Startup Hacking

Some friendly advice on simple things you can do to improve your odds of success with a limited budget

Small companies are the bread and butter of a healthy economy.Here are some quick tips that could end up giving your organization a competitive advantage. Brought to you by Hygeia Health.

Number 1: Use That Credit Card

If you’ve got an important client or business partner coming to your office, consider spicing up your small office with supplies that you don’t actually need to impress them. At Best Buy, you can return or exchange almost anything within 15 days for a full refund so why not splurge on a 70 inch television or a fully loaded Mac for the design area to impress that client or business partner? Just make sure that you return that impressive stuff or it could put a large dent in your dreams.

Number 2: Consider Debt Financing

If you’re reasonably sure you’ve got a good product and don’t want to give up as little of your organization as possible (like most entrepreneurs), many banks and specialties firms can grant, for example, capital equipment financing for a product or operational things such as computers and desks. Unlike a normal loan, it’s less risky for a lending organization because there is collateral in the event something goes wrong (aka they can take what you bought with the loan).

Number 3: Utilize people you know first

Trust is at the crux of getting things done. In our experience, reaching out first to people within your network or referrals from people you know is the most effective way to not only get things done but get them done right the first time. After all, approximately 80% of job placements are recommendations or the result of direct networking. Before reaching out to a firm or someone company to perform a task your organization needs, consider getting a quote and paying a friend a fraction of the price. Your money will go just as far, you will have developed a stronger relationship, and it will have likely gotten done faster.

Number 4: Have fun, and encourage it

Nobody needs to tell you to work harder or smarter; it’s really a given at any point in time that you’re not working hard or smart enough because it’s always possible to do more. Telling someone to work harder is effective, but really only in the short term so use it when needed. Millenials really are looking to influence something they’re passionate about. If you have passionate people you know and trust, you’re already halfway there! Find ways to make them enjoy what they’re doing more, like cutting out on official work early and watch as new ideas crop up quickly and people work longer hours to get things done.

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