5 Ways to Cut Down Your Startup Expenses

[vc_row][vc_column][vc_column_text]Starting a business is a bold step; the world offers you challenges on a platter of gold, with no regard for you as a newbie. One of these challenges is capital. SMEs may not make profit in the first or second year, but money is extremely essential to sustain the business. The problem is, a lot of SMEs fall into the trap of overcapitalization (http://quickwhatis.com/how-startups-can-avoid-overcapitalization/) due to pressure in the industry from already established firms. The good news is there is a better way to manage expenses and leave room for re-investment of available funds.

These are five tips to help you cut down your expenses:

1.

Hire Interns: Interns are less expensive and thirsty for knowledge. Give them a platform to grow while they help you grow. Established companies are searching for highly experienced staff but no one is willing to be the experience the intern needs. Interns are a great choice as their minds are like rough diamonds that are not defined by the world schema that limits creativity. They are young and vibrant.

2.

Try Inbound Marketing: Traditional marketing is invasive. It often involves interrupting people in the middle of their activities and impressing them in five seconds, to care enough to grant you more time to pitch your product without losing interest. Inbound marketing however, is more customer centric. It attracts potential customers by churning out relatable or valuable content to help solve their problems. It positions you as a thought leader and this makes customers search for you and not the other way around. It is cheaper and more genuine.

3.

Be Inexpensive, Not Cheap: When purchasing goods and services required for the advancement of the company, go for quality and not quantity. Patronize affordable quality. You could also barter service if you do not have sufficient cash to afford the quality you need. Avoid cheap services and products as they are not long lasting and eventually result in increase in expenses due to repair cost.

4.

Cut Utility Cost by Working 4 days a week: There are no weekends or week days for an entrepreneur but you can run a one-day-off system every week with your staff, permitting them to work from home. This will reduce electricity usage and save utility cost. Assign and emphasize their tasks for that day and take measures to ensure they are delivered that day.

5.

Negotiate When Possible: Dont accept every price tag thrown at you for services and products. Negotiate. Bargain to get the best price possible for a product or service. Find a way to spend less by beating the price down or offering something in return.

It is not easy being an entrepreneur, but success does not come easy either. So, dont give up, we believe in you and we think big of you.[/vc_column_text][/vc_column][/vc_row]

Akinola George-Taylor, Managing Director of Heritage Bank Plc, and his Team, paid courtesy visit yesterday to the Governor of Lagos, Babajide Olusola Sanwo-Olu, at the State House, Alausa yesterday.

The Managing Director of Heritage Bank, Akinola George-Taylor has disclosed that the bank would continue to increase the wallet of its business transactions with Lagos state government.  

He gave this assurance yesterday when he led a team of the bank on a courtesy visit to the Governor, Babajide Sanwo-Olu at the government house, Alausa, Ikeja.

George-Taylor commended Sanwo-Olu’s administration, whilst aligning with the great works in Lagos State.

“We are here to introduce ourselves as the new management of the Heritage Bank and being that we have had a relationship with the state (Lagos) for a number of years now, we felt it was necessary to come and present ourselves to the Governor; to say thanks for the business that we enjoyed with the government and that we align and commend the great work he is doing for Lagos State.

“And of course, as bankers, we want to try and increase our own size of the wallet of the business that we do with the government and to extend our best wishes to him and his government. It was a courtesy call to say thank you and wish him well in the next coming elections,” he said.

Speaking earlier, the Governor, Sanwo-Olu said his administration was poised to do more as it continued to play its roles in providing an enabling environment, improving the ease of doing business and being forward-looking in its dealings with financial institutions.

The governor also said that his administration will continue to ensure a mutually beneficial relationship with financial institutions in the State.

He said: “Lagos is the Centre of Excellence and the commercial, economic nerve centre, so we cannot but ensure that we have a very forward-looking mutually beneficial relationship with all of our financial institutions and of course, Heritage Bank is not an exception.

“I want to implore you and your team to be intentional and think something fresh; think something different that can indeed stimulate us. You can rest assured that we know how important it is to spread our businesses and to ensure that everybody gets a part of it knowing that you and your staff will also have a corporate responsibility on the Personal Income Tax component. It is expected that we will continue to play our roles and play our parts.”

Governor Sanwo-Olu congratulated the Managing Director and his new team on the huge and great responsibilities that shareholders and other stakeholders in Heritage Bank have reposed in them,” he said.