Learn the #1 Key to Creating a Thriving Business
Episode 22: How to Cut Administrative costs in your Start-Up
The #AskaCFO series is a weekly Q & A with CFO James Vanreusel, CE and Founder of Vanreusel Ventures. In this series James answers questions ranging from corporate finance, FP& A, Investor Relations, Professional Development, Business Growth, Fundraising, M& A, and more.
One of the most important things to remember when running a start up with limited resources, is that every expense is on the chopping block every month. As we all know we live in the world of subscriptions and it is very easy to let them get out of control. If you want to keep expenses flat, to maximize profitability, you want to take some of the money from elsewhere, to invest in areas that are really going to help you as you scale. To do this, you need to go through your p&l, your chart of accounts, even all the all the operating expenses.
When costs are high and revenue is uncertain you should sit down each month, and look at every single expense and ask yourself three very important questions:
1. Is this expense necessary to function as a business.
2. Is it doing its job? Is it helping you grow?
3. Can I get it cheaper?
Learn the #1 Key to Creating a Thriving Business
Episode 22: How to Cut Administrative costs in your Start-Up
The #AskaCFO series is a weekly Q & A with CFO James Vanreusel, CE and Founder of Vanreusel Ventures. In this series James answers questions ranging from corporate finance, FP& A, Investor Relations, Professional Development, Business Growth, Fundraising, M& A, and more.
One of the most important things to remember when running a start up with limited resources, is that every expense is on the chopping block every month. As we all know we live in the world of subscriptions and it is very easy to let them get out of control. If you want to keep expenses flat, to maximize profitability, you want to take some of the money from elsewhere, to invest in areas that are really going to help you as you scale. To do this, you need to go through your p&l, your chart of accounts, even all the all the operating expenses.
When costs are high and revenue is uncertain you should sit down each month, and look at every single expense and ask yourself three very important questions:
1. Is this expense necessary to function as a business.
2. Is it doing its job? Is it helping you grow?
3. Can I get it cheaper?