4 Ways Startups can Save Cash

Now that tax season has rolled around, you're probably thinking about all your expenses as a small business owner. At the end of each year when you look at what you've spent, you realize just how quickly it all adds up. If you're self-employed or running a small business, saving every penny is important. Here is how Alex F. Bouri did it when he started Seament.

Sharing an Office

Not everyone has the luxury of being able to have a home office. Sometimes the business is too large for a home office, but too small for an office building. If this is the case for you, consider coworking, or sharing an office with another small (but not small enough) business. You can split rent costs and even find other businesses that would be useful to partner up with. It's refreshing to have another team to bounce ideas around with, plus, you're saving money. Sharedesk is a great resource for finding someone to share office space with.

Social Media Marketing

Having an advertising team is a big cost, but as a startup, it's important to generate some branding. Believe it or not, a lot of today's businesses are having success just with social media. Create a Facebook, a Twitter, and perhaps even a YouTube account, and make sure they're all branded with logos and tones. Host contests to get people to like your page, and have friends, loved ones, and other local businesses spread the word.

Be Loyal

Many vendors are pleased to make relationships with their clients. If you show your vendor that you are a loyal customer, they might just cut you a deal – especially if you show them that you're in it for the long-term. Be sure to discuss your business goals with your vendor and let them know which products do well for you. Order in advance and always pay on time. You might be rewarded in the long run.

Bargain Shop

For small things that are necessary to your company, like paper, labels, and even transportation, be sure to bargain shop. Never buy anything without being certain that you're getting the best deal. As we said before, you don't realize it at the time, but small things add up over the course of the year!

Essential Advice For Being An Excellent Leader

When you’re running a business like Charlie Bouri, or are taking charge of a big project, you need to learn how to be a good leader.  Some people think that you have to be a natural at management and leadership to be able to do it well, but you can easily learn skills that will help you become a better leader.  If you’re going to be in a leadership position, follow these tips to ensure that you’ll be the leader that you need to be.

Avoid Blaming

Playing the blame game in a managerial situation is sure to result in a lot of missed opportunities.  Your employees may have messed something up, but in the end everything comes back to your managerial skills.  You don’t have to avoid mentioning someone else’s mistakes, but you shouldn’t immediately set out to pin a problem or setback on someone.  If you consistently get angry and blame your employees for problems, they’ll be less likely to come to you when there are actual problems.

Cut Your Losses

Nobody likes admitting that they’re wrong, but sticking to something that clearly isn’t working to seem competent is a big mistake.   When you find out that original idea you had for a project isn’t going to work, don’t stick with it and hope that it’ll sort itself out later.  If a new hire you brought on has been turning in inconsistent and bad work, don’t give them a few more months to figure things out when it’s apparent that they aren’t doing a good job.

Lead By Example

If you tell your employees that they should work hard and put in extra hours on a project, they won’t take your words to heart if they see you taking half days three days a week.  Being a manager shouldn’t put you above your own rules, and if you practice what you preach your employees will notice it.  Obviously there are some exceptions to this rule, but if you want your employees to trust your leadership skills, you’ll need to show them that you’re more than capable of living up to your own standards.

Management 101: Running Your Business During a Personal Crisis

Many people choose to start their own companies because they like being their own boss, but this major advantage can also work against you.  When you're the one who's calling the shots at your company your business can significantly suffer if something happens to you.  A death in the family or a medical problem can cause a lot of trouble for your business, and you have to deal with your personal problems on top of keeping your company running.  Big business owners like Maurice Bouri have several people who could run the company in the event of an emergency, but business owners with a small staff won't be so lucky.   Don't let your business suffer because of personal problems; follow the tips in this post so your company can stay afloat during the hard times.

Have Important Information Easily Accessible for Employees

When you're in charge of running your own business it can be easy to forget to let employees know about important things.  If you have an emergency that pops up overnight that prevents you from working the next day, do your employees have access to important information they'll need to keep your business running?  Do they know the security code they need to unlock the building? Do they have your business' bank account number so they can make deposits?  Make a sheet for your employees that contains important information (bank account numbers, security access codes, payroll schedules, billing schedules, etc.) and leave it in an easy to find place.  Your employees will have all of the information they need to keep things running, and you won't be spending valuable time giving them instructions for tasks over the phone.

Keep the Big Picture in Mind

When you're dealing with personal problems and managing your business from afar, there's no time for micromanaging your employees.  It may seem important to you to call at the end of each day to ensure that everybody punched in and out for the day correctly, but there are other matters that are far more important.  Rely on your employees to keep the important day-to-day activities going and just focus on the most important problems.

Work On Yourself

It's very easy for business owners to overlook their own problems and only focus on business matters, but if you're going through a difficult time you need to take time to focus on your needs.  You won't be able to give your business the time and attention it needs if you're stressed out or fixated on other problems.  Take time to relax and talk to some trusted friends about your troubles. When you're ready to come back to work you'll be refreshed and ready to take on any new challenges.