Financial Data
Updated 29 Feb 2020

6 Top money-saving tips

One of the most important start-up rules is to focus on keeping as much cash in your business as possible.

Greg Tinkler, Entrepreneur, 02 October 2016  Share  0 comments  Print

All the answers to your unique business lifestage questions

1. Outsource

You don’t need to run everything in house and employ permanent staff. Today there are literally thousands of experts and specialists willing to work on a contract basis.

You can negotiate and pay according to your budget and receive a vast level of experience in return.

2. Negotiate with vendors and suppliers

They need you just as much as you need them and in a tough economic times there’s even more room to negotiate. You won’t lose anything by trying, and could make real savings.

Related: Saving: The way to a secure future

3. Office space

Remote start-up team members are the norm today and can be very productive with smartphones, video calls and high-speed Internet. Office space on the other hand is a costly monthly expense. If you can operate without a fixed office, do it.

4. No freebies

I know you need to get noticed, but I don’t know any successful business that got there by giving away their offering for free. Know your value and stick with it.

5. Use social media

Social media’s a free, easy way to reach a wide range of potential consumers. 70% of my business is generated via Facebook and Twitter.

Related: 8 Reasons why 'more money' must become your mantra

6. Don’t worry about scaling right away

If you’re not financed, scaling an unprofitable business will just make you go bankrupt faster. You need to find a business that will produce revenues and profits even with very few customers. Until you’ve got that right, don’t even think about investing in growth. 

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About the author

Greg Tinkler, Entrepreneur

Greg Tinkler is a serial entrepreneur and owner of the Cre8tive Group, one of SA’s top brand activation and marketing agencies. He has launched many of SA’s top sports supplement & pharmaceutical brands from start-up to multi-million rand brands.

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