Cutting Costs is Key – Here’s how

Dario D’Onofrio guest blogs over at Profy.com today, sharing some of his experience with the rest of us. Every business on this planet has two golden rules – Cut costs & Higher profits. No matter how big you get or how small you start, you always have to know how and where to cut costs. I was fortunate enough to have a great mentor who taught me how to bite the bullet, even at time I didn’t want to. For the rest of the readers who aren’t as lucky, Dario’s post gives you a lot of fodder for thought. Here are 11 ways a startup can think of cutting costs:

  1. Look into projects according to your background
  2. Ask your family/friends to comment on your project
  3. Observe your competition before spending money
  4. Keep your ideas secret
  5. Negotiate with suppliers
  6. Don’t tell media what you are doing in the first stage
  7. Be flexible
  8. Spend more time thinking than doing
  9. Be ready to give up when everything goes wrong
  10. Run a blog to keep in touch with users
  11. Don’t hire, outsource instead