Thousands of new businesses will open their doors in 2017, but the reality is, more than 70% of those will fail. This is a scary statistic. But what is perhaps even more scary, is that 80% of those failed businesses state cash problems as the main reason for collapse.
In any business, having enough capital and cash flow is vital for survival. Furthermore, it is also needed to help your business grow and ultimately, compete with larger companies.
To help your start up succeed, here are some money saving tips and strategies that your business can use from TNT
You may need an additional employee to carry out tasks, but you are faced with two dilemmas: you only need assistance every now and again, and you have no money to fund a wage. This is where outsourcing has advantages. There are loads of websites where you can find freelancers to work for a specified period for a specified rate, so you only pay for what you need.
In addition to outsourcing, hiring interns is a great way to reduce business expenditure. Working with interns is also mutually beneficial, because as well as securing your business with free work, it also gives young college and university students the chance to build up their CV and workplace experience.
Work From Home
You may be tempted to splurge on a fancy serviced office, but in the initial stages of your business, it may be better to work from home. This will save money that would have been spent on monthly rent, freeing up cash flow. Working from home can also provide some tax breaks, such as rent, utility bills and internet services.
Tip: get a credible business address with a mail forwarding service and meet clients in coffee shops, cafes and hotels.
Download Free Apps
Software for business can be expensive, but this need not be the case. There are hundreds of business apps out there that you can download for free, each offering services to help your company. These include scheduling, organising, file storage, networking and marketing.
Use Social Media
Traditional marketing, such as advertising, can cost a lot of money. However, social media is a cost-effective marketing solution that can produce fantastic results. By having active social media accounts, you use your phone to build relationships with customers, create viral campaigns and promote your products or services, all for free!
Tip: it is also worth researching search engine optimisation (SEO), too.