While traditional businesses around the world struggle with their bottom line, hi-tech start-ups are making use of all the latest money-saving tools at their disposal.
At the recent GeeknRolla event in London, in which start-ups and investors from around the world met to wheel-and-deal, there was an almost evangelical desire to spread the word about how new technology can boost efficiency at any type of company.
"Just five years ago, small businesses wouldn't have had access to half the tools that are available now on the internet", says Michael Jackson, an investor from Mangrove Capital.
"Companies that are cottoning on quickly to these tools are doing very well, and they are taking business away from those who are too slow to adapt."
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BBC News - GeeknRolla: Tech start-ups reveal cost-cutting tips
One cost not worth saving is the accountant's fee. A decent accountant should save you more in tax than what their fee is!!! Thanks, Truemanbrown
Well considering I'm planning to start a new business, i have really planned my whole going to happen expenses. But trust me, even when the expenses are planned and decided you will still end up spending it here there. So you need to make sure you do not spend a lot of money trying to but stuff like desktops and expensive laptops. If you can manage with a cheaper one, then it is better. Avoid buying teas/coffee machine and all sorts of wending machine. Wait until your office grows, your work grows. Only then invest in such stuff.
Something that every business should do - no matter if they're just starting up or not - if they're wanting to cut costs is to utilize the internet in every single way possible. Aside from the fact that the internet provides a free alternative to almost everything, it gives you instant access to a worldwide workforce, no matter what it is that you need carrying out.
Replacemyscreen.co.uk
For start-ups, especially limited company's, you've got to admit the internet has made things a lot easier (in addition to cheaper). Online filing throughout the Company's life makes things easier, quicker and cheaper I'd say! You can save a bit of money on the initial formation of a company by using an Online Formation Agent or doing it yourself through Companies House. Many people go to their lawyer/accountant when they think about incorporation - I'm still not sure why 
There is a lot to be said for putting off some expenses, but as a manual tradesman (Gas Engineer), there are simply no shortcuts with tools - buy cheap, buy twice!
Thanks for sharing this article with us. Looking for ways to cut costs is simply a part of owning a successful business. One of the best ways to cut costs is by having the right tools and resources.. Use the right tools to take control of your business finances.
The most important or key point to cut cost of business start up is consultancy. If you consult your business with any legal adviser or any consulting firm then it will be much easy for you to target and specify your market to take a good start up. |
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