The 5th in a series of money saving tips.....I am starting to bunch a couple of these together given the volume of responses.
By Greg Burnell, CEO, 6th Sense Analytics
We spend money where it matters most, on people. Everything else we try and do as inexpensively as possible.
Here is the 6th Sense approach:
Office space - You won't find any Herman Miller furniture at 6th Sense and we're not in the most stylish location (in fact, we're in the RDU flight path). Folding tables and rolling white boards enable us to maximize our workspace. Our workspaces are open and unadorned, which fosters collaboration and holds down our costs. It's not fancy, but it works really well and it doesn't break the bank.
Phone - Our corporate PBX is based on VoIP and we're heavy users of Skype and Google Talk for international calling. No other way to go. Use of IM, wiki's and free online collaboration tools also offer cost effective ways to manage work byproducts.
Travel - We're disciplined about lowest-fare bookings and we try to consume every waking hour with meetings. Priceline helps us get great hotels at a reduced rate. Staying in really cheap hotels is a bad idea in my mind. People need rest. Our team has a very real sense of ownership in what we're doing and they treat it as their own money. We're don't impose unfair per diems. We just ask our team to be responsible and judicious, as they typically would be with their own money.
Partners - We try not to go it alone. We always look to tie our marketing programs to a partner or third party to maximize our reach. This is critical.
People - We optimize our spending for talent. Our salaries are fair and our benefits excellent for a company at our stage. We stock the refrigerator and do everything we can to ensure our team is taken care of and feels appreciated. It is critical to create an open and respectful environment to get the most from our people. We work seven days a week and I make it clear this is noticed and appreciated.
By Sean Harrison, COO, BrightDoor Systems
Enlist a champion. Identify and enlist a well known and respected industry voice that can open doors and quickly validate the product and company with target customers. This may be the most important recruit in the company. Traditional marketing and sales efforts applied too early can drain scarce working capital with little or no impact on revenue. Influence from a connected veteran who knows the landscape and can reach out to their existing network of prospects can be the fastest and least costly way to drive early sales.
Seek speaking opportunities. Avoid trade show booth rentals. Lead generation is one of the most costly and time consuming aspects of building sales for a company at any stage. The challenge is compounded for a start-up with limited marketing and promotional resources. Aggressively seek speaking opportunities at industry conferences, trade shows, and association events to promote your company and product to a captive audience of potential customers. Save the time and money that you would have otherwise spent on an exhibit booth and get more exposure as a speaker. Most importantly, invite prospective customers to meet immediately following the presentation or ask that they drop off a business card with a convenient time to follow-up.
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