Financial tips for start-ups and small businesses


Having a start-up is a huge step. According to a study by Bloomberg, about 80% of start-ups fail within the first year of their launch. And that’s a pretty huge number. One of the major reasons why these start-ups fail is because of poor financial planning. If you’re just starting your business, then you need to ensure you don’t fall into these stats. Here are working tips to help you beat the odds and manage your businesses’ finances better.

Paying attention to human capital

Here’s something that most start-ups fail to do- delegation. In most cases, the CEO and founder of the start-up does most of the work. They are the janitor, the receptionist, the salesperson and the CEO. Hiring people to do these extra tasks is considered as extra expenses and businesses simply try and absorb all the tasks.

That’s generally a huge mistake. While it’s important to keep your costs low, you need to value human capital. Human capital is what’s going to make your start-up turn to a successful business, so if you spend too much time away from the actual idea, then you’re slowly killing your start-up.


Start lean

No matter how much faith you’ve got in your business, the beginning is not the time to get all that fancy equipment you’ve always dreamed of, or go for expensive business trips. You need to cut as many costs off your list as possible.

Think about the investment you’re making rather than simply spending. Before using a coin, think of the potential returns it’ll bring back. If the purchase would logically lead to increased profits over a period of time, then it’s worth spending money on it. Also, try and look for affordable options.

Secure some start-up funds

You need to have a pretty good idea of how you’ll get the funds for your business, and practice caution. You may have angel investors interested in your start-up but you should be aware that they’ll have a stake in your company. Bank loans are an effective option. However, you’ll need to have a credible standing when it comes to your credit score. There are other options such as personal loans from friends and relatives or even doorstep loans that could further boost your financial situation. Whatever source you choose, you need to be well aware of the effects they’ll have.


Working ways on spending less on your kids birthday party


Kid’s birthday parties seem to be growing each coming dawn. They’re getting bigger and bigger and require even more expenses. The truth is, we love our kids, that’s why we’re willing to make their day super special. But it’s important not to go overboard. This is particularly true if you’re under a financial cloud. Also, don’t cancel the birthday party, that’ll just crush them. Here are a few tips to help you save as much as you can when organising their party.


Ditch the party stores

Party stores should be the last place you go if you’re looking to stick to your budget, and it’s not so hard to figure out why. The place is filled with all kinds of things from superheroes to billion dollar toys. The temptation would be so great you’d find yourself using your saving account to buy a range of gifts. Going with your kids to such stores would be even worse, so try and keep away.

A discount store would do you good. Things are a lot cheaper. You should also go online shopping as opposed to physically visiting the store. You’ll spend a lot less online as all kinds of products won’t bombard you at once. Additionally, there are bold, clear price tags, so they’ll keep you in check and you will also only look at what you need.

Go for a house party

Having the party at your house would be a lot cheaper than going to the bowling alley. You could go for an in-house party instead. To keep the kids entertained, you could have a cooking party where the kids would decorate the cakes or make some pizzas. A sleepover where the kids come and watch movies with popcorn could also work for you.

The park is also an amazing place for a party. You could conduct a scavenger hunt at the park or create puzzles for the kids to solve before having a picnic.

Do the party decorations

The décor brings life to the party so you can’t skimp on it. However, you could easily lower the costs by doing the decorations yourself. Hiring a decorator or party company is simply stretching your wallet. Pinterest should be one of your greatest resources when going for decorations. You can even involve your kids in getting creative, they’ll be glad to help. Go to a discount shop and get some coloured paper and some raw material to use in creating your decorations. Ribbons, strings and wrapping paper can all be used.