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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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Last Updated on February 15, 2019

How to Achieve Goals and Increase Your Chance of Success

How to Achieve Goals and Increase Your Chance of Success

Does it ever feel like the things you want to accomplish always end up on the back burner? If the answer to that question is “yes,” you’re not alone. Only about 33% of people consistently work toward their goals. In some cases, their goals may seem too lofty to accomplish, or else they aren’t sure how to make a plan for them.

If you don’t come up with concrete steps to take toward your goals, they’ll remain dreams. There’s nothing wrong with being a dreamer, but being able to turn your dreams into goals you can realize will help you lead a happier and more fulfilling life.

Luckily, you can realize almost any dream when you harness the right goal-setting methods.

In this article, I’ll show you how to achieve goals and get closer you success.

1. Break your dreams down into specific and measurable steps

We couldn’t talk about goal-setting without mentioning SMART goals.

SMART goals are specific, measurable, assignable, realistic, and time-related.

Specific and measurable steps are so important because if we don’t know what our target it, how can we ever hit it?

Take all those beautiful dreams you have for yourself and make them into things you can actually do. If you want to be an entrepreneur, for example, a step toward realizing your dream might be researching what you’ll need to start your business.

Find out more tips about utilizing SMART goals here:

How to Use SMART Goal to Become Highly Successful in Life

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2. Have at least one clearly defined goal for every interest and role in your life

It’s so easy to become complacent or stagnate. We often think that our careers are the only places where we need to set goals, but we aren’t only what we do.

To make the most of your life, take the approach that you’re always learning and growing in everything you do. Anything worth doing is worth doing well after all.

Set goals whether you’re sponsoring an activity for your child, taking up guitar lessons or trying to prove your worth at work.

You’ll notice that this approach forces you to constantly develop new skills. It can also be fulfilling to put more focus and value into all areas of your life— not just the ones related to our careers.

3. Align your goals with your life’s mission, purpose and passion

Take the opportunity to do some soul-searching. What is it that you want to do with this precious life of yours?

Anything that conflicts with your life’s purpose is bound to cause discontent. Staying in a bad relationship, doing a job that goes against your values, or maintaining the status quo just because it’s comfortable are not options for you.

Thinking about your goals in this way can help you eliminate things in your life that don’t serve you. This frees up mental space that you can use to do the things you care about the most.

Many of us struggle to find the time to work on our goals, but this strategy enables you to make more time.

4. Create goals that ignite your spirit and inspire you to take action

If you can’t be fired up about your goals from the start, they might not be good goals for you.

The road to success is often tough. You’re going to have times when you might feel tired or discouraged.

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You need to feel inspired enough that you’ll be able to overcome obstacles as you encounter them.

If what you’re doing motivates you to be the greatest version of yourself, you’ll be much more resilient.

5. Write down all your goals in specific, measurable detail

This is your road map for what success will look like. The more you define what you want the finished product to be, the greater the chance that you’ll reach that vision.

When you write down your goals, you’re creating a document that you can revisit to make sure you’re on track.

When you’re in the middle of trying to achieve a big goal, it can be hard to see what’s working for you. The things you write in this step will help you stay on-message as you take your goals out of your mind and into the real world.

Don’t just write down your goals and stash them away in a folder somewhere. Take the extra step to put them somewhere where you’ll see them.[1]

If you have too many goals to post on your desk, write a summary or choose one or two steps to work on for the day. Just seeing them will keep them in the front of your mind.

6. Commit to hitting each of your targets without exception

You wouldn’t have created the target if you didn’t think it was necessary. Hold yourself accountable for taking the steps to succeed.

You can always adapt your strategy or break your targets into smaller steps if you find that they aren’t attainable as you originally wrote them.

Hitting even the smallest target is cause for a celebration. It’s a step in the positive direction. Your success will make you crave more success.

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We often make excuses when we get tired or overwhelmed. Take away the option to make excuses. You will only be satisfied with the best effort from yourself.

7. Share your goals with others to motivate each other

There’s something so powerful about people sharing their goals and dreams with one another. Doing so gives voice to some part of us that could remain hidden (and therefore never be accomplished).

When other people know about your goals, they can cheer you on and hold you accountable. When people share their vision with you, you can do the same for them.

This strategy is particularly beneficial when you’re trying to develop healthy habits. Post about your workout on social media, or do a healthy eating challenge with your best friend. You’ll be less likely to slack when temptation arises, and you’ll probably encourage someone else to reach for their goals too.

8. Set a series of daily, weekly and long-term goals, complete with starting times and deadlines

Many goals never reach realization simply because the goal-setter doesn’t check their progress. People tend to forget what they set out to do, or their goal gets crowded out by other obligations.

Forcing yourself to revisit your goals at regular intervals breaks them into smaller steps and it reminds you to think about them.

Giving yourself regular deadlines for smaller tasks related to your goals also helps you reflect on your strategy. You’ll figure out what works for you, whether your timeline is realistic, and whether or not you need additional help to stay on track.

In addition, celebrating small wins helps you stay motivated. Here’s how:

How To Celebrate Small Wins To Achieve Big Goals

9. Take 10 minutes every day to imagine how great it will feel to achieve your goals

Visualization is such a powerful tool. Some of the most successful athletes, celebrities and business people take time each day to think about how success looks and feels for them.[2] Imagining that feeling of satisfaction can be a great motivator.

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When you do meet your goals, take some time to be grateful. Thank yourself for showing up and doing the work. Be grateful when the stars align properly to help you advance to the next step.

It’s not just getting to the destination of your goals that matters. How you take the journey is important too.

10. Take an action step toward reaching your goals every day

Your goals can easily get buried in the hustle and the bustle. Even the smallest step in the right direction is still moving you forward.

Keep chipping away at the work every day and before long, you’ll start to see those dreams come to life.

Maybe you didn’t start your business today but you designed the logo that’s going to go on your website and business cards. Doing that task well is going to help you so much in the long run.

Concrete actions day by day draw your dreams out of obscurity and into the realm of possibility.

The Bottom Line

Dreams can inspire and overwhelm us. By turning our dreams into goals that we can work toward, we increase our chances of success. Things that once seemed impossible are suddenly within reach.

It’s time to start turning your dreams into goals and your goals into realities. Change begins today.

More Resources About Setting & Achieving Goals

Featured photo credit: Andrew Neel via unsplash.com

Reference

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