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10 Ways to Make Your Startup More Cost Effective

10 Ways to Make Your Startup More Cost Effective

Getting a startup off the ground does require money, but there are many ways that you can reduce your expenses. Simple adjustments can make you less reliant on loans and investors, and make it easier to turn a profit. In other words, placing an emphasis on becoming more cost effective could ultimately make the difference between success and failure.

1. Consider Outsourcing Infrequent Tasks

Outsourcing has become a dirty word to some people in the business world, but the reality is that it can be necessity for a startup. Instead of outsourcing common tasks, though, the goal is to identify things that do not happen frequently enough to train a staff member how to handle them. For example, if you only put together flyers once a quarter, it may not make sense to employee someone who specializes in designing promotional materials. Outsourcing this task instead can ultimately save you money and provide better results.

2. Cut Utility Expenses

Utility costs are skyrocketing. Because of that, a single business landline can cost up to $100, and even baseline Internet is likely to be at least $70 per month. Although there are some areas where you may be unable to reduce expenses due to a local utility monopoly, you do have the ability to save money on telephone service. Turning to a VoIP business line such as those offered by Nextiva can cut up to 80 percent off of your bill.

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3. Use Telecommuting when Possible

Telecommuting is much more than just a way to please your employees by letting people work from home. Keep in mind that each person who is in the office actually costs you money by requiring more electricity, water and paper products. Therefore, keeping workstations powered down while employees telecommute can be very beneficial.

4. Implement a Four-Day Work Week

A whopping 43 percent of companies are now offering at least some employees the option to work four days a week, and the benefits are staggering. Not only can you shut the entire office down for a day and save on utilities but your workforce will be more creative, happier, and more productive. With all of these perks, it is no wonder that the four-day work week is rapidly gaining popularity.

5. Build a Strong Social Media Presence

Marketing is vital, but you do not necessarily have to budget an exorbitant amount of money to connect with current and potential clients. Social media has drastically altered the way that businesses communicate with consumers, and the Internet has made traditional marketing methods much less viable. Companies report a 54 percent increase in leads from inbound marketing, and this includes free or discounted methods such as tweeting and posting blog entries. Consequently, focusing on your social media presence is one of the best ways to drive traffic to your website without paying for it. Be sure to encourage your customers to write an online review and to check-in if you have a brick and mortar location.

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6. Get Professional Advice

The desire to save money can end up costing you an arm and a leg if you fail to seek out professional advice for certain topics. After all, unless you are a tax or payroll expert, it is highly possible that you will make an expensive mistake. With this in mind, it is recommended to get professional advice about important tasks that you are not well-trained in. Taking on this expense can save you money and time in the future, and it may also help safeguard your company’s reputation.

7. Start with a Soft Opening

Many businesses utilize the so-called soft opening to begin generating sales and interest without investing as much money. This is a wise approach because you will not need to be fully staffed or have a full inventory to test out the market. Another nice perk of a soft opening is that it can help you work out any kinks or employee training issues before a large amount of people are exposed to them. You may also discover that one of your products or services is not as desirable as you thought, which will let you focus less of your inventory and marketing budget on something that is not going to become a big moneymaker.

8. Implement Organizational Tools

A lack of proper organization can be very damaging, and not just because this type of work environment is not conducive to a productive day. If you do not get all of your inventory properly organized, you are much more likely to experience unexpected losses. Unfortunately, a loose setup such as this will also be much more welcoming to a dishonest employee who wants to steal from you. Use storage organizers to keep physical products easily accessible, and be sure to put a good inventory tracking system in place to minimize wasted time and issues with filling orders on a timely basis.

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9. Invest in Employee Training and Morale

Studies have shown time and again that training and workplace morale makes a huge difference in turnover rates and productivity. Each employee who is not properly trained costs a company $5,466 annually on average. Even worse is the fact that their job satisfaction rate will be lower, which can easily lead to turnover. Industry estimates indicate that the process of hiring and training a new employee costs $7,500, so it definitely makes more sense to invest in morale and training improvements. Keeping your current employees educated and happy is one of the best ways to run a more cost-effective startup.

10. Barter and Negotiate when Possible

Many people believe that bartering is dead and negotiating a lower business rate is not possible, but this is definitely a misconception. The reality is that small businesses barter and negotiate all the time. A prime example is that people who provide services such as acupuncture or massage therapy often trade services with another licensed professional. No money exchanges hands, but both parties get something valuable for their time. In order to cut costs, be sure to ask for any applicable bartering options. You can also negotiate contract terms to get the best possible rate.

Placing an emphasis on reducing expenses and becoming more productive will make it easier to transform your startup from the beginning stages into a successful business. Be sure to remain focused on being cost effective even after your profits begin to boom because this will ensure that you always get the most out of your hard work.

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Featured photo credit: 3 Browse more: black, boy, business, designer, desk, home office, homeoffice, iphone, laptop, macbook, man, mobile, office, people, setup, tablet, thinking, work, working Test Drive image Take a look how this image can be used! Man Checking His iPhone & Working at Home Office, by Viktor Hanacek, picjumbo via flic.kr

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Holly Chavez

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Last Updated on April 17, 2019

10 Essential Soft Skills That Will Help Advance Your Career

10 Essential Soft Skills That Will Help Advance Your Career

What’s the secret of professional success? Some of it lies in the mastery of your discipline and all the technical skills you have to carry out your job; but a much bigger part lies in the soft skills list you possess.

Soft skills are your people or relationship skills—how well you get along with others and your ability to communicate and collaborate—as well as the personal characteristics you bring to the job, such as optimism, a can-do attitude and the motivation to work hard. These skills are not always easy to point out, but their absence can cause serious problems and negatively affect the whole work atmosphere.

They say that hard skills will help you get the job, but soft skills will help you get along—and get ahead. With that in mind, here’s the top-10 essential soft skills list to help you advance your career.

1. Communication Skills

Communication skills are hands-down the most sought-after soft skill that bosses want, and this one ability covers a lot of ground.

To communicate well, you have to listen carefully, interpret the context of the conversation, express yourself clearly, persuade others of your point of view, check your body language and use an engaging presentation style that won’t intimidate or bore your audience. That’s a big ask!

Your personality traits can influence the way you communicate with others. For instance, some people get straight to the point and center their arguments around facts and logic; others are cooperative and sensitive to how others feel. Both these approaches are equally valuable but there can be misunderstandings if you don’t understand where the other person is coming from.

Taking a comprehensive personality test can help you understand why you communicate the way you do and where your blind spots are. It can also help you understand other communication styles is so you can tailor your communication to the person you’re dealing with.

After all, connecting with your conversation partner is the hallmark of good communication.

2. Flexibility

Change is an essential part of any business. Companies need employees who are flexible enough to work with new initiatives, open to new ideas, and generally are able to tough it out when things don’t go as planned.

Research has found a link between job performance and flexibility over the long term because there will be times when you have to step outside your routine and rise to fresh challenges that didn’t exist before.

Being flexible doesn’t mean you have to hop into a new task or job role like an expert. Rather, it’s about showing you’re willing to accept new responsibility and learn different things.

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Bosses look for people who are prepared to step outside their comfort zones and are open to alternative solutions when their first idea doesn’t work.

3. Being a Team Player

Working on a team can be challenging but learning to do it well can definitely help you get ahead in your career. Employers look for people who can negotiate, cooperate and manage conflicts with other people to achieve a common goal. That includes the ability to build lasting relationships with customers and clients.

What makes a good team player? Essentially, it’s someone who knows the goal and knows her role. Employers look for evidence that you know your strengths, your responsibilities and how you can best contribute to the team, then put those skills into action by sharing ideas and communicating in a respectful manner. That’s the definition of being a good team player.

This is another area where taking a personality test can help you get ahead. When teams work together, each member brings a unique set of skills and qualities to the group. Research has shown that different combinations of personalities affect how teams collaborate and how productive they are.

Knowing who you are, and how you work on a team, can drive new insights and open the door to better teamwork.

4. Positive Mental Attitude

There are plenty of things you can’t change at work, like the people you work with or the fact that the printer is broken again. The one thing you can change is how much you let these things bother you.

Bosses like people who are calm, rational and upbeat—those who diffuse tensions in the workplace, not get all grouchy and go around slamming doors.

Studies show that people who maintain a sunny disposition have better relationships at work, are happier in their jobs and make better decisions than those who whine and complain. Some suggest that a positive mental attitude can also make you live longer—which means it’s beneficial for every area of your life![1]

It’s not always easy to keep a “glass half full” mentality when work is stressful and the deadlines are piling up. But there are some things you can do to help maintain a positive attitude. Laughing at your unfortunate circumstances keeps the work environment positive, and taking “sanity” breaks can help you keep your cool in high-pressure situations.

Managers look for positive mental attitude in a team member that is ready for a promotion, so it really does pay to keep your cool in challenging situations.

5. A Strong Work Ethic

People with a strong work ethic are committed to the role, persevere when things get tough and are inspired by challenge. These people are ambassadors for the organization, and will always be seen as top talent and ideal candidates.

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If you can exhibit this skill, then expect to be seen as a great candidate, eligible for new opportunities and positions throughout your career.

Since a strong work ethic can mean different things to different people, it helps to show specific examples of your exceptional work ethic during a performance appraisal or interview. For instance, you might talk about:

  • A time when you persisted in the face of challenges and did not shy away from hard work.
  • How you volunteered to help with projects even though these tasks did not form part of your job description.
  • The networking, workplace learning and skills betterment you’ve undertaken, which shows ambition and drive (people with a strong work ethic have those qualities in spades).
  • How you own your mistakes and never, ever point the finger of blame at others.

For help with building a strong work ethic, check out these tips: How to Build a Reliable Work Ethic

6. Public Speaking

Who’s terrified of public speaking? Pretty much everyone, since public speaking is America’s number one fear, ahead of death at number five and loneliness at number seven.

Yet, according to Warren Buffett, mastering this one skill you could increase your personal value by 50 percent.[2] That’s huge!

If you’re not natural at public speaking, you’re in good company. Buffett had to work hard to overcome his stage fright and once dropped out of a public-speaking course before it started—because he was afraid of public speaking! He eventually realized that he needed to build up his confidence by just doing it; over and over in front of small groups.

For a more structured approach, Toastmasters International teaches public speaking and leadership skills through a variety of pathways. Membership of this non-profit looks good on your resume but the real payoff will come when you can put your newfound skills to use on the job or in the interview room.

Or, you can check out this advice: The Ultimate Public Speaking Tips to Hook and Impress Any Audience

7. Integrity

From a manager’s point of view, the two integrity skills that will set you apart are:

  • Always doing what you say you will do
  • Owning an error instead of minimizing or hiding it

…even when no one is around to check up on you.

There are lots of people who have climbed the ladder without scruples, but they are not the people who others trust, respect and support when promotion time comes around.

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Behaving with integrity is a safe and consistent way to enhance your reputation and achieve your professional goals.

8. Managing Your Time

Phone calls, texts, Slack pings, meetings, huddles, side projects, multitasking—we are busier today than any generation before us. There’s no denying the workplace is an incredibly distracting place to be.

A lot of us have traded effectiveness for busyness which we wear as a badge of honor, both as a proxy for productivity and to show our value to the company. But what bosses want, what they really, really want, is someone who actually gets stuff done on time.

Time management is not merely the art of being on time, but of managing your time so you focus on the projects that really matter and add value to the business. This means prioritizing well, sticking to schedules, delegating, and not getting distracted by tasks that are easier to perform or less important. It means planning ahead and learning when it’s appropriate to say no.

Time management can be a tough skill to maintain, but not a difficult one to pick up. Monitor your actions for a few days—how long do your tasks take to finish? What’s interrupting you? What causes you to lose focus? Once you have the answers to these questions, you can set a schedule for yourself to make sure you’re spending your time wisely and this valuable asset is never wasted.

These 20 Quick Time Management Tips to Super Boost Your Productivity are also great to try.

9. Assertiveness

In any workplace, you typically will find people with the following conflict styles:

  • Passive: Those who go out of their way to avoid conflict.
  • Passive-aggressive: Those who express their negative feelings through actions rather than words.
  • Aggressive: Those who respond to conflict in a hostile and rude manner. These people get their opinion heard but they won’t make any friends in the process.
  • Assertive: People who stick up for their rights while still respecting the rights of others.

Managers look for assertiveness above all other styles because it allows decisions to be made without conflict or alienating people.

How do you use this information for yourself?

It starts with understanding your personality so you can anticipate how you will react when conflict arises and address your own shortcomings. Then, you can start influencing the team for top results, and securing your own career advancement in the process.

Learn how to be assertive and gain respect:

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How to Be Assertive and Stand up for Yourself the Smart Way

10. Creative Thinking

LinkedIn recently analyzed over 50,000 skills that employers search for when looking for candidates to find out what skills are currently in demand.[3] Taking the number-one slot on the 2019 soft skills list was creativity: the ability to solve problems and think outside the box.

Creativity is about bringing fresh, and sometimes unorthodox, ideas to the table. This helps companies to innovate, and companies that do not innovate will not survive very long.

How do you showcase your creative thinking skills? The golden rule is to participate.

Be brave and share your ideas during group brainstorming sessions. Volunteer to run a society, networking event or recruitment drive. Ask “what if” questions: “What if we add this information to the client welcome pack?” “What if we eliminate step 3 from the process?”

These activities demonstrate that you’re prepared to go beyond “business as usual” towards creative problem solving—an ability that will serve you every day, all throughout your career.

You can learn to unleash your creativity power:

What Is Creativity? We All Have It, and Need It

Final Thoughts

The good news? Every item on this soft skills list can be learned. Although you may feel lacking in certain areas, taking an inventory of your strengths and weaknesses will allow you to focus in on the areas that you’ll benefit from developing.

So take an inventory of your personality, skills, and talents. This will give you a baseline for your communication style, attitude to change, conscientiousness and more. You can then identify your weak areas and develop strategies for improving your team-building, assertiveness and conflict skills.

The better news? The effort is worth it. Developing your soft skills opens the door to a new job or a promotion, and helps you succeed once you get there.

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Featured photo credit: Rachael Gorjestani via unsplash.com

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