Getting a new business off the ground isn’t cheap, and during the early stages, every penny really does count. It’s one thing to make a budget for your business, but it’s a whole other thing to stick to it. One of the main reasons why startups fail is that they run out of money, so we’ve put together a list of tips to help you spend less without hurting your growth.
Write A Solid Business Plan
There has been some debate on the need for business plans in the last few years. However, even if it doesn’t seem like a fun thing to do, start-ups might well benefit from having a business plan in place. With your business plan, you can sketch out business models, anticipate snags and attract investors. It is therefore an effective way to keep your business on track and focused on its objectives, and it can prevent you from overspending or buying things you just don’t need.
Use OOH Advertising
OOH advertising (which stands for out-of-home advertising, such as on billboards or in train stations or shopping centres, and so on) is a great way to market your start-up in a cost-effective way. You might assume that digital marketing is the be all and end all when it comes to letting people know your business exists, but OOH has a surprising number of benefits that make it number one in terms of the best way to get your name out there. By using a Clear Start product, you can save even more money and really get the most out of your marketing budget.
Working from home can have a significant impact on your bottom line. It reduces expenditures like gas and electricity, and of course, rent. Not only that, but studies suggest that employees who have the option to work from home are more productive; they feel more relaxed, less stressed, and they also feel valued. All of this means better work and more profits.
Buy Supplies in Bulk
Office supplies may seem to be cheaper in smaller amounts, but the total cost adds up quickly. Instead, purchase in bulk since most suppliers offer wholesale rates and discounts for large orders of products. Look for bargains and compare prices to get the most for your money. In addition to the cost, consider the product’s overall quality. This ensures that you don’t waste time or money on things that don’t work.
Manage Cash Flow
Sometimes, the problem isn’t a lack of money. If you don’t have a good handle on your cash flow, it can affect your ability to pay for other business costs as well. To stop this from happening, write down how you will bill people. Be honest and make sure your payment terms are clear and confirm if there are any fees for overdue payments. This lets you get paid on time and keep track of your cash flow easily. Also, think about giving discounts to customers who pay their bills early. Use a system that sends clients reminders when their payments are due.
And there you have it – 5 simple-yet-effective tips for growing your start-up, without breaking the bank.