10 Cost Cutting Ideas For Your Startup

1
10 Cost Cutting Ideas For Your Startup
2
Contents

• Introduction
• Online Tools
• Hiring Interns
• Go Paper Less
• Word of Mouth Marketing
• Affiliate Marketing
• Outsource
• Telecommuting
• Co-working spaces
• Time Tracking and Employee Productivity
  Management
• Cut Down on Meetings

3
Introduction

• Cost cutting is one of the crucial aspects of
  startup success. Using an online expense
  management tool helps in keeping a track of daily
  expenses and keeping them under control.
• Cost and expense control helps in improve profits
  and surplus cash, which is an essential for
  business growth. Here are some useful tips for
  cost cutting.

4
Online Tools

• Businesses must take advantage of the
  technological advancements the world is going
  through. Using online tools and improving
  business processes, is a simple way to cut
  business costs. Researching thoroughly on the
  tools and using the ones that have the most
  features and cost the least, is important.
• Online tools like Invoicera help in managing the
  cash flow of the business and maintaining surplus
  cash. Some of the important features include
  adding late fee to invoices and sending them in a
  timely manners to the client payments can flow
  in, on time as well.

5
Hiring Interns

• Hiring interns and training them to get the right
  sort of results for the business, can be really
  helpful. Hiring freshers helps you have people
  with high energy and the willingness to learn and
  grow.
• At the same time, interns can be hired at a
  nominal price point and and add lots of value to
  the organization. One must hire those with the
  right attitude so the outcome is as expected.

6
Go Paperless

• Using paper for operational tasks like invoicing,
  expense management and project management can
  take up lots of space in the office. This can add
  to the costs of the company as office space has a
  high rental cost. Besides that, the paper costs
  add up as well.
• Using an online invoicing tool is helpful in
  going paperless for your B2B communication.

7
Word of Mouth Marketing

• This is an interesting technique to get more
  publicity for your product at a reasonable cost.
  One can run campaigns to get loyal customers to
  talk about the product on social and other online
  channels.
• Providing requisite incentives to loyal customers
  to give their reviews and testimonials can be
  really helpful.

8
Affiliate Marketing

• This is another cost effective way to cut costs
  and grow business revenue. An affiliate program
  partners with existing customers to refer the
  product to peers, for a handsome cash reward.
• This way each dollar invested in marketing
  provides a return. Most online startups have an
  affiliate program that helps them to grow their
  business cost effectively.

9
Outsource

• This is another very useful technique used by
  startup businesses to lower costs and improve
  business efficiency. Outsourcing to offshore
  remote teams especially for product development,
  can save upto 50 of the costs of hiring full
  time resources.
• This saves a lot in terms of employee benefits
  and other costs pertaining to retention of
  employees.

10
Telecommuting

• This too also a cost saving possibility explored
  by many businesses in todays time. Having a
  virtual office, where everyone else is
  telecommuting, helps in reducing the cost of
  having an office space.

11
Co-working Spaces

• If telecommuting is not an option that you wish
  to use, then looking for Coworking spaces can be
  helpful as well. This option lets you work in in
  shared spaces and save on the office rentals and
  electricity.

12
Time Tracking and Employee Productivity Management

• Employee productivity management is one of the
  key aspects of cutting costs for a business
  organization. Using an appropriate time tracking
  solution helps in tracking the hours spent by
  employees on their respective tasks. This helps
  in motivating them to perform better and improve
  productivity.
• Creating a friendly work atmosphere, where the
  employees are motivated to work harder, helps in
  improving efficiency and reducing costs.

13
Cut Down on Meetings

• Many a times, meetings hamper productivity of
  employees. Having a limited number of meetings
  helps in ensuring that the employee time is being
  utilized well and the right level of productivity
  is being achieved.

14
Get In Touch
Web www.invoicera.com Social www.facebook.com/I
nvoicera www.twitter.com/invoicera https//www.lin
kedin.com/company/invoicera-invoicing-simplified P
h (IN) 91-9350204838 (600 am - 1200 midnight
IST) E-Mail marketing_at_invoicera.com
15
Thanks You )