How to cut costs for “new born” businesses
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#Cut costs #Enterprise #PMP 3 mins read

How to cut costs for “new born” businesses

With startups or SMEs, building a revenue plan is not as difficult as determining the structure, norms, and standards of category, appropriate cost items to ensure profitability. In other words, how to cut the basic cost for “new born” businesses?
How to cut costs for startups?

Photo by Shridhar Gupta on Unsplash

Wherever you are on your startup journey, cutting costs is not always a priority, and it will not be too difficult to control the financial life of your business. The most important thing is your right direction in choosing the most prioritized things, to cut costs for your business. However, the first direction will be very difficult to choose, here are some cost-cutting suggestions that you should check out.

 

 

1. Hand-made gifts at events will be a good choice

For a newly established business. will need a lot of relationships with other big companies, many employee engagement events,… then gifts are what will need to be focused on. But if you spend a large amount of money on gifts and employee rewards, it is not good for the company’s financial problems.

handmade gift

Photo by Nina Mercado on Unsplash

So the simplest solution is to use hand-made gifts. The business owner can both save the cost of buying gifts and show his sincerity to the partner company and employees. pellets. Simple hand-made gifts such as notebooks, photo frames, etc, are both economical and express the sincere intentions of the person who made them. Use hand-made, because it has your stamp, which can never be bought in stores, this means your gift will not turn out to be a useless thing in other people’s houses. It would be much better if the gift was accompanied by your handwritten messages.

 

2. Take advantage of existing customers

Know how to take full advantage of the benefits with existing collaborators, maybe the fees in the benefits will not be much, but it will also support some of the costs of the business. Taking advantage of customers also helps businesses save time because when talking specifically with customers, the work will be smooth and not spend much time with it.

See more time-saving tips at 5 time-saving tips

 

3. Buy reasonable office equipment

Cutting business costs is considered effective when startups know the items to buy so that the company can start and operate efficiently. The list of devices that should be prioritized includes computer equipment, office supplies, furniture, other business software…

 

Because of the nature of start-up / SME companies, the top criteria for choosing equipment is: technological equipment does not need to be too sophisticated, monumental, or too functional, and needs to be fully utilized. The maximum effort of purchased equipment. To minimize investment costs, we should choose according to the needs and nature of the work.

 

On the other hand, being frugal is a good thing, but that doesn’t mean focusing on cost and forgetting about quality. Businesses will operate effectively when neat, comfortable, and fully equipped with basic equipment to serve the job well such as printers, desktops, monitors, or laptops… Try using these tools. Property management template to cut costs when building an office.

 

4. Reviewing the cost of premises

One of the quite complicated problems for newly established companies as well as SMEs is to consider carefully when renting a place to build a company. The core of the business is profit, if the cash to pay is too much, it is not recommended right now, because “just start a business” so businesses need to offer many options for public positions. Different companies, maybe a little far away but save quite a bit of money, or a virtual office if the work doesn’t need an office. The current trend of digital work and work from home has not shown any signs of cooling down, this may be a good choice.

 

See more about digital working trends: The digital working environment is gradually replacing the traditional working environment

 

5. Using reasonable tools to cut costs

A modern company will choose the right tools to support as well. like cutting costs. By comparison, when it takes up to 1000 sheets of paper just to take notes and manage a project, just a tool like UpDiagram can be easily stored. Create an unlimited number of projects, with specific functions for management: work view, custom fields (images, text, lists, check box,…) Decentralization, assignment of tasks and management membership, Email and In-app notifications for project activities, data entry, and integration from  Trello, Jira,  Slack, Rocket,…

UpDiagram work view

work view: Grid

In addition, with UpDiagram you also get support for templates project management, Partnership programs, monthly featured promotions,… free reuse fee and when you want to develop Pro and Business packages, it is extremely cheap, see more prices hereUpDiagram also supports free demo booking.

 

There are many ways to cut costs for both start-ups and SMEs, but the basic directions above are the beginnings of both planning and financial management for businesses. The most important thing that should be prioritized is to use a 4.0 management tool like UpDiagram to cut costs most scientifically.

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