As a startup business, you will face many problems. One of the biggest can have an enormous effect on your chances of making it into a viable business proposition. For many new companies, there is little money available to play with. But, there is a lot of work to do.
How, then, can you match up your productivity expectations when you can’t afford to pay for it? Let’s take a look at some of the solutions to this huge issue in our guide to productivity on a budget.
Don’t hire staff
Whatever little budget you have, try to avoid blowing it all on hiring people. Full-time employees will be one of your biggest expenses, and they are also a big gamble. If your business estimates don’t go exactly according to plan, you could be left with enormous payouts every month you can ill afford. Instead, look at outsourcing work, and only pay for what you get back. Head over to our guide to outsourcing for more details.
Cut back on office costs
Renting an office is another expensive cost to your business. Yes, you might want a beautiful, open plan working space that is the envy of other firms in your community. But, you have to earn the right to move their, first. Try looking at alternatives, instead. You could work from home, make use of coworking space, or even look at pre-owned modular buildings. All of them are far more cost-effective than renting an expensive office. Think of the money you can save – and where you can invest it instead.
Learn to haggle
Don’t underestimate the power of the art of haggling. When you are in business, you have to learn to hustle for every last pound. Everything is negotiable in business, from the supplies you buy to the services you pay for. Always look for a better deal, even when you are buying paper clips. All those savings soon add up to a considerable amount over the course of a year. And, you can then afford to invest in much more worthwhile activities.
Another area to look at is energy saving. Make sure that you run a tight ship with your office, and only use power when it is necessary. You might think that this is overkill, but the costs soon add up when you are running numerous devices, heaters and other equipment. Plus, not only will you be cutting your costs, but you’ll also be contributing to saving the planet. That in itself can lead to people being interested in your business.
Hire an accountant
Finally, a simple idea but the most important of the lot. Hire an accountant to go through your books. They will save you money in the long-term, reduce your tax bill, and they will even contribute ideas for investing any profit you have. Yes, they are an added expense. But, they will save you so much more than they cost.
Any ideas we have missed? Let us know in the comments section below and reveal all your top tips for startups!