Langsung ke konten utama

5 Little Told Tips for Startups for Efficient Finance Planning


Startups usually end up spending a lot of money on things that aren’t worth investing. This blog discusses top 5 tips to use startup funds wisely.

Startups are the result of great enthusiastic minds that have the courage to take calculated risks, invest money and a have lot of patience to wait to reap ROI. Those who face the challenges and struggles at the initial phase of establishment, with the right approach, see a bright future ahead.

At times, startup owners usually get influenced by suggestions of amateurs and choose the wrong method to spend their money and utilize resources. Considering the reports, statistics and success ratio of startups till date, following are consolidated 5 pointers for efficient planning of money and resources:


Do not fall in the trap of lawyers


As a startup, you may need legal assistance, but at a very basic level. You may come across law agencies and lawyers who offer packages to serve dedicatedly to your firm. You should know that your agency is not yet established in well manner and does not need dedicated law services.

Instead it is better to hire the service as and when required instead of contracting with the law agencies in advance for all types of legal assistance.


Avoid paying exorbitant ticket rates to attend conference and events


In an attempt to gain knowledge on how to groom startups, people usually end up attending a series of events and conferences. Not only is the entry ticket to these events too high but these are utter waste of time as no 2 to 3 hour session can skyrocket your startup.

One option to learn is to take advice of people you know personally and discuss your business challenges with them. Referring videos and learning from them is also a cost as well as time saving option.


Co-working office space isn’t always good option


In order to save money, startups may opt for co-working spaces. However, this may have a negative impact on your team. If the other people sharing your working space aren’t dedicated to their work, they may spoil the culture and overall working environment.

Though small in space, get your own workplace and establish a loyal, dedicated and healthy working culture. In such environment, developers can focus on their work and deliver fast outcomes.


Save on accounting and finance services


Your startup isn’t big enough to hire accounting and finance services. When you have a handsome number of people working for you, it is easy to manage their payroll on your own.

At a later stage when the strength of your company is above 30, you may look up for some cost-effective accounting and finance service provider that best suits your business requirements.


Keep a limited budget for advertising


Marketing and advertising is essential for a startup to build a good brand reputation and spread a word about its existence among target audience. Spend wisely on advertising services as this is a very vast field and there is no limit to the money you spent on different marketing mediums.

Set aside a budget for marketing to know that you are not overspending on it. Later when you have earned decent profit, you can add to this budget and take advertising strategy to a broader scale.

Wrapping it up…

Strategic planning and management of time, money and resources is the only key to a successful startup. Owners should have a broad vision as well as the talent to tackle run time challenges and dynamic problems. Stay at the forefront of technological advancements and trends and gain a competitive edge. Good luck to all startup owners!

Label

Label:

Komentar

Posting Komentar

Postingan populer dari blog ini

1 Investment to Rule Them All

A friend once asked me, “How do I start investing if I don’t have much money?” That is a legitimate question, especially for students just out of college or working adults who have just entered the corporate world. To answer my friend’s question, I jogged back my memory to recall out how I first started investing. I, too, didn’t have much money when I started my investing journey . I remember all I had was the monthly allowance given to me during National Service, which I had squirrelled away diligently. With the money I had, I invested in books on personal finance and stock market investing. I remember the first book I bought was Rich Dad, Poor Dad by Robert Kiyosaki. I also went for an investment course to help bring down the steep learning curve (I had no accounting or finance background from school). Essentially, what I did was to invest in myself. By investing in myself and not on a broker’s hot tip, I accumulated the knowledge needed to navigate the stock...
Baca selengkapnya

Find investment Zen: When to buy, hold and sell

There is a wealth of ways to invest your money, but let’s face it: you probably don’t have endless time to figure them all out. And with time at a premium, using energy to keep abreast of the ins and outs of your investment portfolio can seem impossible. Although Singaporeans are on average earning more each year, the global market hasn’t been as successful recently — and that’s enough to give anyone pause before approaching today’s complex investment landscape. One way to get to grips with the investment climate is to take advantage of a smart investment tool, which can  help to identify investment opportunities . Standard Chartered Bank now offers Personalized Investment Ideas (PII), the latest tool to give investors the info they need to grow their wealth. Thanks to technological advancements like this, you can invest wisely, and without giving up your valuable time. When it comes to your investments, you have three potential options: Buy Taking risks with y...
Baca selengkapnya

Money saving tips - Expert says THIS is the worst way to pay for Christmas

CHRISTMAS is approaching fast and the all too familiar feeling of pressure on our wallets is coming around quick. The last thing you want at Christmas is the burden of how you’re going to pay for your loved ones Christmas presents or how you’ll afford the turkey. There are certain things you ought to try to avoid when you pay for Christmas to make sure you don’t start a new year with bad debt hanging over you. It sounds obvious but before you start spending, if you’re going to have to borrow make a conscious effort to spend less. This doesn’t mean people will think you’re Scrooge; you just need to be savvy. By making tweaks to  how you pay for things , you’ll save yourself money and avoid the 2018 Christmas hangover. Hannah Maundrell, Editor in Chief of money.co.uk revealed  the best and worst ways to pay  for Christmas. Avoid: Store cards: Not to be confused with loyalty cards, store cards are often flogged at the till with the promis...
Posting Komentar
Baca selengkapnya