How to Keep Your Business’ Budget as Frugal as Possible
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Budgeting is never an easy task, especially if you’re running a small business. You’ve got to tighten your belt while still moving forward, creating your own state of austerity without anyone really noticing.
This all changes once you hit the big leagues, but you’ll always be trying to make the most from the least in some way or another. These are the truisms of business, but they’re even more vital during your first few years.
Staying frugal when you are running your own small business is vital, so we’ve come up with a few ways to help you stay afloat during those choppier times.
The Right Property
Finding a commercial property that won’t cost you an arm and a leg is no mean feat. When you begin leasing a workplace, you have to consider every element of your business, including the location, how staff dynamics might change in a new setting, whether your clients will be able to reach you easily and, most importantly, how the cost will impact your profits.
Upsetting the apple cart are unscrupulous leasing agents, the type of people who want to lock you into a lease agreement no matter what the cost. They’ll stretch the truth until it’s near breaking point, avoiding the flaws in a property and emphasising the positives to the point of hyperbole.
However, there are companies which can be trusted in the property world, and they’ll try their best to get you a high-quality workplace for a reasonable price. One such company is CoStar, a company with a site that’s teeming with information and statistics.
Remember – no matter where you are, a decent letting agent will do their best to find you the best price.
Another possibility is the option of running a virtual office. This has become a much more popular option as technology advances.
Upsize – at a pace
So many businesses will falter as soon as they overstretch themselves. They’ve got to walk before they can run, but many start sprinting quicker than Mo Farah – only to see their profits take a dramatic nosedive.
Don’t follow in the haphazard footsteps of these failed businesses. Stay small until you’ve got enough money to feasibly grow, and keep the number of people in your employ at a safe low number. At the same time, you don’t want to stunt your businesses’ development. You’ll have to perform a tight balancing act, but the most successful bosses manage it.
(Inter)net a profit
The internet is where things are really developing in the business world – and that means more than starting a website.
Businesses are communicating more lucidly with their customers via social media, hiring agencies to deal with their brand image on online platforms, and making sure that image is congruent with their physical presence.
Most of this can be done alone if you’ve got the smarts (although hiring a web designer for your site is always a good idea), and the right internet strategy could see your business skyrocket in popularity.
Photo courtesy of: StartupStockPhotos
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