Cut back for growth T he cost implications of a start-up can be huge. As well as investing in a suitable working environment, you'll need to hire staff and ensure you have all the right equipment to cover your business needs. But there are plenty of ways to save on expenses as you get your business off the ground. As well as saving cash, proving you have a keen eye for cost cutting can help you secure funding for your start-up too. Follow our tips on where and how to make savings as you plan your new venture. PEOPLE Before you get going, think carefully about the staff you'll need for a successful launch. Do you really need to hire an accountant from the off? Or will it make more financial sense to invest in a bookkeeping package and hire an accountant to submit end-ofyear accounts instead? Do you need to employ someone to answer the phone, or would outsourcing to an answering service be more cost-effective? Regularly review your human resources requirements once you're up and running too, to ensure you're getting the most from your staff without overloading them. Similarly, when someone leaves, consider whether it's essential to replace them. Think about whether it would be viable to redistribute their responsibilities WORDS: TRISH LESSLIE PHOTOGRAPHY: SHUTTERSTOCK Starting a business means being savvy about spending. Here are simple ways to save on your outlay 282 282 YB2017 Keep Costs Down jw.indd 282 03/10/2017 17:36