Even when you grow, you want to have the financial discipline to keep a tight reign on costs. This is even more important in early stages when cash is king. There are plenty of needs for your cash and hopefully some of these will help preserve some of it.
“Even when you grow, you want to have the financial discipline to keep a tight reign on costs.”ย
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- Work Virtually.ย In this new age of technology, itโs possible to work from just about anywhere: from home, in your car, at the airport, or in a hotel room. By working virtually and allowing your employees to do the same itโs not necessary to take on the expense of establishing an office when youโre launching your business.
- Go Offshore.ย You can obtain a variety of services for freelancers outside the United States at a far lower rate.
- Use Free Software.ย Free and inexpensive software is plentiful online. You can also take advantage of free trial periods for most business software. This gives you a chance to use the application for free for 30 days or more to determine if you really need it. This includes
- Mentors and Advisors.ย Instead of paying for advice on legal, accounting, funding or other key business issues, use your brain trust of mentors and advisors as much as you can for advice, feedback, and meeting other important contacts.
- Interns.ย Universities throughout the country are packed with undergraduate and in some cases graduate students eager to gain real life experience. Many need tight management but can be a great resource.
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