Cutting corners certainly isn’t advisable, but when you start out you can afford to cut corners with more advanced business functions.
There will be aspects which are essential to your success, but others which can wait. This means technically you can afford to cut corners in the early stages of business, providing these practices don’t translate to long-term habits.
You must be frugal in the early days of company operations while remembering to never scrimp out on the factors which directly correlate with business growth.
But within what areas can you afford to cut corners?
Research is a critical development stage. However, there’s no harm piggybacking off of research that’s been conducted already. One thing you can afford to cut corners on is spending an arm and a leg on innovative market research.
You can always use your competitors as a barometer, or embrace the mass of research and studies which have been executed already.
It’s common to think your personal taste is a reflection of the market, but outside opinions often reflect something different. You can invest significant time and resources into fine-tuning your own opinions. However, it makes more sense to initiate market testing and utilize the opinions of those you’re marketing to.
One way to cut corners is by conducting market research yourself. This way you’ll save money, but also benefit from first-hand opinions.
Hair-Trigger Patent Filing
Filing a patent too early can be a costly mistake. In this case, cutting corners can actually work in your favor. Be cautious and avoid filing for a patent prematurely, especially when your product is still in the development stages.
When filed too early, your patent is unlikely to cover the final version of your product, meaning it will be rendered obsolete. You can delay the process until you’ve gathered enough information to secure meaningful protection.
Now we’ve explored three areas where you can afford to cut corners, let’s look at three vital areas where you can’t afford to do the same:
Antiquated technology can hamper productivity, meaning it’s something you really can’t afford to cut corners on. In fact, by scrimping on technology you’ll probably face even more costs, where endless call outs and repairs will be necessary to maintain an effective business ecosystem.
Investing in technology will boost speed and effectiveness while helping you stay up-to-date and not lose relevance in competitive industries.
Providing employees with the skills they need to be successful is an essential consideration. Bettering your team leads to improved performance, where you can educate staff to become experts within your field.
Training is a crucial function, and investing in your staff will pay dividends later on. Training will also establish your company as a positive place to work.
Health and Safety
Health and Safety are important because the well-being of your workers is an utmost priority. Without them, there wouldn’t be a business, plus ethically reputable efforts can help you create a corporately responsible image.
Health and safety procedures reduce the incidence of accidents while making your employees feel safe and cared for. Your workforce will be motivated to hit company targets if they feel valued and appreciated.
Health and safety is a legal requirement too, meaning your hand will be forced regardless. But this mandatory consideration is welcomed because it can help prevent disaster.