get a wireless security camera for as little as $200. Deadbolt locks retail for anywhere from $7 to $35.

11 GET TO GETHER. You're good at 10 of the 20 things a client wants you to do. Why not team up with a trust-worthy competitor or peer company for this business deal? For Russell Murray, founder, president and CEO of Watts Up Inc., a 15-employee technology and consulting firm in Ossining, New York, starting a joint venture last year with peer company Savvy Networks was a way to offer a full solution. "It gave us teeth right away," says Murray, 40. "We've had a few deals close because we were in a joint venture." It's also meant savings in staffing, because both companies can pool their employees for certain projects. Murray is estimating $3 million in sales for Watts Up in 2001. He suggests researching your local landscape for a compatible partner. "Think about what you'd like to offer clients that you can't offer right now," he says. "And have confidence in your partner beforehand."

12 CUT ENERGY COSTS. "Business owners are telling us they're having to lay people off because energy costs are going up," says Darrell McKigney, president of the Small Business Survival Committee, a nonprofit advocacy group in Washington, DC. Besides turning off unused office equipment, there are other low-cost investments you can make to lower your electric bill. Switching to fluorescent bulbs (about $10 for two bulbs), adding some new weather stripping (about $15 per door or window), and insulating your water heater (under $40) are affordable options that can make a difference. You'll find more energy-saving tips at www.eren.doe.gov/energytips/handidea.html.>