Every new business has a compulsive desire to have a check on the cost of doing business at the commencement of operations. Poor planning at this front could ruin a billion-dollar idea at the infancy stage of growth.
Work From Home
Digital technology has indeed lessened the
requirement for a physical office to a larger extent. Allowing the resources to
work from home could not only save the cost of operations but also save the
traveling time and cost for the employees as well. A carefully organized plan
could increase the productivity of employees as well. If for some operations
physical presence is necessary you can take a space from the booming co-working
space of your preferred choice to reduce the time and cost of traveling to an office.
BPO
Non-core business operations should be
outsourced than hiring a permanent employee on a fixed monthly salary. This
would also result in hiring more professional and experienced resources at
a lesser cost. The concept of a virtual assistant is common worldwide,
nowadays.
ZOOMING
There has been a range of channels (skype,
zoom, google meet, Microsoft team, etc.) that offer an outstanding, secure, and
efficient virtual conference. It not only saves cost but saves time for
extended traveling on busy roads. Moreover, it is the only option now for
global meetings as a number of countries have imposed on air travel.
MARKETING/BRANDING
The branding got a more critical space for
business than ever. The traditional channels of branding and marketing would be
exorbitant to invest the scared capital for a startup, therefore, prefer social
media channels to make a focused impact to build your brand on fact pace.
You can reduce the initial cash investment for
equipment by buying the used equipment. If buying second-hand could impair the
quality of product/service, you can opt for getting lease finance from a
leasing company.
SEED-CAPITAL
Equity investors are a preferred option than a
fixed commitment to a lending institute. you can also agree with your star performer
for an initial low pay with a performance-based incentive or offering an
employees’ stock option scheme (EPOS).
MODERATION IS THE KEY
The founders have to limit the lifestyle and
corporate show-off to make sure you are not bleeding the scare resources from
all pores. Most of the executives are in a deception that showing yourself a
millionaire from day one is a key to success, while ultimately, the sustained business will make you a better star of the business world.
I hope all or a preferred set of above
strategies will work for your business. For any comments, you can inbox me with
your suggestions/queries.
