As a startup it’s easy to get caught up in the endless needs of your new business, many of which might end up draining your life raft cash flow a little more than expected, and wanted. It’s important to really consider where to efficiently inject your finances from day one, starting with…
Build a budget, and actually use it!
A budget puts you in the driver’s seat of your cash flow. Setting one up might take a little time, but you’ll thank yourself later. Trust us. As a startup ourselves we’ve experienced first hand the benefits of staying within the lines! Continually review this set budget each month to help you gain a better insight into where your money is going and the ROI of that specific investment, which will give you a pretty clear picture of where to allocate that budget going forward.
Reduce, or eliminate office space
The pandemic has forced the adoption of many new and unimaginable life alterations, one being the rise in ‘working from home’. In a pre COVID-19 world, offices were considered crucial for productivity and culture, and the idea that a company could operate entirely remote, existing solely in ‘the cloud’, is something that business owners would have seen as counter productive. Now, a majority of office and digital based occupations can be carried out remotely, as proven by the extensive workforce now doing just that, and successfully… In fact a majority of the world’s tech giants are implementing work policies from home and recruiting for remote positions, such as Amazon, Dropbox and Facebook who see no rush in bringing their workforce back to the office.
If your business exists in the digital realm, consider a remote workforce, co-working space or a hybrid approach with a smaller office to accommodate at least half of your employees on a ‘week on, week off’ basis. Adding this level of flexibility to your business will not only increase the level of productivity and trust in your team, but can scale back your physical space outgoings significantly.
Perfect your product, rather than scaling
In the beginning it can be easy for startups to get ahead of themselves focusing solely on growth. The need to build on your product range or service offering, expand into new verticals and hire a larger team is any new business owners dream. Taking a step back and viewing your goals as one product/service, one consumer and one market really simplifies the process (and can save you a lot of money early on).
Focus on investing into the ‘right’ areas of your business, and what could be more important than your product or service? Finesse your offering, fine-tune your product, and streamline your cash flow into those which yield the highest return for your business. Consider which one of your products/services is the superstar performer, and give that one the most TLC… From there your business growth will be a natural progression.
Outsource to freelancers
When running a startup, the owner tends to wear many occupational hats, one day you’re the CEO, the next you’re building social media ad campaigns. It can be easy to run yourself a little thin in areas that are not your strong suit and hiring full time employees early on is just not financially viable. Enter freelancers.
Utilising the extensive freelance market may become the biggest asset to your new business. An expert to take that social media or SEO work off your hands. The best part about freelancers is that there’s no ‘one size fits a
Make technology work for you
Along with the option to outsource strenuous work to freelancers, there is now a wide range of softwares out there, specifically to operate as your digital helping hand.
If you can’t afford a personalised website, the likes of SquareSpace and Shopify are great alternatives to create that online presence with thousands of customisable templates available, your customers will never know the difference!
Invest in the most cost effective payment acceptance solutions (‘cough cough’). Yes there are more mainstream options out there… but dedicated external MPOS hardware is expensive. If you already own an Android phone, opting for a SoftPOS service like us, can save you thousands in upfront costs. We work with multitude of partners globally who utilise our technology via their own SoftPOS apps to provide small businesses with a more financially friendly solutions for taking those in-person payments. We also provide the same service through our own Paymob app (launching very soon).
If you’re feeling like everything is getting on top of you and are considering hiring an assistant to organise your work life, look into digital options like Calendly, which helps you schedule meetings without the back-and-forth emails, and talking about emails… Mailchimp have an array of memberships including free and fairly priced options, which might just do the job for your startups email marketing campaigns.