Managing your startup budget the right way this Budget season

It’s no secret that most startups are strapped with a limited budget. In the initial setup, running a startup may seems like you need money for everything. You think that you need every piece of tech on the market, lest your business will fail.

Hold that thought. Think. Manage your finances. It can be challenging, but if there’s anything that can help succeed a startup, it’s how to cut costs, not how to overspend.

So, this Budget season, we tell you ways how you can manage your startup budget the right way:

- Track, Monitor, Budget

Managing and monitoring can be difficult when you don’t know where to start. Free invoicing and accounting apps and software comes handy in such situations. Load them to your phone. Work on the move. Small business accounting software ensures that you are tracking, monitoring and budgeting in real time.

- Get professional advice

If you are unsure as to how to manage your money, a professional can help. Hire a consultant accountant on a one off basis. You don’t have to work with them on a project. Get them to scan your finances and ask them where they would suggest you cut back. While tracking and monitoring are vital, you may discover that you have overspent. So, seek advice from the professionals and ask them to look over your books. They can make great suggestions on how to cut back with compromising your business.

- Prioritize Your Costs

Prioritising your funds is a nightmare for the average start-up entrepreneur. As a startup owner, you are proud of your new business and want to do everything in your power to promote your products and services. But, be real. Create a checklist of essential items that assists your business. So, computer equipment and technology is a must. Check out business software. These are vital for your business. Instead of hiring that top-rated design agency, consider performing some of your marketing efforts in-house. Create a budget that is realistic and workable.

- Hone Your Processes

This is going to take a while. But, developing a budget process is imperative. Make sure that you are preparing projections, operating costs and capital requirements. Vitally, you need to ensure that you are managing your overhead costs. Check this monthly and use Small business expense tracking spreadsheet to maintain records.

Be wise!