Donavan Group Consulting in Singapore and Tokyo, Japan: 5 Little Told Tips for Startups for Efficient Finance Planning
Startups usually end up spending a lot of money on things that aren’t worth investing. This blog discusses top 5 tips to use startup funds wisely.
Startups usually end up spending a lot of money on things that aren’t worth investing. This blog discusses top 5 tips to use startup funds wisely.
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<strong>Donavan</strong> <strong>Group</strong> <strong>Consult<strong>in</strong>g</strong> <strong>in</strong> S<strong>in</strong>gapore <strong>and</strong> <strong>Tokyo</strong>, <strong>Japan</strong>: 5 <strong>Little</strong> <strong>Told</strong><br />
<strong>Tips</strong> <strong>for</strong> <strong>Startups</strong> <strong>for</strong> <strong>Efficient</strong> F<strong>in</strong>ance Plann<strong>in</strong>g<br />
<strong>Startups</strong> usually end up spend<strong>in</strong>g a lot of money on th<strong>in</strong>gs that aren’t worth <strong>in</strong>vest<strong>in</strong>g. This blog discusses top 5 tips to use<br />
startup funds wisely.<br />
<strong>Startups</strong> are the result of great enthusiastic m<strong>in</strong>ds that have the courage to take calculated risks, <strong>in</strong>vest money <strong>and</strong> a have<br />
lot of patience to wait to reap ROI. Those who face the challenges <strong>and</strong> struggles at the <strong>in</strong>itial phase of establishment, with<br />
the right approach, see a bright future ahead.<br />
At times, startup owners usually get <strong>in</strong>fluenced by suggestions of amateurs <strong>and</strong> choose the wrong method to spend their<br />
money <strong>and</strong> utilize resources. Consider<strong>in</strong>g the reports, statistics <strong>and</strong> success ratio of startups till date, follow<strong>in</strong>g are<br />
consolidated 5 po<strong>in</strong>ters <strong>for</strong> efficient plann<strong>in</strong>g of money <strong>and</strong> resources:<br />
Do not fall <strong>in</strong> the trap of lawyers<br />
As a startup, you may need legal assistance, but at a very basic level. You may come across law agencies <strong>and</strong> lawyers who<br />
offer packages to serve dedicatedly to your firm. You should know that your agency is not yet established <strong>in</strong> well manner<br />
<strong>and</strong> does not need dedicated law services.<br />
Instead it is better to hire the service as <strong>and</strong> when required <strong>in</strong>stead of contract<strong>in</strong>g with the law agencies <strong>in</strong> advance <strong>for</strong> all<br />
types of legal assistance.<br />
Avoid pay<strong>in</strong>g exorbitant ticket rates to attend conference <strong>and</strong> events<br />
In an attempt to ga<strong>in</strong> knowledge on how to groom startups, people usually end up attend<strong>in</strong>g a series of events <strong>and</strong><br />
conferences. Not only is the entry ticket to these events too high but these are utter waste of time as no 2 to 3 hour session<br />
can skyrocket your startup.<br />
One option to learn is to take advice of people you know personally <strong>and</strong> discuss your bus<strong>in</strong>ess challenges with them.<br />
Referr<strong>in</strong>g videos <strong>and</strong> learn<strong>in</strong>g from them is also a cost as well as time sav<strong>in</strong>g option.<br />
Co-work<strong>in</strong>g office space isn’t always good option<br />
In order to save money, startups may opt <strong>for</strong> co-work<strong>in</strong>g spaces. However, this may have a negative impact on your team.<br />
If the other people shar<strong>in</strong>g your work<strong>in</strong>g space aren’t dedicated to their work, they may spoil the culture <strong>and</strong> overall<br />
work<strong>in</strong>g environment.<br />
Though small <strong>in</strong> space, get your own workplace <strong>and</strong> establish a loyal, dedicated <strong>and</strong> healthy work<strong>in</strong>g culture. In such<br />
environment, developers can focus on their work <strong>and</strong> deliver fast outcomes.<br />
Save on account<strong>in</strong>g <strong>and</strong> f<strong>in</strong>ance services<br />
Your startup isn’t big enough to hire account<strong>in</strong>g <strong>and</strong> f<strong>in</strong>ance services. When you have a h<strong>and</strong>some number of people<br />
work<strong>in</strong>g <strong>for</strong> you, it is easy to manage their payroll on your own.
At a later stage when the strength of your company is above 30, you may look up <strong>for</strong> some cost-effective account<strong>in</strong>g <strong>and</strong><br />
f<strong>in</strong>ance service provider that best suits your bus<strong>in</strong>ess requirements.<br />
Keep a limited budget <strong>for</strong> advertis<strong>in</strong>g<br />
Market<strong>in</strong>g <strong>and</strong> advertis<strong>in</strong>g is essential <strong>for</strong> a startup to build a good br<strong>and</strong> reputation <strong>and</strong> spread a word about its existence<br />
among target audience. Spend wisely on advertis<strong>in</strong>g services as this is a very vast field <strong>and</strong> there is no limit to the money<br />
you spent on different market<strong>in</strong>g mediums.<br />
Set aside a budget <strong>for</strong> market<strong>in</strong>g to know that you are not overspend<strong>in</strong>g on it. Later when you have earned decent profit,<br />
you can add to this budget <strong>and</strong> take advertis<strong>in</strong>g strategy to a broader scale.<br />
Wrapp<strong>in</strong>g it up…<br />
Strategic plann<strong>in</strong>g <strong>and</strong> management of time, money <strong>and</strong> resources is the only key to a successful startup. Owners should<br />
have a broad vision as well as the talent to tackle run time challenges <strong>and</strong> dynamic problems. Stay at the <strong>for</strong>efront of<br />
technological advancements <strong>and</strong> trends <strong>and</strong> ga<strong>in</strong> a competitive edge. Good luck to all startup owners!