More often than not, startups have limited budgets to work with. Usually, these small companies have to rely on OPM (other people’s money) and many cost-cutting methods to push things through. At the same time, startups have to make smart investments to ensure that every penny they spend counts, given that they have such a limited capital and cash flow to use.
With that in mind, here are some of the best investments that startups should invest in—and why spending money on them makes the best financial sense.
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A reliable VoIP service
Communication is one of the most important aspects of business, whether it is a small business or a conglomerate. Working with a reliable VoIP service provider can help you with that. With this type of technology, it is easier for employees to communicate and collaborate—even if they are not physically present in the office. A VoIP service is multifunctional, offering features such as video conferencing, instant messaging, call recording, and so much more.
Moreover, calls made through a VoIP phone system are significantly less expensive than using a traditional phone line. It can also help you save money when it comes to data networks and international calls, which tend to bump up telecommunication costs.
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A top-notch messaging platform
There is an abundance of messaging platforms available today, with many of them offering business services at a very low cost. Examples include Slack, Chatwork, and Microsoft Teams, among many others. Apart from a VoIP service, a truly reliable messaging platform is what a startup needs for seamless and efficient communication.
If you have a limited budget to work with, there are plenty of messaging platforms that are free to use. But if you want to take advantage of upgraded features such as unlimited message history or increased file storage, you would have to avail of a paid plan, which usually comes at an affordable price even for small businesses.
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A secure cloud platform
Startups are vulnerable to cyberattacks. Their small size is the very reason why cybercriminals target them. With that in mind, you must protect your business data as much as possible through various security measures. However, you may not be able to afford top-notch security just yet.
If you feel a gap in your startup’s data security, investing in a business account on a reputable Cloud platform is highly advisable. Doing so can allow you to back up your data in a secure online space without having to store it in non-secure internal networks. Furthermore, using a Cloud platform can make it easier for your employees to share, download, and encrypt files as needed.
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A recruitment software
One of the most difficult phases of startup growth is hiring the right people to help expand your business. More so, the first few people you hire (apart from your core members) dictate how fast or how successful your expansion will be. That said, you need all the help you can get when adding new members to your team.
Using recruitment software can make this process easier and more efficient. This business tool can help you screen applicants, find the right candidates, and schedule interviews more seamlessly than doing it all manually. And if you have only a few people in your HR department, recruitment software can make their workload much lighter, helping them focus on more important tasks.
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Fintech tools
Finance is one of the trickiest aspects of business, so much so that one mistake can have a domino effect on the entire operations. Considering that, it is highly recommended that startups invest in several fintech tools that can help make their financial processes more efficient and less prone to error.
Examples of helpful fintech tools include Cloud-based accounting software, a budgeting tool (if it is not embedded into the accounting software), an invoicing tool, a payroll management system, and virtual payment cards, to name a few. Investing in these tools will help make the accounting process easier and reduce the risk of costly mistakes that can put a dent in cash flow.
Startups need more than just hard work and the right people to succeed; they also need the best tech solutions to help streamline business operations—from accounting to employee management, down to the seemingly mundane things like instant messaging. By investing in these tools, not only will you improve your startup’s systems, but you can also unlock potential much sooner than you think.
