Undeniably, there is a lot more to the life of a business employee monitoring software comparison owner than what meets the eye of the ordinary. To say the least, the worry lines, the sleepless nights, the missed meals, the constant brainstorming, the battle of ideas, the dilemma, the anxiety are a mere stone throw.

Life of a new owner who has been in a typical 5 job earlier takes a paradigm shift when he decides to take this plunge of faith. While they earlier had a job to fall back on, their earnings now solely depend on the clients they acquire. The more the clients, the more are the profits.

Nonetheless, the biggest challenge at the initial phase of a business is to at least recover the amount invested in the business, i.e no profit no loss. It is mostly only after a couple of months of sheer dedication that their new business starts to deliver some ROI. And clearly, this phase for a startup owner is the scariest as he has most probably put all his savings in setting and running his venture.

If you are also one such startup owner, we understand how important money is for you. With limited funds at disposal, it can be foolish of you to keep investing capital continually. The best that you can do is to utilise that limited fund smartly by saving or controlling your spending wherever possible.

Read to identify the 5 areas where each one of you can save money without impacting your work.

Do a sincere cash flow audit-

When you run a business, there are always a few things that you never use or use barely and pay for them still! To catch these little and big things eating up your money secretly, you must do a cash audit. You can export the expenditure using payroll software in India and expense management software. After identifying the things draining your money, it will become easy for you to cut those unnecessary expenses and achieve your savings goals.

Leverage the economies of scale-

This simply means that when you buy something in bulk, you end up saving money on the purchase. For instance, if you have a clothing line, you can get the raw material in bulk. There is anyway no point of buying material in fragments when you are in business. However, just to be on a safer side, you can always check your sales trend to have an estimate of the sales and then order the raw material in bulk accordingly.

Make credit card your preferred mode of payment-

Contrary to the popular norm, credit cards are a better bet than the debit cards till the time you are giving the credit card instalments timely. The cards mostly have some or the other discounts, cashback, rewards and offers for every payment you make using them. For instance, if you or the sales team in your office travels to places due to work, you should use a credit card that offers you a discount on hotels or air tickets. To understand which credit card you should use, you must check the expenses in the HR software you use.

Go remote if that is feasible-

You might need to incur some expenditure on tools for better collaboration when employees are working from home, but that is peanuts in front of the cost that owning a big space to run business would require. So, see if you can own a smaller space to run business while on alternate days employees some employees can come from office and some can work from home. Not only will the employees love such a high degree of flexibility but you will also end up saving a lot of money. If applicable to the nature of your business instead of having an onboard writer you can hire freelancers to make costs cheaper, just remember to equip your freelancers with necessary tools such as a character counter so that they can adequately identify the number of characters and words that they currently have in order to meet your standards.

Keep employees happier to save more-

The statement has two connotations, one is of retention and the other is that of increased productivity. Doing little things to keep your employees happy like rewarding and recognising their efforts can turn out to be truly advantageous for your business. When employees feel valued and satisfied, they do not want to leave the workplace which helps you in saving on the hiring costs and time as well. Changing the information in payroll software in India is a herculean task, you end up saving time here too! Besides, when you keep motivating the employees, they end up working with more focus which increases the productivity ultimately.

All we are suggesting is to be more careful with your money. And you don’t have to be a miser for it, just a mindful expense manager!

Don’t forget to press the clap icon if you liked it. Also, share your feedback and tips that I might have missed on, in the comments section below. Your learnings can really help fellow business owners so don’t shy away.