Best Habits to Cure Stupid Startup Budgeting

When you’re getting your startup off the ground, there is no shortage of people telling you ways to spend your money. You spend ten minutes browsing the internet for something for your small business and your laptop is haunted with ads for products that you ‘have to have’ to build your business. True, there are great ways to spend your money if you want your startup to be successful, but what about startup budgeting? Here are 5 great ways to save money with your startup.

Bring Your Own Equipment

One of the best ways to help with startup budgeting is to eliminate as much communal equipment as you can. You do not need to provide your sales team with cell phones. Google Voice allows you to port a second phone number onto your smartphone.

Instead of supplying your staff with computers, have them use their own laptops in the office. You can incentivize your employees by sharing costs for repairs or upgrades. You could even offer to pay for part of their equipment.

Look for Free

There is a ton of digital software you will rely on as a business owner. The internet can provide everything from accounting software to in-office communications – to more industry-specific services. Many digital products out there will offer a free trial and then charge you after that. But for every product you pay for, there is usually a free version somewhere out there. Do your homework before you agree to pay for anything. Facebook groups are a great resource to find the best free software within your industry.

Ditch the Printer

This may sound obvious but stop printing so much. Paper isn’t exactly expensive, but toner sure is. Wasting ink and paper needlessly on documents that can just as easily remain digital crushes your bottom line. Apps like Adobe’s ‘Fill and Sign’ and Scanner Pro can help you stay away from the office supply store.

Outsource

Staffing can take up huge chunks of your startup’s budget. You need sharp, experienced professionals that care about your businesses’ success. Consider taking the a la carte approach to your staff. Graphic design is essential for small businesses that want to promote their brand. Why pay an in-house graphic design team a competitive salary and benefits?

Instead, consider Penji, a subscription-based unlimited graphic design company. If you need a flyer, an image for social media, or even a logo – Penji’s team does impressive work with a quick turnaround at a fraction of the cost of hiring your own design department.

What about HR? Bambee is a subscription service that handles all your human resources needs. They help with everything from compliance to staff training and terminations so that you don’t have to.

Hire a Virtual Assistant to handle all the boring stuff. Outsource Access can take over all your admin work, manage your social media, organize and maintain your calendar and your emails. Small business owners count their spare time in minutes. Don’t waste valuable time on the minutia.

Everyone’s least favorite part of running a business is accounting. There are many accounting services out there. We recommend Escalon for small businesses and startups. Escalon fully integrates into whatever system you are already running. They manage cash flow, bookkeeping, invoices, and end-of-year reports. Their reports are transparent and easy to understand

Incentivize Success

An advantage of being a small business owner is that you have a keen sense of your staff’s abilities. They are not a small cog in your giant organization. Oftentimes, they sit right across the room from you. A disadvantage of being a small business owner is you can’t always offer your staff the salary you would like to. Instead, you can offer reward-based incentives based on their production. This is a great way to recognize your employees’ value while not spending money on poor performers. If your staff contributes to your businesses’ success, pay them accordingly.

Work from Home

Do you need all that office space? COVID has opened the world’s eyes to the ease of remote work. Studies have shown that working from home does not hamper productivity. Your staff is more motivated when working in their own space. With services like Zoom and Slack, staying connected with your staff from afar is easy. Host virtual meetings, share ideas and save on rent and gas. This is startup budgeting made easy.