Four cost cutting measures to boost cash flow

Trying to finance a business and live comfortably is a difficult balance for SME owners to juggle. For many the option of dipping into their personal funds or taking a mortgage against the house to finance their dream business is too hard to resist.

One way to limit any potential financial woes and avoid the possibility of damaging your personal finance is to incorporate savings and renegotiate deals wherever possible.

Even a series of small savings can help change the financial outlook for your business so we've sourced fourcost cutting measures that can help.

Find some shared office space

As a startup business it's often out of the question to find an affordable office space in a convenient and easy to access location. However, instead of booking that office 50km out of the city and causing an inconvenience for customers, try to find another startup to share a space with.

Alternatively, you can look at collaborative consumption with sites available such as Hub Australia that allow you to book a desk at shared office spaces, giving you the option to find a location close to your client.

Stop using job boards to hire

Although job boards are great to source potential talent, they can be a costly unnecessary option. Hiring an employee is a time consuming process and the longer your ad stays online the more costly it will be. Try to source candidates without spending money by hanging flyers at universities or posting your job opportunity online to industry relevant forums first.

Find a cost-effective website server

There are a range of different companies that can host your website and many offer startup services. Although there are premium options available for those willing to spend top dollar it's best to start out small with a cheap or free service and develop your audience before committing to a more expensive service.

Embrace accounting software

Hiring an accountant or bookkeeper to maintain your financial documents can be a pricey and unnecessary with the influx of sophisticated software entering the market. Accounting software is capable of organising and coordinating your financial activity limiting the need to employ the services of a regular accountant for business.

Feel out of your depth with accounting? Try reading our article on Accounting 101.

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