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February 29, 2020

3 Methods for Your New Business to Start Saving Money

If you have started a business, the reality is probably settling in right now. The honeymoon period, where you’re blinded by the excitement of starting your dream company, is over. Now you are faced with monthly bills, a seemingly endless checklist of tasks, and the challenge of acquiring customers before your finances become nonexistent.

One of the biggest causes of stress is those outgoings. When starting up, you will likely have bought new equipment and software. You might have rented office space. Suppliers need to be paid, as will employees, if you have already begun assembling an in-house team. If you are struggling to cover these expenses – and as a new business, this is likely – it can cause you to question why you started up in the first place. 

Thankfully, there are various methods available for cutting down on expenses and saving significant money. Below are three methods for your consideration: 

Outsource tasks

Although it depends on the business you operate, outsourcing work has various advantages over hiring an employee. This is particularly the case for a startup, as you can keep a tight check on your finances. Instead of handing over a continual wage slip to an employee, an outsourced talent (or organization) can be hired on a project-by-project basis. 

Also, you have a worldwide talent pool to select from when outsourcing. If you hired locally, you are restricted and might not find anyone appropriate for the job. Furthermore, if you’re going it alone, outsourcing allows you to focus on other tasks and boost productivity in the process. 

Improve your accounting situation 

The better the accounting platform you have, the better your finances will be. This isn’t simply down to keeping track of your business figures, either. If you don’t need to spend as long on making the numbers work, you have more time to complete other jobs. 

Any new business should begin with specialist accounting software such as Sage. Yet did you know you could improve and make Sage – and other software accounting – more efficient? By syncing the platform with Paynomix, you open the door to unrestricted Sage payments processing options, effortless access to data, added convenience with access from any device, and so on. 

Create a virtual office 

For most new businesses, one of the biggest monthly expenses revolves around renting an office or commercial space. However, if your business can be operated from a strictly digital platform, this is an expense you can quickly scrap. 

This is because it is easier than ever to create a virtual office. The proof can be found with the continued rise in popularity of remote work among organizations. 

With technology, it is effortless to run your business from the comfort of your home. Digital marketing makes it possible to target your customers. Email, social media, and live chat ensure you can easily connect with said customers. The likes of Skype and WhatsApp Business also mean you can effortlessly stay in contact with employees, freelancers, and suppliers.

The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

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