The importance of keeping your startup streamlined cannot be stressed enough. Too many founders tend to go a bit wild when it comes to hiring and getting large office spaces. The ego plays a huge role in this as mentioning how many people you employ is a status symbol among business owners. Cash flow is important for some businesses while other startups are created completely online. Keeping a focus on regulation of spending will make a huge difference. The following are tips to keep your startup streamlined during its infancy.
Scale With Freelancers
Freelancers can be found to complete nearly any task for a reasonable rate. You can even have a freelancer write up contract templates that you send to customers/clients. Creating a team of freelancers for each department at the company can help avoid overhiring. Hiring too quickly can leave people without tasks to complete which is wasteful. Getting the most out of each employee and freelancer before hiring is a goal that you should set. Freelancers can help a company get a headstart on their digital marketing with copywriting and link building.
Upwork is a great platform to find freelancers that have been reviewed by other clients that they have worked with. The platform protects both clients and freelancers for a small fee. This can be a great place to start when you are looking for freelancers that could change the overall productivity of your startup. Building a team of freelancers will be time consuming but will be worth it in the end.
Allow Employees to Work Remotely
The Coronavirus pandemic has shown a number of businesses that an office is not required. The office can be a huge fixed cost depending on its location and size. Allowing employees to work remotely can be important as long as long as it doesn’t impact quality of work. This can also expand the geographical location where employees can be found. Your business will no longer be restricted to the local area when it comes to hiring. Freelancers can be hired full-time if needed as you will already know the quality of their work.
Outsource IT and Accounting
Managed IT services can help keep everything running smoothly. You do not want systems to fail with employees having nothing to do for hours or days. IT professionals can be expensive to hire in-house so sourcing this to a company can be a way to reduce stress on in-house employees. You do not want to have a person with a bit of an IT background being depended on to keep things running.
Accounting being outsourced can help maximize profitability as there are so many expenses that can be written off. Smaller companies might be able to get by with QuickBooks but this still requires a professional accountant to get the most tax savings possible.
Streamlining a new business financially is very important even though it can be easy to spend. Take the time to drive costs down and take a look at monthly spending to see where additional budget can be found.