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Starting a business from scratch is expensive. Getting it all together; from renting an office space, equipping it, to hiring employees amongst other expenses, costs a lot of money. What we don’t want is you spending much more than the revenue coming more. To avoid this, here are ways you can save money as a startup:
Track your Budget Properly:
We cannot preach this enough, the importance of making a budget and tracking them. Creating a budget on a regular basis; daily, weekly, monthly and yearly, makes it easy to know what your business bills will look like. But tracking this budget is key. An accounting software such as Accounteer is a good tool you can use to monitor this spendings either via mobile or web platform.
By doing this, you are able to prioritize and figure out the most important things to spend your money on, what you need to drop and what your baselines are. Reviewing these budgets from time to time is also essential as you are able to track those investments that do not yield return and should be eliminated.
Invest in Technology:
Technology does not only save time, it saves you money and stress. It’s no news, right? Great. With technology, you no longer have to meet your clients physically, there is an option of Skype call. You get to send your invoices directly to your suppliers or buyers, keeping digital notes, booking tickets online and many more things.
Investing in technology that improves your sales, marketing, brand, PR, and your financials. As a startup, it is wiser to pick up tools that are cheap or easy to use. For your accounting for instance, it just makes good sense to use a tool like Accounteer for your accounting for instance as it is very cheap and offers you trials. Other tools like Hubspot are also good to track sales because they are cheap and offers trials.
Consider Work Remotely over Renting Office Spaces:
While this is not a perfect rule, it is reasonable for a start to consider an option of allowing your team members to operate remotely but report when due. And even when tasks needs to be done, adopting tools that will aid this is paramount. In accounteer, we have understood this logic and allowed our users to assign as many users to their accounting tool. Every users wherever they are can perform assigned tasks that are visible to the main administrator.
But if you want to rent a space, considering private desks, if you are a solopreneur or a few if you have a few teammates.
Outsource what can be Outsourced:
As a startup, you may want to consider outsourcing some side activities but definitely not the core of your business. Outsourcing some tasks like accounting, product designs, legal are easiest ways to save a lot of headaches. A reason for this is you don’t have to either worry yourself about the industry scale of paying an inhouse personnel and also cater for other benefits plus taxes.
Promote your product or service on social media:
Rather than patronise the services of ad agencies, focus your marketing strategies on social media is really cheap, with little or no cost. Social media has become a huge factor in business promotion, it is where a lot of people, potential customers, spend a lot of time. By making a presence, you are able to reach a wide number of potential customers. It is highly effective and cheap.
If you feel the need to hire a professional, outsourcing the service of a social media management firm will do.
About Accounteer:
Accounteer is a fast-growing cloud accounting provider. The company currently serves 8,000 customers in 68 different countries. Accounteer has offices in Lagos, Abuja, Cape Town and Brussels, and is looking to expand to Kenya and Ghana in the short term.
