Startups often have difficulties managing their finances as their founders do not always have entrepreneurial backgrounds or experience in startups. This isn't necessarily an issue - there are many things you can do to help manage your finances so you do not run the risk of running out of resources or facing financial difficulties.
1) Plan Your Expenses
By planning your expenses ahead, you're able to control your finances better and not run into situations where unplanned or unpredictable expenses arise. Everything from salaries, to marketing activities, to furniture, to tech, to even cleaning expenses are important to note down so you're able to allocate your resources more effectively.
2) Invest In The Right Tools
Investing in the tools, tech, and equipment that will help you reach your goals is not always cheap, but will cost you less in the long run if you end up buying cheaper tools that won't get the job done as you need them to.
3) Negotiate With Vendors
Many vendors and suppliers will try to sell you their products or services at high prices, often charging you more than you can afford. Always try to negotiate to get a better deal - do so by building good relationships with everyone you meet and suggest a mutual-benefit relationship where you can offer them referrals or a long-term relationship. Not only will you save money, but you will build a good reputation and name for yourself.
Whether you've already started your business or are still thinking about your next big move, make sure your finances are taken care of before and during your business activities so that everything is easier to track and manage.
All the best,
Your JP team.