Cutting costs: maximizing results

April 1, 2017

 

If you want to cut costs effectively think like an entrepreneur. Entrepreneurs are notorious for finding more effective ways to cut costs and increase productivity to reach customers.  Predominantly this is due to the fact that startups have limited resources and have to think tactical and strategically. People often find it odd that small startups with less capital than large competitors are able to enter and disrupt existing markets or industries.  Here are a few ideas on how they're able to do it.

 

Thinking Lean: One of the most popular books of our ages is The Lean Startup by Eric Ries. It speaks to how constant innovation, led by creating and testing low cost MVPs, finding their holes or pressure points, and making tactical improvements by speaking firsthand to prospective users and customers drives necessary innovation to get the best product to market.

Build - Measure - Learn - Innovate, Repeat.

 

Prioritizing:

One of the best ways to cut costs is to think about what are priorities ( must haves ) versus ( nice to haves).

 

Comparing Products/ Services:

Utilize research to get more than one quote on a service or product. Think about the quality, cost and components of the product that are necessary to meet the needs of customers.

 

Outsourcing:  When necessary utilize freelancers and contractors for work that may require specialized skills that if would take too much time and money to do yourself. Sometimes having an outside perspective gives you fresh lenses or a new way of looking at things when you've been too close to your own work to think as critically as you should.

 


 

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