{"id":43810,"date":"2023-10-20T15:31:20","date_gmt":"2023-10-20T15:31:20","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/five-tips-for-increasing-your-startups-survival-startupsmart\/"},"modified":"2023-10-20T15:31:20","modified_gmt":"2023-10-20T15:31:20","slug":"five-tips-for-increasing-your-startups-survival-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/five-tips-for-increasing-your-startups-survival-startupsmart\/","title":{"rendered":"Five tips for increasing your startup\u2019s survival – StartupSmart"},"content":{"rendered":"
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When you’re a startup founder nothing is more important than tools that can help extend your longevity and chances of survival in the first year or two.<\/em><\/p>\n

Running out of cash is a very real problem, and it means an end to your grand ideas. To extend your chances of survival there are tools available that will help manage your cash flow, reduce overheads and minimise your overall running costs.<\/p>\n

Utilising freelancers and contractors<\/h3>\n

Collette McShane, founder and owner of four fitness-focused startups operating under the HIIT Mum umbrella, says that utilising freelancers and contractors is a great way to avoid onerous staff overheads while growing your business.<\/p>\n

\u201cIt\u2019s great from a startup perspective because you do not have to worry about full time salaries,\u201d McShane says.<\/p>\n

McShane has used the services of contractors across the range of startups she runs, from the PT in My Pocket app, to her HIIT Factory fitness centre and HIIT Box subscription service.<\/p>\n

\u201cI work every day within the business, and my partner does as well,\u201d McShane says. \u201cWe use contractors for our fitness instructor team and then people like creative designers and website developers on a contract basis.\u201d<\/p>\n

\u201cIt\u2019s a lot easier to manage things this way until the business gets bigger and we can hire permanent staff.\u201d<\/p>\n

Real time data and forecasting<\/h3>\n

As a startup founder, McShane says it\u2019s important to have control over all aspects of how the business is running.<\/p>\n

\u201cI\u2019m very hands-on with my business, especially now I\u2019m looking to take it to the next level,\u201d she says.<\/p>\n

The ability to look at your expenses in real time helps keep you on track and gives you instant access to data that shows you how your business is travelling, McShane says. For example, a smartphone app from the online power company Powershop has allowed her to predict the business\u2019 electricity usage and costs \u2013 in real time, she says.<\/p>\n

The app has allowed her to identify how much power was being used and forecast the upcoming month\u2019s cost before paying the bill to avoid blowing out the month\u2019s budget.<\/p>\n

\u201cThe great thing about real time data apps is that you\u2019ve got everything at your fingertips,\u201d she says. \u201cIt\u2019s about always staying ahead of the game and not behind it.\u201d<\/p>\n

Access to real time data with a smartphone app has meant improved management of cash flow via buying power in advance, as well as being able to predict future energy consumption so there are no surprises.<\/p>\n

Financial forward planning from the palm of your hand<\/h3>\n

Forward planning your finances is critical to the survival of a startup, says McShane.<\/p>\n

Utilising a range of software and apps \u2013 as well as a good accountant \u2013 can help you stay on top of your cash flow and increase the chances of the startup\u2019s survival.<\/p>\n

\u201cForward planning can ensure that you\u2019re not in a situation where you can\u2019t pay contractors and other expenses,\u201d McShane says.<\/p>\n

The Powershop app, for example, has allowed their business to control payments and billing without the anxiety of exit fees or lock in contracts that so many startup owners face.<\/p>\n

\u201cI\u2019m actually getting to the stage where there\u2019s so much going on that it\u2019s not always easy to keep track of [cash flow] and there\u2019s been some times where it\u2019s been really tight,\u201d she says.<\/p>\n

Agility and flexibility<\/h3>\n

Control over business operations and access to real time data can help you react quickly when a downturn does occur, McShane says.<\/p>\n

\u201cI react to things to things throughout the year that are happening within fitness,\u201d she says. \u201cSo rather than always assuming we\u2019re going to be having a little drop in revenue, we might put together a six-month challenge, or something, to really give us a boost when we need it.\u201d<\/p>\n

Hard work<\/h3>\n

But despite all the tools at your disposal, nothing beats the power of a vision for the business and hard work, McShane says.<\/p>\n

\u201cNot losing sight of where you want to be and continuous hard work are incredibly important,\u201d she says.<\/p>\n

\u201cI really kicked off with a vision about where I wanted to be and where I wanted to go to. It sounds like a no-brainer, but nothing beats a massive amount of hard work.\u201d<\/p>\n

Visit Powershop to find out how to save money on your electricity for your business.<\/em><\/p>\n

Written by: Jacob Robinson<\/p>\n","protected":false},"excerpt":{"rendered":"

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