5 Ways To Save Costs For A StartUp

Let’s say you’ve taken the leap and you are your own boss. You start looking at everything from the smallest thing to the biggest picture in detail. Things you may not have necessarily considered in your previous job profile perhaps.

  1. Micro managing eats away at your time:
    At this stage is as key as macro. Keeping tabs of minute processes to optimize efficiency will ultimately lead to cost savings. This could be applicable to various things from multi-tasking to combining job profiles to keep staff head count low.
  2.  Managing cash flows:
    Although an accountant’s job or a finance departments look out suddenly also becomes yours, as an entrepreneur in today’s world you are expected to wear many hats and versatility will be expected from you. Even if numbers are not your core strength you will have to make them yours.
  3. Eye nn the prize
    Keeping the focus on the overall objective is essential. If you’re annual game plan has be laid down. Stating quarterly objectives is arguably as essential because it is very easy to get side tracked along the way with smaller issues that will arise on your journey as a startup.
  4. Defining your office needs
    Finding the right place to call your base in expensive cities like Mumbai is not an easy task. Lucky in a developed market there are specialized shared office spaces like the Empire Business Centre where rates are startup friendly and services are on power with the best of conventional business centers
  5. A positive attitude can make or break you:
    The road to success is a long and winding one. It is very easy to stop and stare at distractions or take a wrong turn. You must never forget why it is you are doing this in the first place and must hold your ground when even when you feel sometimes it is shaking beneath you. Your approach to situations as a person will affect your team as well as the outcome of a situation because everyone will look to you for direction. So remember to keep your cool. That being easier said than done in most cases.

We hope this information proves useful and if you have any other ideas you would like to add, leave them in the below comments section. And most importantly, cheers to a successful you.

 

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