You’ve got to spend money to make money in any business.
Before your firm’s introduced to the public, you’ve probably worked extremely hard to secure funding for prototypes, product testing, market research, stock and equipment.
But too much unfocused spending can jeopardise a new business before it’s even launched — and being thrifty is especially important when you’re balancing baby responsibilities as well as budgets.
So if you’re concerned you’re splashing startup cash, here are three moneysaving tips to stay streamlined.
1. Workspace with childcare
If domestic distractions make working from home unmanageable, but you can’t afford the outlay for an external office on top of childcare, finding a co-working nursery could be the ideal solution.
Co-working spaces have several advantages over leased offices — they can be more economic, often feature functional designs with a mix of social and quiet environments and facilitate natural networking opportunities to meet diverse potential collaborators.
And if you’re the main caregiver for your children, in-house creche and nursery facilities with qualified staff are the cherry on the cake.
Some of these establishments also offer flexible packages allowing you to only order the required hours for each month — meaning there’s no unnecessary expenditure when you’re on holiday or between projects.
2. Remote team
Depending on the nature of your business, whether you’re working from home or in a dedicated environment, you might be able to operate efficiently with a remote team.
If you’re struggling to recruit top talent for your enterprise in your local area, remote working allows you to hire from elsewhere in the country, or even abroad, to build a highly effective team.
But your communications skills will have to be particularly on-point to ensure that everyone’s collaborating smoothly, projects are completed on time and you instil a positive team spirit that bridges the physical distance and combats isolation.
Buying an accessible team communication app is one of the best ways to keep a remote team running like a well-oiled machine — it allows you to keep in touch when you’re on the move and phone contact isn’t viable.
3. Automated HR
Whichever way you structure your team, embedding the appropriate mechanisms for core HR functions like payroll and tax compliance is essential.
And it’s even more important when working across borders with remote teams in different jurisdictions.
Partnering with a reliable payroll outsourcing provider puts paid to any possible discrepancies with salary payments, expenses and tax obligations.
Trustworthy platforms provide greater accuracy than human HR staff, while covering crucial outputs like payslips, management reports and secure exchange of data with relevant third-party systems.
So when expansion justifies hiring a permanent HR partner, you can recruit someone focused on championing company culture and promoting staff wellbeing — rather than wading through admin tasks.
These three moneysaving tips will help your startup trim the fat and stay superbly fit for a successful future — start putting them in place today for peace of mind.
How did you streamline your business? Share your thoughts in the comments section.