How To Save Money In Your Small Start-Up Business

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Cutting operational costs in your business is a quick way to free up money that you can invest.
Here are a few ideas:
• Share office space with another small business or adopt a virtual business model, which doesn’t need a physical office, saving you on rent and operational costs.
• Run your business in the cloud. You can access just about all your business management software in the cloud, which means you don’t need to invest in expensive hardware and the skills to maintain it. Cloud-based accounting solutions also help you manage your inventory, so money isn’t tied up in surplus stock.
• Pay invoices on time to avoid interest and late payment fees. Take advantage of early payment discounts.
• Cut down on meetings so your team can focus on strategic functions. Hold important meetings over Skype or Zoom to save time and money on traveling.
• Outsource ad hoc work, like design and copy-writing to freelancers rather than hiring a full-time resource. Hire interns to do admin work so that you can spend more time on strategic planning.
Money – making it, saving it, sourcing it – is arguably the biggest challenge of running a small business. Start making your money work for you – not just today but in five, 10 and 20 years from now.

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