Stretching That Startup Business Budget

May 26, 2017

Every business, no matter its size, has some form of budget. And the budgets in place on startups are, quite rightly, the smallest. Either their lack of pedigree hasn’t induced enough confidence in lenders. Or they just simply haven’t had time yet to make any serious amounts of money. Whatever the reason, startups are generally the types of businesses that work with the tightest budgets. But just because you own a startup business, and the tight budget that comes with it, it doesn’t mean you can’t increase your budget. The first step you can take to do this is to start stretching the small budget that you already have.

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When it comes to stretching your small budget, you have to break it down into stages. You have to focus on different areas at different times and do all you can to stretch the budget of each, individually. The first area you should focus on is your workspace. By stretching this area’s budget first you will be afforded the opportunity to know more about where you can and cannot spend and stretch in other important areas as you go forward. And when it comes to stretching your workspace budget, you first have to try and get as many of the workspace necessities in as possible, for as little a price as possible. This means you should start scouring the Internet as soon as your stretching venture commences for the best deals. And there are plenty of online options out there to search for. One such option is DontPayFull.com, a site that offer coupons at appliance and accessory stores such as IKEA. By making use of the discounts, which everybody is well within their rights to do, you will be able to stretch your office spend far. You will be able to adorn your workspace in all the necessary furniture needed for comfort. You will be able to bring in the worktops that your workforce need to be able to, well, do their work. And you will be able to do so for a fraction of the original price. And better still, all the furnishings you bring in will ready-to-assemble. This means less time can be spent setting things up and more can be spent looking at how and where you can next stretch your budget.

And where you should next attempt to stretch your budget is the marketing and advertisement area of your business. This is an area of your business that is pivotal to its success. It’s pivotal because it brings in customers. And they bring in custom. And that brings in profits. And that brings your business an ability to pay its necessary outgoings, such as its bills and its payroll. And it is pivotal that your business can pay these outgoings. As well as this, it’s also an area where a whole host of money can easily be wasted. So, because of all of these points you most certainly need to give precedence to stretching your marketing and advertisement budget. An easy way to do so is to take the platform you are advertising on into deep consideration, especially if you are advertising online. Money spent on marketing campaigns that are produced in the wrong place means you are more liable to waste money. For instance, by placing an interactive marketing campaign on Facebook instead of Twitter, you are instantly putting yourself in danger of wasting money. You are putting yourself in danger because Twitter is more of an audience interaction platform than Facebook is. And not only should you try to stop placing a marketing campaign in the wrong place, but you should also stop producing identical campaigns on multiple platforms. One size does not fit all when it comes to any area of business, especially not when it comes to marketing. So, if you want to stretch your marketing and advertisement budget further, then make sure you are spending it in the right places.

Once you feel that all the big areas of your business have been stretched enough, it’s then time to start looking at your business’s smaller habits. Specifically, you have to pinpoint any bad spending habits that your business may have. Once such bad habit may be that you buy too many things, at too many different times. By doing this, instead of being prudent with your spending and buying in bulk, you will find that you spend way more than you actually need to. You can miss out on cheaper packaging and distribution costs. You can miss out on possible discounts that arise when things are bought together, rather than individually. And you can miss out on creating a relationship with the distributor that could one day result in credit. But when you do buy in bulk, you have to be prudent enough to plan how you are going to use what you buy. When you have too much of one thing at one time, it can be easy to allow some of it to be ‘pushed to the back of the cupboard’. You have to plan out exactly how and when you will be using each thing that you have bought in bulk to save any of it being a waste of money. And another bad habit that you may have — which if you do have, you should eradicate quickly — is not buying priority items. In life, let alone in business, it’s easy to get carried with spending. It’s easy to buy things that you don’t necessarily need for success. But if you want to find success, and if you want to wear down your overarching budget, then you have to put priority items above all else on your shopping list.

By stretching your startup’s budget as far as it will go, you open up a plethora of opportunities for it going into the future. You give it the chance to keep on top of its necessary outgoings, meaning it will stay as a business for longer. And you give it the chance to develop through further investments, something that is pivotal if you want it to grow. So, stretch today, and reap the rewards tomorrow!