Saving money and cutting costs is crucial, as well as tricky for startups and small businesses. If you are in an early stage, your budget must be already tight. In this article, we aim to help you with some tips and tricks to save your money and grow your business.

• First of all, it is essential to set a budget for your monthly expenses, forecast your sales. It would be best if you also made a habit of reviewing the results regularly. The regular financial review will help you get a better insight into where you are spending money and opportunities to save more.
• Using a co-working space or sharing an office is one of the most useful tips to save money, especially if you are a startup. It is not necessary to buy/rent a new office when you don’t need a ton of space.
• It would be best if you stayed on top of your payable accounts and financial statements. Make sure to pay your dues on time, receive your collections on time so that outstanding balances are minimized.
• Start using free open source and cloud computing applications for business. Try using free applications and tools that can save a lot of money. You can switch to paid apps once your financial ground looks stable.
• Hire only a few numbers of experienced professionals along with more interns. Search for curious freshers who are looking forward to learning a lot of things and grow with you. Hiring professionals with a high package will not be a great idea if you are starting up with your business. It is also the best idea to look for freelancers rather than hiring full-time employees in the beginning.

• Try to go paperless as much as possible by recording your every single data on your computers rather than writing them down on papers. This can help you save money, reduce mess. E-copies can be easily shared with everyone and kept for as long as you want them.
• If you are opening a business space, try hunting for used equipment and furniture that are less expensive. Do not invest a massive amount of money on furniture, electronics, etc.
• If you have a talented and hardworking team, try inventing something new in-house, that can save money for your business. At the same time, you can earn from it if you make it available for others in the market.
• If you are planning to offer snacks, drinks, beverages and other food facilities to your staff, consider looking for shops where you can order in bulk and get a decent discount. This will help you saving money as well as motivating your team to work with you.
• Participate in a social cause and community events and keep your team motivated. It will also help you promote your business and meet potential customers, clients.
• Try negotiating with your vendor and suppliers. Asking them with discounts is also another way of retaining some bucks in your pocket.