BUSINESS

5 Tips to Grow a Business on a Tight Budget

Did you know that more than half of the small businesses ever formed close within the first 5 years? So how do you ensure that your business doesn’t become a part of those statistics? Here are 5 tips for growing a business on a tight budget!

To stay in business, a company must have good cash flow.

When you start a business, you may not have access to a lot of capital, be it debt financing or equity financing.

During this phase, you need to know how to budget, take advantage of the available resources, and not run out of cash while growing your business.

Tips for Growing a Business on a Tight Budget

Here are some tools to help you grow your business on a tight budget:

1. Prepare Sufficient Facilities to Start a Business

When you are new to the world of the small business owner, you may find it difficult to sort through the huge amount of information.

Fortunately, colleagues from entrepreneur.com have created a short guide for startups that can be accessed for free on their website.

They have guides for more than 20 different businesses, which will guide you through the essentials of starting a business.

2. Do Business Planning Carefully

If you are starting a new business, you will need a business plan.

Whether you are going to raise funds or not, a business plan will help you in providing a clearer idea in the business development process.

If you are new to the business world, this can be a daunting process. But don’t worry because there are many articles and helper apps like Business Model Canvas, a collaborative online tool that can help you save time creating business models.

3. Start Bookkeeping from Day One

Small business owners certainly have a lot to take care of.

One thing that is often delayed is bookkeeping.

Many small business owners delay the bookkeeping process until it’s time to file taxes. Don’t make the same mistake!

Getting started with proper bookkeeping doesn’t cost too much and we couldn’t emphasize any further how important it is to do this from day one.

The longer you delay the bookkeeping, the more difficult it will be for you to monitor your finances because a lot of time has passed.

4. Building a Website

If your business model focuses on physical stores, it would be better if you keep a website for the business.

This doesn’t always require a lot of money, as reported by Techinasia regarding the 5 best website builder startups based in Indonesia.

5. Using Freemium Software

Gmail, Google Drive, and Dropbox are some examples of applications that we usually use for personal purposes, but also have a freemium (free/premium ) business version.

Take advantage of the existing facilities in this cloud-based era to save costs.

What’s more, by saving documents using cloud services, you don’t have to worry if the hard disk is damaged and loses information that has been stored.

Finally, remember to save whenever you have the opportunity to do so without affecting your business processes and your business balance will be maintained.

With the 5 tips above, don’t hesitate to start a business on a tight budget. Everything is possible as long as there is discipline and a high will.

Besides that, you can also use budget softwareMekari Journal, to prepare budgets accurately and more easily.

Of course, you don’t want too many miscalculations in your tight budget.

With the automated and accurate Journal feature, the risk of human error can be minimized and calculating business budgets is no longer a hassle.

What are you waiting for? let’s start your business, try the Journal for free right now! promo up to 14 days!

Tips for Growing a Business on a Tight Budget

Here are some tools to help you grow your business on a tight budget:

1. Prepare Sufficient Facilities to Start a Business

When you are new to the world of the small business owners, you may find it difficult to sort through the huge amount of information.

Fortunately, colleagues from entrepreneur.com have created a short guide for startups that can be accessed for free on their website.

They have guides for more than 20 different businesses, which will guide you through the essentials of starting a business.

2. Do Business Planning Carefully

If you are starting a new business, you will need a business plan.

Whether you are going to raise funds or not, a business plan will help you in providing a clearer idea of the business development process.

If you are new to the business world, this can be a daunting process. But don’t worry because there are many articles and helper apps like Business Model Canvas, a collaborative online tool that can help you save time creating business models.

3. Start Bookkeeping from Day One

Small business owners certainly have a lot to take care of.

One thing that is often delayed is bookkeeping.

Many small business owners delay the bookkeeping process until it’s time to file taxes. Don’t make the same mistake!

Getting started with proper bookkeeping doesn’t cost too much and we couldn’t emphasize any further how important it is to do this from day one.

The longer you delay the bookkeeping, the more difficult it will be for you to monitor your finances because a lot of time has passed.

4. Building a Website

If your business model focuses on physical stores, it would be better if you keep a website for the business.

This doesn’t always require a lot of money, as reported by Techinasia regarding the 5 best website builder startups based in Indonesia.

5. Using Freemium Software

Gmail, Google Drive, and Dropbox are some examples of applications that we usually use for personal purposes, but also have a freemium (free/premium ) business version.

Take advantage of the existing facilities in this cloud-based era to save costs.

What’s more, by saving documents using cloud services, you don’t have to worry if the hard disk is damaged and loses information that has been stored.

Finally, remember to save whenever you have the opportunity to do so without affecting your business processes and your business balance will be maintained.

With the 5 tips above, don’t hesitate to start a business on a tight budget. Everything is possible as long as there is discipline and a high will.

Besides that, you can also use budget softwareMekari Journal, to prepare budgets accurately and more easily.

Of course, you don’t want too many miscalculations in your tight budget.

With the automated and accurate Journal feature, the risk of human error can be minimized and calculating business budgets is no longer a hassle.

What are you waiting for? let’s start your business, try the Journal for free right now! promo up to 14 days!

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