2012-03-05 00:00:00Starting a BusinessEnglishhttps://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/Mar-05_Indian-Currency-300x2081.jpgWhat startups should not skimp on

What startups should not skimp on

2 min read

Budget control is top priority for most small business startups, but there are a few assets organizations should not skimp on! Every startup has its own list of financial priorities when setting shop. Budgets will most likely be set aside for some mandatory things like patents, legal services, office space, etc. A lot of startups tighten their purse strings when it comes to investing in a few physical assets for their business, but these can be the very things that help save money in the long run. We have rounded-up seven physical assets that give you long term benefit and better returns on investment- so do not skimp on the following: Coffee Machine / Electric Kettle While this is definitely not your top priority, investing in a coffee machine and/or an electric kettle can save you oodles of money and productivity hours. You will not have to externally source a caterer to provide your office beverages. This can save you money on every cup. The other benefits include increased productivity, since employees do not have to take extended coffee breaks. This apart, people will have the flexibility to fix their cuppa whenever they want or need it. Backup System IT is definitely one of the “do not skimp” areas but one of the most important aspects that is often neglected is a sturdy backup system. A backup system ensures business continuity in case there are systems and other technical issues. This again leads to increased productivity and less down time. Sustainable Energy The initial investment on sustainable technology and energy can be more than you accounted for, but you will be glad that you turned green right at the star. You can count on conservative figures for your utility bills with green energy in your office. Use laptops with longer battery lives, switch to energy saving lamps, air conditions and fans. Whiteboard Never underestimate the power of the humble whiteboard! It is great for internal meetings, great to save on printing costs and it also works well when you need to explain a concept while making audio-visual presentations. Putting plans, schedules, targets, etc. on a whiteboard is a good way to ensure that you have a constant reminder in front of you to make you stay on track and check your progress. Fire Extinguishers Many startups tend to push aside few basic health and safety policies. While many health and safety measures are both expensive and extensive to implement, investing in a fire extinguisher should be seen as a basic necessity. It is a simple tool that helps you put out a fire right at the start and control any further damage to life and property. Other safety measures include keeping an eye on the quality of wiring in your office and also the provision of ventilation. Good Internet In spite of the technological advancements in information and communications, sometimes one can go wrong in choosing the right internet connection for their business. Shop around for the best corporate deals before zeroing in on the connection. Consider factors like speed, peak hour policies of the company, after sales services offered etc. Check for user reviews to get a realistic image of your chosen internet service provider. Accounting Software Save yourself time and get smarter about your company financials by investing in good accounting software, which keeps things transparent during audits. While choosing the software; go through user reviews, choose an easy to navigate user interface, flexible report generation, etc.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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