Starting a business is pricey. On top of all the physical items to be bought – the bookcases, desks, light bulbs, etc. – there are ongoing services you need to pay for, such as accounting, legal services and marketing. And that’s on top of the regular employees you’re paying. It can all add up, so it’s good every once and while to take a moment and reflect on where you can save money. Where in your business are you spending money you don’t need to spend? To take some of the guesswork out of it, here are four savvy ways your startup can save money.
Traditional marketing relies on traditional mediums for its messages – billboards, TV and radio spots, and print ads, all of which can be expensive to run. Content marketing on the other hand allows you to harness the power of the internet and social media to get the word out there. The principle behind it is simple: you provide interesting and valuable content related to your business, such as how-to’s, informational videos, humorous social media posts and other on-brand content. And in return, you get increased traffic to your site, which increases visibility and, ultimately, sales.
Conventional legal support is one of the more costly aspects of owning a business, but it really doesn’t need to be. With legal outsourcing (or LPO, Legal Process Outsourcing, as its often known) you can choose to get legal support only when you need it, and only for as long as you need it. Rather than having a lawyer on the payroll full-time, you get to utilize legal support as needed, which can save a lot of money. One word of caution though would be to go with a reputable, quality outsourcer (here in Canada LexLocom comes to mind as one that offers a wide network of legal support), lest you end up paying for inferior support.
You can potentially sink a lot of money into low productivity. And the worst part is that it’s not always apparent. Luckily, there are some great productivity apps out there that allow you to manage and monitor employee efficiency to ensure that you get your money’s worth from everyone’s time. Collaboration apps like Asana allow everyone at the office to see everyone else’s progress, and to communicate about projects, which boosts productivity.
Common Sense Frugality
When you go to furnish your office, the first impulse is to deck the place out in stylish, sleek, modern furnishings. You’re not the Apple headquarters. At least for the first few years, try to run the business modestly, buying furnishings and work computers second-hand when possible, and keeping the razzle-dazzle to a minimum. It makes sense that you want to put on a good face, but it can’t be at the expense of other, more important business aspects.
There are a number of ways you can cut costs in your new startup, but these represent the four easiest, most effective ways. Even if your business is firmly established, these are still great tips to follow.
Founder Dinis Guarda
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