Starting a new business is an exciting time. You worked hard to get to this point, but there are still some things to take care of before enjoying the entrepreneurship. Although every business has to invest in order to profit, you have to pay attention to every cent since the budget is tight.
Most of the women are very good at handling money and buying on a budget. The studies showed that women tend to save more than men when it comes to their income. Additionally, they are also better at investing by 0.3%. The researchers believe that this is because women have long-term goals and plans. They’re focused on organizing financial security for certain aspects of life like retirement and children schooling tuitions and not on besting the market.
Considering all this, the following tips on where to splurge and where to save may serve more as reminders than rules.
SAVE: Energy bill
Saving on the energy bill is not only good for your budget but also for the environment. In order to get smaller bills, you will have to downsize your energy consumption. Turn off equipment after working hours and lights when not needed is a start.
Hire repairmen to check the sealants on windows and doors, so the heat wouldn’t escape the office. This will decrease the consumption of energy for heating and air-conditioning. Limit the number of devices like printers, scanners, and photocopier. Where you can, buy Energy Star devices which spend less electricity without hindering their performance.
Decorating may seem like an unnecessary spending, but the working environment is an important factor for productivity. Since your employees will spend the minimum of 40 hours a week at the office, it’s only fitting that it’s agreeable and pleasant as much as possible. Ergonomic chairs will do wonders for the posture while wall paint and plants will keep the space welcoming.
A relaxing decoration like a waterfall or Zen garden will reduce the stress levels and leave the great first impression on the clients. Invest in modern conference rooms for the meetings and presentations, as well as waiting area and bathrooms. Providing the best possible working conditions for your employees will motivate them to become loyal brand ambassadors.
SAVE: Office rent
Instead of renting the space alone, contact other new businesses and offer to share the rent. This will also give you an opportunity to find perfect office space for less money. This is actually not an unusual practice in the business world today. Many small businesses decide for this step because it’s practical and can save enough money and get them the space they need.
SPLURGE: Recreation area
Employees under stress are less motivated, unsatisfied and less productive. Recreation area may seem like unnecessary splurging, but it’s cost-effective in the long run. Since it’s the space where your employees will spend their breaks, come to clear their minds and maybe even brainstorm, it has to be comfortable and relaxing. TV game set, table tennis, lazy bags, nooks for reading are all parts of recreation areas in successful companies like Google. Try to cover the interests of your employees, and you can even include them in the planning of the area.
Many rented offices come with the equipment, like lamps, desks, chairs, conference tables and other furniture. Examine what you can use and place the rest in storage to create room for your furniture and equipment. Additionally, buy used equipment when you can. There is no need to have the newest model of the certain device if the old one will cover your needs.
SPLURGE: Digital marketing
This is the digital era and neglecting to acknowledge that can cost you profit. Work on your website and digital marketing right from the start. Communicate with your followers on social media, keep them informed, organize contests and make sure that your website is compatible with all platforms and devices.
Familiarize yourself with the aspects of digital marketing like search engine optimisation, call to action button and other features. Digital marketing can have a great influence on the success of your business if done right so don’t spare money on experts and tech support.
Don’t be afraid to make some daring and brave moves in order to grow your business. Work with your employees on new ideas, listen to their suggestion and tell them about your goals. This will help you decide on what to save and where to splurge.