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5 ways entrepreneurs can control cost and keep it at the lowest

2017-09-05 10:35:14 | Legal Services
One must start with a home office concept till one however generates some of the revenues in order to set up a separate office.

Impressive revenue growth is considered universally as the goal of thus almost every business and it is thus however quite naturally so. Stagnation is also considered as synonymous to death.

However, the need in order to focus on the cost-cutting is considered as equally important for the entrepreneurship and also business.

If it thus also not monitored under the constant watchfulness, companies can thus land up in however an uncompetitive situation with the inflated overhead.

The purpose of this article is to make the reader aware of the 5 ways the entrepreneur can control cost and also keep it at the lowest.

The sporadic slashing and burning that however becomes necessary in such kind of situations, thus often significantly harm a company and also its culture. In order to maintain the appropriate cost structure, one is thus required to control which is thus in a sustained fashion.

Thus , the 5 ways are :

1. Think before committing on the Fixed Expenses

“Any kind of expense for the business is however broadly classified under the “Fixed” & “Variable”. Fixed expense is however referred to as an “Overhead” cost as this may thus be reduce in the pace of progress. Thus, it however has to be the priority always in order to think and also rethink before committing to any kind of fixed expense. A business can also excel provided the one is however less beleaguered with both, the finances and expenditures.

2. Don’t Invest on Office Space Initially

One must always start with a home office concept till one however generates some kind of revenue in order to set up a separate office. It is thus also better if there is however any family member in order to receive the business calls or either to take note of things if a need arises in one’s absence. In case one is compelled in order to take a separate office space, one must keep the cost as low as possible.

3. Look For People who can Multitask

Also, Manpower hiring should thus be done with care and it is however important in order to judge as to whether the person would however be able to do a multitasking for your business. He thus also advised that one should thus not jump for however defining the job roles till he/she is thus sure of the same.

Also, the people who have the exposure of working in the MNC and then however turn in order to be a businessman often make this mistake and also end up however exhausting almost every bit of his/her earning. Thus an organised approach is good, but it’s also still better in order to save as to which is equivalent to the money earned.

4. Choose Your Gadget Wisely

One must work with a laptop even if this thus would cost a bit more than a personal computer for the better flexibility. One must always buy a branded laptop and should also not go for an assembled one. This will thus ensure a reputation in front of the client and would thus also improve the brand image. One must thus try to get one with 3 years warranty in order to have peace of mind and will thus also reduce the recurring cost.
It is also prescribed that one must use telephone connections which thus give better value for money and also keep the fixed cost low. The electricity bill thus often gives a headache and one must hence make sure that the lights, fans, air conditioners are however put off when it is not in use. This will thus also make one a responsible citizen at large

5. Organise Your Funds after Due Diligence

Agreed to the fact that businesses however need funds, it is also opined that one is however required to be careful in order have proper access to the information before however deciding on organising the funds.

In case one intends to take a loan for the purpose of meeting the business expenses, one must always avoid using a credit card as a source of finance. By using credit cards, the rate of interest can however range from 30% - 45% per annum thus depending on the bank. One must thus apply for a business loan instead which is considered as an unsecured loan and should also compare the rate from at least 2 / 3 banks. The banks will then generally offer a rate of 15% - 17% per annum which is however still better for a start up in case one doesnt have an alternative source of finance. One must also not put all the earnings into business. One must also take a bigger repayment time frame so that one is comfortable in repayment.

Following these five ways mentioned above , the founders of LegalRaasta a startup which provides legal services have resulted in providing more than 100 + services. One doesn’t even have to go out , as it provides online services .

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST software, GST Return Filing, GST Registration, Section 8 company registration Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online, Copyright Registration, Patent Registration, Trademark Registration.
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