Some Great Ideas To Help Make Your Startup More Efficient

Most startups fail. It’s a sad fact of business, and it’s often not because they don’t have great ideas, products, services, or people. It’s for a variety of reasons and high among these is that they aren’t efficient enough. Making your company more efficient will help it to survive and give it the tools to thrive. Lets explore how to make your startup more efficient

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From making it simpler to record your expenses to tracking your time, here are some great ideas to make your startup more efficient. Please read them, understand them, and then put them into practice ASAP.

Use fuel cards to make recording travel expenses easier.

Every business has expenses, and travel is one of the biggest for many, fueling your spending, and the items you buy for your vehicles all add up.

But that’s not the only cost that comes from your business traveling. It takes time to record and validate these expenses. Thankfully, this can be made much more efficient, and fuel cards are a great way of doing this.

Fuel cards create a digital record of your travel expenses. This includes the diesel and gas you buy and the items you purchase for your vehicles (such as oil).

This is recorded by account software that produces an electronic invoice that’s HMRC approved. This means that not only do fuel cards record your expenses more efficiently, but they also make it simpler to get tax rebates.

Use remote working to reduce your office overheads.

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One of the highest costs of any business is its office overheads. The rent you pay for your space, the bills that are due for this, and all the other associated expenses can set you back a considerable sum.

But what if you could retain your office while reducing some of the overheads that come with it? It would be a more efficient way of operating, that’s what. And you can do this with remote working.  

Remote working has steadily increased in popularity over the last few years, but coronavirus has forced it. Many businesses now have to incorporate working from home if they’re going to survive.

However, it’s clear that workers and companies aren’t just surviving while working; they’re thriving. The question you then need to ask yourself is whether you need to return to the office-based work environment after coronavirus? My answer is that it’s more efficient to continue WFH and scale back your office operations.

Doing this means that you can be more efficient with your overheads. You can have a smaller office space and pay less in both rent and bills as a result.

To put this policy into practice, there are a couple of things you need to think about. This includes the reason you have an office and how you look after remote workers. The latter is something you should already have on your mind, but the former may require a bit of work.

Use time-tracking to record the time spent on tasks & projects.

Time is money, and if you’re not using it efficiently, then you’re losing money – it’s that simple.

You need to know how your time is being spent to understand if your company is efficient or inefficient. Time-tracking software gives you this information.

Time-tracking software shows you what tasks your business and its employees are working on and how long it’s taken to complete each entry.

A tool like HourStack gives you even more than this.

Hourstack allows you to split work into individual tasks and projects. It lets you allocate time for each task, so you can tell your employees how long they should spend on a piece of work and then monitor if they’re keeping to this. The result is that you’ll quickly see where you’re efficient and inefficient.

This allows you to reallocate your resources in a data-driven way, so your employees work on the tasks that you know they’re best at. Once you’ve done this, your startup will then be much more efficient.

Recommended reading: Why Startups Invest in Cloud Technologies?

Fuel cards, remote working, and time-tracking software are just some of the great ideas that help to make your startup more efficient.

You could also think about using machine automation to free up time, targeted advertising to reach the right people, and introducing cash flow management to ensure you pay your bills at the best time for your business.

All of these things will help your company. All that’s left for you is to decide which ones are most appropriate for your startup and then put them into practice right away.