With less than a few days until Christmas, it’s easy to see the spending mode get out of hand. The challenge with spending beyond your means is that your expenses will also be ready for you in a few weeks. Running a business is often more expensive than anticipated, making it difficult for entrepreneurs. Therefore, it makes sense for startup business owners to strategically look into cost-cutting measures. As an early Christmas gift, we have compiled a list of five ways startups can reduce expenses.
Making use of free tools
Software and digital tools make the process of business management more straightforward and bearable. When you have a small team, it makes sense to invest in good accounting, marketing, and other software while you focus on your core business. Using free resources for your business problems when you are starting out will help you save a lot of money. Manager for accounting and Canva for quick graphic design are two popular free tools to consider.
Maximize on discounts
There is no shame in attempting to obtain the best possible price for a product or service. What better time to maximize promotions than the festive season right? Regardless of what you’re buying; software, services, or office space, always inquire whether the cost they’re giving you is the lowest they can go. Getting a discount will help you save a lot of money and leave you with more resources for your company.
Join an innovation hub
One of the benefits of working from an innovation hub is saving money. An innovation hub like Eight2Five Innovation Hub, gives you access to office resources and zero to low-cost business support and consultancy services. It encourages relationship-building with different stakeholders and gives you an opportunity to learn from others’ success. If you are considering cutting costs for your tech startup next year, consider an incubation or innovation hub.
Sharing resources
Approach these types of agreements with a spirit of generosity. Make sure you know the value of what you have to offer, as well as what you’re asking from the other business to avoid insulting or embarrassing anyone.
Subcontracting
Outsourcing talent is one option for dealing with smaller tasks that do not require a new hire but cannot be added to your already overburdened plate. This entails compiling a list of potential service providers you may require to complete the job. There are also websites where you can find people to collaborate with for different projects. G
After all, is said and done, make clear goals and budget for your income and spending.
Happy holidays 🎄 and enjoy responsibly 🎅🏽
