No matter what, no one would like to engage in wasteful and unnecessary expenses while starting or growing a business.
Hence, we are taking a study into some of those areas needed to be blocked to prevent or at least reduce these leakages.
Mentors and Advisors
Instead of paying for advice on legal, accounting, funding, or other key business issues.
We can use the brain trust of mentors and advisors for advice, feedback, and meeting other important decisions and contacts.
Engage members of team that will work often, based on agreement, for equity (profit sharing), commission, or deferred payments rather than initial salaries to bring down costs.
The right supplies can save you a great deal of time and money.
Therefore, you can have an arrangement for supply of high-quality materials, on- time delivery and allow for extended payment terms like thirty to ninety (1 to 2months) days of trade credits.
Partnering with some of your reliable and trusted customers during launching of the business is an excellent cost saving strategy.
Select a few key customers and offer them deals they cannot refuse, such as;
– Discount pricing
– Special Packaging
– Strong Support etc