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The Ultimate Business Plan Template
Leadership 10 min read

The Ultimate Business Plan Template

A business plan template helps you set up your business for success. Download our free business plan template to begin planning and managing your business effectively.

How to Make a Budget Spreadsheet for Your Small Business in 2023
Leadership 7 min read

How to Make a Budget Spreadsheet for Your Small Business in 2023

Starting a business can be an overwhelming process, with business plans, leases, financing, legal documents — and monthly budget sheets. We know you’d almost certainly rather spend time refining your product, talking with happy customers, or honing your investor pitch than hunch over spreadsheets, calculating the seemingly impossible amount of money it’s going to take to get your business off the ground. But whether you are a manager or a business owner, creating a budget is absolutely essential to your success.  This article will help you understand small business budgeting basics to help your company thrive in 2023. If you want to make your life even easier, we offer an easy-to-use monthly budget template that will help you log expenses, sort costs by category, view monthly spending, and examine budget details — all within Wrike.  Let’s start with the building blocks: monthly budget planning.  Start with a monthly expense sheet Your monthly budget planning worksheet is a roadmap for your business, helping you define priorities, understand where your business is going, and determine whether you’re on the right path. It’s a key factor when raising capital, whether you're applying for a loan or pitching to investors, and a cornerstone of your business plan. It can help you minimize risk and experiment with how to best allocate resources. That’s why it’s so important to take the time to create an accurate and realistic budget that’s specific to your business and goals.  You need to start with basic questions that will help you gauge your finances. How much money do you have? How much do you need to spend on materials, manpower, and marketing? How much revenue is required to meet your business goals? Can you afford to buy new equipment, run a new advertising campaign, or hire another team member? Do you have an emergency fund you can tap into if unexpected costs arise? These are all key questions that will help you determine your starting point for your monthly and annual budgets.  How to make a monthly budget Making a monthly budget can seem daunting, but it essentially involves writing down each and every expense you expect to have over the course of a month. It’s helpful to categorize these expenses to get a clear idea of where your budget is being spent. Costs involved in a monthly budget typically fall into two categories: monthly expenses and one-time costs. Costs such as employee salaries, lease payments, utilities, and insurance are all recurring monthly expenses, whereas line items such as purchasing equipment and consultant fees constitute one-time costs.  Here is what you need to include in your monthly expense sheet: Revenue: Estimated sales figures (err on the conservative side if you can't be exact) Fixed costs: Rent, insurance, etc. These figures don’t typically change from month to month.  Variable costs: These costs typically correlate with sales, such as the cost of raw materials to produce your product, inventory, shipping/freight, etc.  Semi-variable costs: These expenses are influenced by the volume of your business, including salaries, marketing and advertising, etc.  Profits: To determine profits, subtract your costs from your revenue. Once you have a profit estimate, you can determine how to invest in your business, whether that means upgrading equipment, moving to a larger office or better location, adding staff, or giving your employees raises.  Now that you’ve set up your monthly budget, make sure to revisit it periodically. It should not be a static document that you check once a quarter or only at the start of the year. Revisit it every month and see where you can adjust or experiment — maybe shift some funds to give your marketing budget a boost for a few months and see how it affects your sales pipeline. If you find you’re getting a good return, that’s useful information when it comes to future decisions about allocating resources. Reviewing your budget data using accounting software will also help you anticipate your future spending needs, profits, and cash flow. Wrike’s monthly budget tracker template can help Wrike has a ready-to-use monthly budget template that can help you set up a robust budget tracking system quickly, without any coding or special knowledge required. You might be tempted to use a spreadsheet program such as Microsoft Excel, but using a more robust budgeting app will give you a more holistic and flexible view of your annual budget, allowing you to easily create reports, visualize overspend, and more.  Wrike’s monthly budget tracker template has all the features you need to take control of your company expenses. Log expenses with a custom request form  Sort costs by category using a clear folder structure View monthly spending on a shared calendar Examine budget details with a pre-built report  These powerful features will allow you to make informed financial decisions about your business’s budget, thanks to better visibility into your revenue and expenses.  In addition, Wrike integrates directly with over 400 apps, including many of the most popular budgeting and financial apps available, so you can connect your accounts and populate your Wrike system with information instantly.  Tools for tracking business expenses and budgets Along with a monthly budget spreadsheet template, the right project management software is one of the best ways to prevent out-of-control spending and overrun costs. You’ll understand exactly where your work stands, how much money and time has been spent, and be able to more accurately predict the cost and timeline for the entire project.  Wrike helps you manage your budgets and projects with ease Use Wrike to take total control of your business finances by creating budgets, managing projects, and so much more. In addition to budget management, Wrike can also help manage projects and teams with ease. You can avail of the following features with Wrike:  @mentions for easy communication with your team Gantt charts for managing timelines In-depth performance reporting Automated team reminders Kick-start your budget planning process with Wrike. Get started with a two-week free trial of Wrike —no credit card required! 

How to Write a Startup Business Plan
Leadership 10 min read

How to Write a Startup Business Plan

Discover how to write a startup business plan with examples and tips that will help you create your own startup business plan from scratch.

How to Improve Customer Experience
Leadership 10 min read

How to Improve Customer Experience

Improving employee engagement to improve customer experience is an excellent strategy for customer experience management. Read on to learn more.

The Ultimate List of Legal Resources for Startups
Leadership 5 min read

The Ultimate List of Legal Resources for Startups

Intellectual property rights, patent law, incorporation, equity distribution.... Navigating the legalities of starting a business can seem like an impossible feat, especially when one misstep could spell major trouble down the line. With an abundance of questions and limited resources, startups can’t afford to keep top legal minds on retainer for whenever an issue pops up. Time and money are vital to a fledgling company's success, so save both with this list of legal resources especially for entrepreneurs. Note: This list is a collection, not a ranking.  Articles & Advice Choose Your Business Structure How to Work with Lawyers at a Startup An Entrepreneur’s Guide to Wrangling and Hog-Tying a Lawyer Online Legal Services: Are They Effective for Startups? Venture Beat's Ask An Attorney 10 Questions Co-Founders Should Ask Each Other 5 Biggest Legal Mistakes Startups Make 3 Things Entrepreneurs Need to Know About Patent Law Reform 5 Ways Not to Respond to a Cease-and-Desist Letter 10 Big Legal Mistakes Made by Startups Blogs A View from the Valley by veteran startup lawyer Matt Bartus Counselor @ Law by speaker, writer, and public policy activist William Carleton Gust.com by a group of experienced startup founders and investors The High-touch Legal Services Blog for Startups by startup lawyer Dana Shultz Likelihood of Confusion on internet trademark and copyright infringement by lawyer Ron Coleman Mashtag Blawg by Bottom Line Law Group, a firm specializing in lean startups and business growth Startup Law 101 series of tutorials for founders and entrepreneurs Startup Law Blog by prominent startup and corporate transactions attorney Joe Wallin Technology & Marketing Law Blog, award-winning blog on internet law, intellectual property, and advertising law by law professor Eric Goldman Walker Corporate Law Blog by a boutique firm that specializes in representing entrepreneurs Websites Entrepreneur's Legal Basics for Startups, a collection of expert articles and videos from Entrepreneur magazine Startup Company Lawyer answers hundreds of specific questions, from incorporation to stock options Startup Lawyer has articles on topics like incorporation and equity, plus a helpful glossary of terms Quora Term Sheet is a collection of legal resources for entrepreneurs and investors hosted on Quora Upcounsel is a service that matches entrepreneurs to legal professionals based on their specific needs Small Business and the SEC is the official SEC guide to complying with federal securities laws while raising capital Rocket Lawyer has a collection of sample documents and a group of on-call attorneys to answer your legal questions Start-Up Launchpad holds educational materials, checklists, and sample legal documents Templates Docracy is an open collection of legal contracts. Document templates are free to download, customize, store, and e-sign, including a retainer agreement template for consulting services FormSwift Customize, sign, and download common business, legal, and personal forms, including a retainer proposal Series Seed Financing Documents Free, open-source legal documents for seed financing in MS Word (.DOC) format National Venture Capital Association's model legal documents A set of legal templates and terms GitHub repository Templates of Series Seed documents Y Combinator Financing Documents Sample forms for raising equity rounds with angel investors Orrick Term Sheet Creator Create drafts of startup and venture financing documents based on your responses to a series of interactive questions Orrick Start-Up Forms Library Key legal forms for starting and growing your company Wilson Sonsini Goodrich & Rosati Term Sheet Generator Generate a venture financing term sheet based on your responses to an online questionnaire Tools Founders Workbench Access useful tools such as: capital calculator, financing terms dictionary, service tax on professional fees consideration, intellectual property laws, and more Markify Searchable trademark database Viewabill View all billable activity by your lawyer: accruals, hours, and average rate Google Patent Search Use Google to search for existing patents US Patent & Trademark Office File a patent, register a trademark, and review intellectual property laws Finding a Lawyer LawKick Find a lawyer based on price, reviews, and qualifications LawTrades Get matched with a lawyer at your budget, plus free consultation, price quote, client reviews, and law office profiles LawGives Choose from a selection of flat-fee legal services packages FINRA BrokerCheck Research brokers, firms, investment adviser representatives and investment adviser firms ShouldISign.com Post a request and receive fixed-fee proposals from vetted attorneys, and check out their bank of free legal forms Checklists Start-Up Legal and Licensing To-Do List for Small Businesses Legal Checklist for Startups The Legal Checklist Every Startup Should Read What would you add to this list? Once you've set up your legal framework, find the tools you need to launch your business: 25 Tools to Run Your Startup.

How to Launch a Product in 2 Weeks (Work Management Roundup)
Leadership 3 min read

How to Launch a Product in 2 Weeks (Work Management Roundup)

Friday is here, which means the Work Management Roundup is back with links to the week's helpful articles on productivity, product management workflow, startups, team building, management, and technology. Read on! From Zero to Product in 14 Days (Medium): Ben Hoffman walks us through how he and his team built Venture Route in two weeks. An insightful look into the planning and execution of a startup's minimum viable product aimed at serving the VC community. Singing is the Best Team-Building Exercise, Study Shows (Yahoo! Finance Canada): Here's something that our colleagues in Asia have known for quite some time — karaoke singing is an awesome team activity. It allows people to let their guard down in a fun setting. All you really need is a venue... and maybe some Bon Jovi. The One Side Project per Year Challenge (Medium): Stuck wondering which side project to spend time doing? Here's a suggestion: start one side project per year. You dispense with analysis paralysis by cutting down your choices to just one and you set a 12-month time frame that forces you to buckle down and get to work. Tony Schwartz’s Internet Addiction (and Why You Should Care) (Cal Newport's Study Hacks): When a person like Tony Schwartz admits he struggles with cutting back his Internet time, that's when you know it's a serious problem. He's made a career out of coaching people to reach their full potential and yet found it easier to quit soda and alcohol than to lessen screen time. Let's face it: his struggle is our struggle too. Digital Natives: Creating and Maintaining a Work/Life Balance at Home (Fresh Business Thinking): Three concrete strategies on maintaining productivity even within a potentially distracting home office setting. More Work Management Reads Think About This: Dropbox’s Move Reminds Us Teams Must Evolve Beyond Email (Wrike) 50 Free Apps to Make you an Incredibly Productive Person (Fast Company) 23 Best Productivity Hacks of the Year (Inc) Go Try This: Stock Your Break Room for Better Productivity [Infographic] (Wrike) 5 Rules for Building a Family Friendly Startup for Grownups (Fast Company) 9 Aggressive Time Management Techniques (Sharepoint Aaron) Browse The Work Management Roundup on Flipboard If you use Flipboard on your mobile device, then you can choose to read these links via The Work Management Roundup magazine. View my Flipboard Magazine.

How to Make Project Management Best Practices Work in a Small Organization
Project Management 5 min read

How to Make Project Management Best Practices Work in a Small Organization

One thing I've noticed about smaller organizations, though, is that beneath that layer of enthusiasm lies a company in need.  They often lack structure, but that may not really be their primary need.  Indeed, too much structure will stifle the efforts of those entrepreneurial spirits running the show at a smaller, startup-type company.  But they are almost always in need of more efficient processes and some organization.  Their wins are often coming by luck, because they're too busy innovating and meeting growing customer demands to actually track what's working and repeating those steps again. Setting the stage So, as a project manager or incoming consultant, the best thing you can offer to a smaller organization is an injection of project management best practices.  How you do that and what exactly those best practices are may indeed be somewhat dependent on the organization, the industry, and the state of the projects that are in progress or ready to start.  From my past experience, what I've found these organizations need quickly are: Customer education.  Sit down with each customer for the small organization and explain what changes will and are being made to make their projects more successful and the PM oversight more accountable. Injection of successful project management processes.  Next, rollout PM best practices within the organization and on the many projects being executed.  This likely will involve some teaching and learning and it will definitely take some refinement over time.  Eventually it will be second nature as project successes become more frequent with more PM structure. Project management oversight of the development process.  To further ensure a tighter ship and more successful PM practice, I highly recommend initially having heavy oversight of the development team by project management.  I've seen it work in smaller startup-type situations…I've made it work personally in smaller startup-type situations.  When you must inject better processes and you must turn projects around quickly, it may be your only choice. The best practices We've discussed some quick actions to take to roll out best practices into a small organization where they were previously needed but lacking.  Now let's consider what those best practices should be for the small startup-types... Consistent project status reporting.  Come up with a fairly standard project status report and stick to it.  Include project status, key dates, key tasks and assignments and outstanding issues.  Include all key information for both your team and your customer and provide it on a weekly basis to every stakeholder on the project. Consistent project status meetings.  Hold weekly meetings with your team and customer on the project.  Adhoc meetings are ok and often necessary, but relying on them all the time can be annoying and can lead to decreased attendance and, subsequently, decreased effectiveness. Detailed budget management.  Manage the project budget tightly.  Too many PMs shoot from the hip in small organizations because they're given too much freedom.  And then they wonder why the project failed because it went way over budget. A budget that is watched carefully, reforecasted consistently, and reported on relentlessly can never get too far out of hand.  Don't let the financials be the reason why your project failed. Use of a collaborative project management software.  I highly recommend going web-based for a project management tool, but it's imperative that it be a collaborative tool.  In a smaller organization like the ones we're discussing, everyone is wearing multiple hats and often working long hours.  They also may be very decentralized – they may often be very geographically dispersed.  Many small organizations don't even have a headquarters yet.  So a powerful, inexpensive, and web-based project management tool that allows the team to gather, share documents, update tasks, etc. on their own without the obligation of running every piece of information through a central PM figure will ensure that the project is well-managed in real time. Summary While there's no way to guarantee project success in any organization – big or small - no matter what you do, utilizing PM best practices will always provide some level of benefit to the projects being managed and the organization as a whole.  Communication is improved, customers are more comfortable during the engagement, and the project staff is usually able to work more cohesively as a unit focused on the overall goals of the project.  Injecting PM best practices into a newer, smaller, growing organization will help that organization retain customers and develop into a mature organization that can regularly and successfully deliver on projects in the future.

Why Startups Fail: Everything You Need to Know
Leadership 10 min read

Why Startups Fail: Everything You Need to Know

To the chagrin of startup investors, most startups fail in their first year. Learn why startups fail and how to build your startup the right way using Wrike.

6 Fatal Mistakes of Startup Founders
Leadership 3 min read

6 Fatal Mistakes of Startup Founders

Adeo Ressi is Founder and CEO of the Founder Institute, where he and his team mentor hundreds of first-time founders. In addition, over the last 20 years he has founded several successful companies of his own. So when we asked him about the typical mistakes that first-time founders make that could prove fatal to their companies, we listened! Ressi emphasizes that the fatal mistakes are often made in those critical first few months in the founding of a new company. That's when every move can have a huge positive or negative impact on the fledgeling company. During this time the founder needs to make a lot of critical decisions in a short period of time. According to Ressi, there are at least six fatal mistakes that new founders often commit. Let us know other mistakes that you see founders make (or that you've made yourself) in the comments below the post! The 6 Fatal Startup Mistakes Selection of initial team and cofounder — Getting the wrong people involved in your company can lead to ineffectiveness, arguments, stalemates, power struggles, and worse: the death of the company. Add new people very carefully. Structuring of company, cofounder, and team deals — Managing compensation, stock, or options wrongly can set the company up for failure. Also, care must be taken with any initial investors and how their deals are structured. It's almost impossible to undo poorly structured deals. Adoption of technology — If you pick tech which is unpopular or unusable, your company won't grow as fast, you'll have trouble finding good developers, and your product won't be top-notch. Business and revenue models — Selecting a business model that allows the company to grow and (eventually) become profitable is critical. Go-to-market model — Determining how your company will reach customers is a decision that will make or break success. Consider your sales approach, partnerships, and distribution options carefully. Name of the company — Even something like the wrong name can be potentially fatal. If it doesn't communicate the benefits clearly, or is too silly or difficult to pronounce, type, or remember, tread carefully. Hear Adeo Ressi talk about the biggest founder mistakes — start at 20:34 In the genesis of a new business, every decision that the founder makes, large or small, can have fatal consequences. So take care with each of these six points raised by Ressi, and seek help during this important time period. To learn how the Founder Institute can help your startup, visit their website. Have your own story to share? Tell us about other fatal startup mistakes in the comments below.

5 Ways Your Perfectionism is Killing Your Business
Leadership 5 min read

5 Ways Your Perfectionism is Killing Your Business

As a business owner, having perfectionist tendencies can push you to go the extra mile. Yet the desire to excel and the desire to be perfect are two separate outlooks that business owners and leaders often confuse. While having high standards and goals is a profitable business strategy, and a great way to motivate employees, perfectionism can actually be detrimental to your success. Here are six ways this mindset can hurt your business. You Never Take Risks Year after year, you’re in charge of making the decisions that impact the growth and productivity of your business. Innovative ideas and risky decisions may arise and if you’re a perfectionist, your first instinct may be to shoot them down. While it’s necessary to weigh the pros and cons of major decisions, creativity and evolution are critical to your business’ success—and that means accepting some element of risk. The willingness to adapt to changes across your industry is a must if you want to stay competitive. Run the numbers, get advice on the situation, and make an informed decision—don’t automatically say no. You’re Not Well Liked It’s no secret that perfectionists aren’t the easiest people to work with. If you strive for perfection each and every day, you’re likely also demanding perfection from your employees as well (or they perceive that you do). This could lead you to become controlling and critical, hyper-focused on your exact vision of what the project or final outcome should be. No one wants to work for a dictator, and if your team doesn’t respect you as their leader and don’t enjoy working for you, you risk losing great employees. Take a step back and consider how your perfectionist tendencies are projecting onto your employees. Make it clear that they have your trust and the freedom to do their jobs, and remember that their ideas and visions of success are likely just as good as yours. You’re Afraid to Fail   Fear of inadequacy could be driving your perfectionism. In a poll of 1,000 American adults, fear of failure was the number one fear, and as a business owner, it’s easy to cover that up with perfectionism: If it’s perfect, then nothing can go wrong. If it’s perfect, I can be sure I’ve done the absolute best that I can. While it’s good to let fear push you, rather than control you, you run the risk of letting that mindset take over. When that happens, nothing is good enough, skewing your idea of what a job well done actually looks like. In the end, nothing is good enough, and you’re still not managing the fears that are hurting you and your business. You Hate Opposition Although you may strive to be perfect, your ideas, work and management skills aren’t. No one’s are! If you take extreme offense to feedback or are closed off to different ideas, you’re hindering the growth of your business. “In the modern workforce, true perfection is flexible—and is completed by working as a team to develop ground-breaking innovations. Even if your method is flawless, it can always be enhanced by the insight of others,” say small business experts at The Office Club. The most successful leaders across all industries adapt to new developments and changing circumstances—sometimes on a daily basis—and being a perfectionist can stop you from achieving that. You Can’t Meet Deadlines Perfectionists often feel the need to thoroughly review every single thing with a fine-tooth comb. While supervising and consistently reviewing the work of your employees is vital, micromanaging others keeps people from meeting deadlines and being productive—and it may even drive them to look for another job. Once you’ve approved a project, delegate it to the senior employee involved, and move on. Make a point to do this once a week so that one day it just comes naturally. You’ll slowly feel yourself start to unwind and loosen up, allowing the perfectionist tendencies to fade away—and your team and business to thrive. Author Bio: Jessica Thiefels has been writing for more than 10 years and has five years of experience in the marketing world. She is currently a professional blogger and has been featured on Ms. Career Girl, LifeHack, ThinDifference, Manta and StartupNation. Follow her on Twitter at @Jlsander07.  

How to Build a Killer Growth Engine (Work Management Roundup)
Leadership 3 min read

How to Build a Killer Growth Engine (Work Management Roundup)

It's Friday, November 20th. That means Hunger Games: The Mockingjay Part 2 is being released in theaters across the US — which is more relevant to work than you may think. After all, your company is competing against others in your industry for customers and capital — you're Katniss in your own right! Here is our roundup of links that will give you and your organization an edge over the other "tributes." May the odds be ever in your favor. How to Build a Killer Startup Growth Engine (Dan Martell): Entrepreneur Dan Martell shares the formula for creating a killer growth engine: it's a great marketing strategy + product story + product marketing. Study Links Daily Coffee Habit To Longevity (NPR): Rejoice, coffee addicts! A new study by the Harvard School of Public Health says that people who drink 3 to 5 cups of coffee a day have a 15% lower risk of premature death compared to non-coffee drinkers. And even decaf drinkers see benefits. You Have 70,000 Thoughts a Day. This is How to Organize Them for Maximum Productivity (Quartz): With so much going on in your head, how do you manage it all? Here are five steps to organize and declutter your mind so you're on track for a productive day. How to Be Good at Managing Both Introverts and Extroverts (HBR): Some excellent tips on balancing the needs of different personality types in your team. Best tips: promote privacy, and rethink the workday (eg: no meetings before 12:30 PM). What Entrepreneurs Can Learn From Steve Jobs About Silicon Valley (Fortune): Wrike CEO Andrew Filev answers the question "How important is it for startups to be in Silicon Valley?” More Work Management Reads Think About This: The Cult of Productivity is Preventing You From Being Productive (Quartz) Retailers Failing When Using Social Media to Answer Complaints (Forbes) Don't Believe These 5 Leadership Myths That Undermine Your Confidence (Entrepreneur) How to Run 4 Miles When You Really Don't Want To (Jon Acuff) Go Try This: How to Be Confident and Reduce Stress in 2 Minutes Per Day (James Clear) 10 Marketing Mistakes to Avoid at All Costs (Slideshare) The Simple Technique to Fit a 40-Hour Workweek Into 16.7 Hours (Fast Company) Browse The Work Management Roundup on Flipboard If you use Flipboard on your mobile device, then you can choose to read these links via The Work Management Roundup magazine. View my Flipboard Magazine.

Turning Employees Into Entrepreneurs: Interview with Adeo Ressi
Leadership 3 min read

Turning Employees Into Entrepreneurs: Interview with Adeo Ressi

You're a hard-working individual. You work long hours everyday, so you can breathe easy on the weekends. You also have a passion to start your own company, but you don't have the time or tools to do it. How do you fulfill your passion and find enough time to start a company without quitting your full-time job? We're excited to release our video interview with Adeo Ressi, CEO & Founder of The Founder Institute, who helps passionate individuals start their own companies. After founding nine companies himself, Ressi built The Founder Institute as a way to help people achieve their dreams while balancing their day jobs. During the interview, he shares tips on entrepreneurial best practices, how to deal with investors, and what qualities make a good founder. Check out the full video interview with Ressi: [inlinetweet prefix="" tweeter="" suffix="via @Wrike"]"A company dies when a founder gives up." —Adeo Ressi @adeoressi[/inlinetweet] Some key takeaways from the interview: Lessons learned from being an entrepreneur Differences between good and bad investors Qualities of successful founders Deadliest mistakes commonly made by founders The current state of the startup industry Why there are so many "Unicorns" (and if that's good or bad news) Are you an thriving entrepreneur? Share some of your founder tips and advice in the comments.

How to Set Up a Freelance Agency
Leadership 5 min read

How to Set Up a Freelance Agency

When you have more clients than you can possibly handle within a 40-hour workweek, it may be time to delegate work to freelancers like yourself, and turn what was once a humble solopreneur business into a full-fledged freelance agency, managed by you. But only if it makes sense.

3 Advantages of Embracing an Informal Company Culture
Leadership 5 min read

3 Advantages of Embracing an Informal Company Culture

Official memos. Oxfords and briefcases. Informal chit-chat in flat grey cubicles. If you’ve ever worked in for company with a strictly formal culture, you know just how drastically things have changed in the last decade. Casual dress codes, flat management organizations, drinking and swearing at work — companies have started to let loose a little in an attempt to adapt to the desires of a younger workforce and bring more fun to the work environment.  Creating a vibrant culture that attracts top talent, inspires your employees and grows your company is leading many organizations to bring a more relaxed, spontaneous, and collaborative atmosphere to their offices. And yet finding the right balance of informality and professionalism can be tricky. Instead of simply planning happy hours and installing arcade games in your break room, focus on these three areas where a more informal—i.e., less rigid—company culture really count.  Transparency & Honesty What does strong leadership look like? For many, it means looking like you have all the answers, navigating change with confidence, and being decisive when it comes to tough choices.  26-year-old founder Nathan Latka pushed against all that when his company Heyo was approached with an acquisition offer. Instead of holing up with his core executive team, he made the entire process public — not only to his employees, but to the one million monthly listeners of his podcast. To say it was a risky move is an understatement, to be sure. The lucrative offer may have gone up in smoke. But Latka points to some compelling benefits of being so open with his team: for one, they came up with ideas he would never have thought of and challenged his assumptions and blind spots. It gave his entire company the opportunity to learn from the process, and it gave him the chance to lead with questions instead of answers. Even when he had already arrived at a decision for himself, he went into meetings to listen and ask questions. The result: his team was more invested in the outcome, having spent time analyzing the situation and solution from all angles themselves. Plus, other people brought up opportunities he hadn’t thought of and often either changed or deepened his perspective on things.  Good leaders know that open communication is essential for a thriving business. 85% of employees are unsatisfied with the quality of communication at work, and 81% say they would rather “join a company that values ‘open communication’ than one that offers perks such as top health plans, free food, and gym memberships.”  It’s not always easy to let your team behind closed doors and admit that you may not know the best course of action, but the payoff is worth it. In the end, Latka's deal went through — and he even signed the letter of intent live on his podcast. Flexibility & Accountability You have to be willing to let your culture change as your company grows, and that requires flexibility. This doesn’t mean that you simply let your company culture define itself — you have to be proactive and intentional in cultivating the best work environment for your team.  But you also have to be adaptable, and with more of today’s employees working remotely or requiring flexible schedules, that means reframing how you approach company culture (including remote work culture) and how you measure your team’s contributions.  As many others have pointed out, the term “work-life balance” creates a false dichotomy where your work and the rest of your life are in competition, on opposite ends of a spectrum. Companies that recognize their workers’ personal lives not as an inconvenience or distraction, but as an opportunity to enhance employee performance and satisfaction, are able to create a culture of flexibility that results in truly engaged employees. When allowed to set their own hours, research has consistently found that workers are not only as productive as their colleagues with standard office hours, they’re happier, less stressed, and far less likely to consider leaving the company.  With more team members working remotely or non-standard office hours, this can mean significantly less face time with colleagues and managers—and it can be easy for company leaders to tend towards micromanagement to ensure that work is progressing as planned and priorities are clear across the team. But micromanagement actually dampens your team's creativity, motivation, and morale. Making accountability an intrinsic part of your company culture allows employees to take ownership over their work and results, resulting in greater productivity, performance, and work satisfaction.  Personality & Fun Southwest Airlines is famous for its personable flight attendants who crack jokes and sing songs during instructions and announcements—and for its people-first company culture. As Southwest’s president and CEO Herbert Kelleher says, “What we are looking for, first and foremost, is a sense of humor.” A fun atmosphere builds a strong sense of community among your employees, and it helps counter-balance the stress of hard work.  Among companies noted as “great” in Fortune’s 100 Best Companies to Work For, 81% of employees say they work in a fun environment. A fun work environment encourages free thinking and creativity, helps people build relationships across teams and departments, and encourages productive collaboration.  How to Get Company Culture Right We asked business leaders and founders their secrets for creating a perfect work environment, from hiring to match your values to inspiring employees. Read their advice, then hit the comments to let us know what you think is the key to a thriving company culture. 

Bootstrapping: Definition, Benefits, and Tools
Leadership 10 min read

Bootstrapping: Definition, Benefits, and Tools

For some companies, bootstrapping is the first choice when it comes to expanding or innovating. Using funds from the firm's internal operations allows owners to retain their firm's equity while reinvesting profits into more profitable ventures. But you may be wondering, what is bootstrapping?  In this article, we’ll help you better understand what the term bootstrapping means, as well as its benefits and challenges. Keep reading to discover tips and must-take steps that will lead your business to bootstrap success at any stage. What is bootstrapping? Bootstrapping is a word that originated in the early 19th century. It became a lasting symbol of success. The concept of being able to pick yourself up by your bootstraps is a metaphor for overcoming the limitations of life. In business, it means overcoming the limitations of traditional financing.  Bootstrapped companies are traditionally defined as those that get off the ground without external funding. Google and Facebook are two of the biggest examples of this.  The word bootstrapping in business also refers to the process of developing complex software programs in various stages. But for this article, we define bootstrapping as building a startup company with little or no outside support. Instead of starting with a blank check, a bootstrapper uses their own personal savings or loans for initial funding. Bootstrapping is a strategy that involves taking on significant financial risk, which is one of the many threats to startup success. It can be very challenging to get started. The entrepreneur is more likely to have total control over all aspects of the business, which includes but is not limited to sales, marketing, and operations. The biggest appeal to bootstrapping is its ability to establish a safety net for future investments. Entrepreneurs can experiment with their brands and products without the pressure of investors or venture capital. On the other hand, there is a lack of credibility to bootstrapping despite its known success stories. This can prevent a business from obtaining the support of respected investors later on.  When it comes to funding a startup, the entrepreneur’s mindset must be different than that of a venture-funded company. For instance, while the former expect to be around for a while, the latter believe they will have high business growth and therefore need outside funding to fund their exit strategy. Entrepreneurs who choose to bootstrap must have a wide variety of skills and experience to succeed. Creating and maintaining a culture of excellence should also be part of their core values. What are the benefits of bootstrapping? For some people, it's a decision about how much they should retain to maximize their gains. Others believe that they should keep all of their capital to maximize their returns. And, there are also some other people who are simply looking for a way to get started without taking on external financing.  By paying back these debts, you can start to grow your business and avoid incurring any costly late fees or interest. And after you reach this stage, you can start looking towards future expansion (theoretically) sooner than if you had gone with a bank loan.  There’s also the ownership aspect. Some bootstrappers have a desire to retain all of the company's equity and receive all of its profits.  Plus, bootstrapping has a much lower barrier to entry compared to the alternative. So it’s an attractive option for new entrepreneurs or people who want to get their idea off the ground as soon as possible.  Another advantage is that bootstrapping is not just for startups. It’s a strategy that can be executed later on in the life of your business too. This is true even if you've already held an equity financing round. While some major shareholders might object to the use of company profits for new ventures (unless they receive a dividend payout), bootstrapping can still provide the same benefits as long as everyone is on board.  Companies that benefit the most from bootstrapping include:  Early-stage companies that do not require large amounts of capital Serial entrepreneur companies, which are typically started by former employees turned entrepreneurs What are the challenges of bootstrapping? Bootstrapping your company requires that you have a strong belief that your business can gain significant value quickly. It also means having an unwillingness as a business owner to give up decision-making powers to outside investors, no matter how tempting it may be down the road. For these reasons, having the right mentality is one of the biggest challenges of bootstrapping.  In fact, being a bootstrapper puts you at greater risk than you might think. If your venture doesn't go well, potentially losing the friends and family members who invested can be devastating. When your company needs an extra boost to expand or meet a one-off cost, it might be time to consider alternatives to bootstrapping. There are many types of finance available for businesses, and it's not just one type of loan. Knowing all of this might make keeping your nerve even more challenging, but it’s important to fully understand what you’re getting into before moving forward.  How to bootstrap your startup There are quite a few bootstrapping methods to come up with your own business funding. However, here are some foundational steps every business should take.  Step 1: Know what stage you’re in  You're either a beginner who is doing it on your own while also working another job, or you’re at the stage where crowdfunding and a personal connection with your audience provide most of your financial backing. If you're neither of those, then you're likely at the growth stage, and you can focus on credit or expanding your offerings.  Step 2: Create a roadmap  It is best to break a big idea into several parts and then execute it piece by piece. Doing this will allow the startup to execute smoothly. This should include gathering your essential tools, your investor pitch deck, and your team if you're choosing not to go it alone.  You then need to outline both the practical steps that will get you from point A to point B and your philosophies or mindset behind your approach. The latter will help differentiate you from the dozens of other pitches your potential investors are considering. Establishing a successful long-term strategy is a key element to building a successful startup. Step 3: Consider proactive solutions Bootstrapping assumes a high level of risk, which is why you need to plan ahead and create contingency plans now before something goes wrong. Ask yourselves what problems do you know of that other bootstrap companies have experienced? What about other bootstrap companies in your industry? What will your team do if these come up at any point during your own bootstrap phase? Step 4: Consider building a team  Even adding one member can help your bootstrapped business grow faster and more efficiently. For example, having a great co-founder can help you get more funding, spread the work out, and avoid tunnel vision. If you don’t have anyone in mind, try using a startup networking site to meet new people.  Remember that our first employees are the ones who will help make your business successful. Make sure that your team is motivated and committed to your goals so you can maintain a high level of standards and business continuity.  Step 5: Use a lean model  Before you start working on a product, you need to make sure that it is a viable product that can be used by early customers. This is also the time to learn about your product and its customers. This model works seamlessly with the nature of a bootstrapped startup because it requires minimal financing and is typically faster than a traditional startup approach.  Step 6: Get real about finances If you're bootstrapping a startup especially, then you’ll need to discuss your financial situation with your co-founders. Don't go overboard with expenses—there are plenty of ways to cut costs that startups have done successfully.  For example, if you're not afraid to try new things, then you might want to consider taking on a side job or even buying used office equipment instead of brand new gear. You could also start a home-based business by avoiding renting an office. This is also easier today due to the rise of online communication. Consider applying for grants sooner than later. And keep up the practice before, during, and after launch.  Tips for getting bootstrap funding Work with an angel investor. Angel investors are individuals who are able to provide advice on how to start a business or get your products on the market. If you're a new startup entrepreneur, having the expertise and experience of other startup professionals could be very beneficial. Remember, it’s not about you. It's about doing the right thing for your business and your shareholders. That should be the number one motivator you share with partners.  Always think big picture. If you can keep up with your cash flow and clear any debts that you owe, you will be able to keep your company running smoothly for the long term. Getting this vision in writing will go a long way towards impressing potential investors.  Start small. Even if your business requires a lot of capital, even some small form of investment can help you get started. Follow your expertise. Getting started with a new venture can be challenging if you have little or no experience in the industry or have no idea how to market it effectively. This is why it is important to create a company that’s already established in a certain industry or a specific area. Prioritize creativity. If your product or service is easy to replicate, a larger company with more resources can steal it and scale it much faster. Potential investors will be able to see that from miles away.  Do market research. Before you start investing in your small business idea, it is important to validate that your target market will pay for it. Bootstrap and startup tools you can't go without The top must-have tools for bootstrap and startup companies are project management software, website creation platforms, and SEO tools.  Project management software Project management software like Wrike is essential for showing potential investors an actionable roadmap they can feel confident about.  Wrike is a collaboration tool that works seamlessly across all types of businesses. It has bootstrap-friendly features such as visual project map tools that make it easy for collaborators to see exactly what you have planned and how you intend to execute on it.  This allows you to manage the wide variety of bootstrap-related projects you’ll have going on all at the same time. As an added bonus, your team can easily sync and collaborate across all your devices in real-time, so everyone stays on the same page even when working with third parties such as freelancers. Plus, it’s secure and will keep your data safe.  Website creation platforms Even running an offline, local business can be challenging without a strong web presence. However, you don’t need to spend thousands of dollars on an expensive web design agency. It’s possible to build a website from scratch using an intuitive website builder such as WordPress or Wix. But either way, having your own domain and website is a must for proving the legitimacy of your business.  SEO tools  When you can’t afford paid search ads and collaborations, you have to rely on organic efforts to reach the right audience. That’s where SEO comes in. Although it takes an investment of time, a solid SEO strategy and the right combination of tools can land you above your competitors for high-earning search terms on Google. Every bootstrapped entrepreneur should use:  A keyword suggestions tool for finding competitive targets A domain analysis tool to see where your strengths and weaknesses lie A website crawler for uncovering technical SEO ideas Getting started with cash flow is an important step in any business. Bootstrapping can help you avoid running out of money and control your debts at any point during your company’s lifetime. Use the right tips and tools like Wrike to get your bootstrap strategy started today. Begin your free trial. 

Every Startup Needs a Market: The Wrike Story
News 3 min read

Every Startup Needs a Market: The Wrike Story

Every business needs to understand its market before it builds its products. Startups must provide a solution that no one else is providing, to ease a pain point that is real and relevant. Ideally the solution is so meaningful that customers fall all over themselves to pay for it. In an April 2014 Inc.com article, digital product strategist Neil Cabage named this the number one criterion that every new startup must consider. But how? This is where professional market research comes in to help you figure out if there is a real market need for your product or service. And while access to research information may not come cheap, there are other ways to get a pulse on your audience, such as conducting informal surveys and polls. The alternative is failure. If a business doesn't have a market, or doesn't know who it will be marketing to, it will flounder trying to find an audience. If they find one in time, luck is on their side. If not, they will likely close their doors. Answering the Need for an Efficient Collaboration Tool Let's take the example of our own company. When Wrike started out as a small side project of CEO Andrew Filev's, it had a built-in market already: itself. From a recent profile article on Forbes: "We started as a collaboration and project-management vendor and then as we were working on managing our clients’ projects, we realized the need for something bigger. We needed a tool to help us collaborate better. So we created Wrike to solve our own problem,” says Filev. The great thing was, the need for a more efficient collaboration platform wasn't just specific to Wrike and its initial customers. It was, and still is, a common enough problem among fast-moving companies, so much so that customers actually raise their hands to get onboard. Again, from the Forbes article: Most of Wrike’s customers come through word-of-mouth and online. They don’t have to cold-call businesses.  And while they have a tiered subscription model to fit any budget, most of Wrike’s customers come straight to their Professional or Enterprise Plans because they already have experienced the pain that comes with project management and are ready to try new tools to make them more effective and efficient. If your startup identifies a market need, and can provide a solution that solves that problem, you're one step closer to success. The only thing missing is: get that product out ASAP! Read the full Forbes article here: Andrew Filev's Wrike Wants to Bring Project Management and Collaboration to the Masses Image credits: "Customer" by 10ch on Flickr.

8 Things Overheard at a Silicon Valley Startup
Collaboration 5 min read

8 Things Overheard at a Silicon Valley Startup

If you're wondering what it's like to take a peek into the world of a Silicon Valley startup, then look no further! From the fully stocked break room to the GIFs that keep on giving, we've cultivated eight top-notch startup quotes that'll have you drinking cold brew artisan coffee in no time.

Age Gaps & Toxic Startup Culture — a Book Review of Disrupted by Dan Lyons
Collaboration 5 min read

Age Gaps & Toxic Startup Culture — a Book Review of Disrupted by Dan Lyons

Author Daniel Lyons recounts his year spent in startup hell (technically, marketing automation startup HubSpot) and his story is equal parts LOL and WTF. It’s a fascinating peek behind the scenes of a growing company as well as a scathing commentary on startups in general.

Taking a Stand: The Evolution of the Desk Employee (Infographic)
Productivity 3 min read

Taking a Stand: The Evolution of the Desk Employee (Infographic)

We decided to revisit history and unravel the evolution of sitting as well as the revolution of standing in the office. Check out the infographic below for the stories behind sitting, standing, and even kneeling in the office.

5 Lessons in Software Project Management from HBO's Silicon Valley
Project Management 5 min read

5 Lessons in Software Project Management from HBO's Silicon Valley

  Are you a fan of Silicon Valley? Turns out, HBO's latest hit is good for more than an entertaining half hour. It's also full of good advice for launching a startup in general and software development projects in particular. (If you’ve never seen the show, here’s a brief synopsis: programmer Richard works at tech giant Hooli by day, and on his side project — a music streaming app called Pied Piper — by night. When it’s discovered that the foundation of Richard's app is a supremely powerful compression algorithm, Pied Piper is suddenly worth millions. He turns down Hooli's offer of $10 million to buy the company, and instead accepts a seed investment of $200,000 to develop and run the company himself. He hires his housemates, Dinesh and Gilfoyle, along with former Hooli staffer, Jared, as his team.) Here are a few lessons we picked up between laughs: 1. Innovation isn't everything.  A cutting-edge program or app is great, but it doesn't guarantee success. As Richard learned the hard way, velocity is key. Hooli was faster to present its reverse-engineered version of Richard's software at TechCrunch Disrupt, making Pied Piper irrelevant before it even launched. It didn't matter that Richard was the original innovator; Hooli executed more efficiently and jumped on market demand. Takeaway: Speed is vital, so get your project out as soon as you have a minimum viable product. Then add the bells and whistles — and only spend your time and energy on features that you're certain customers want. Resist the gold-plating! 2. Deadlines aren't the enemy.  When Richard first discovers he has to unveil his startup at TechCrunch Disrupt to challenge Hooli, slashing his timeline from 5 months to 8 weeks, he has a panic attack. But instead of collapsing in defeat and raising the white flag, the Pied Piper team rises to the occasion and uses the ambitious deadline to buckle down, make their process as lean as possible, and collaborate efficiently. Takeaway: Don’t dread deadlines — let them motivate you. Keep your work organized, refine your process, and stick to essential tasks.  3. Find creative ways to motivate your team.  Tired of team members dragging their feet, accidental project manager Jared tries to pit coders Dinesh and Gilfoyle against each other so they'll work faster. Even though they both recognize Jared's sly tactic, it works. With their newfound competitive spirits, tasks start moving faster and things get done. Takeaway: Have fun with work — channel your team's competitive nature, gamify the process, and inject some laughter into your daily routine. Far from distracting your team, it'll boost productivity.  Image found on Giphy.com; Source: HBO.com 4. Always have a Plan C. You back up your work. You're conservative in setting budgets. But what about employee turnover? Or server failure? Richard's diligent about backing up his code, and yet when contractor "The Carver" is brought in to do Pied Piper's cloud architecture, he ends up trashing everything — including the repository. The Pied Piper team is back to square one, with deadlines looming, and no Plan C to save them. Takeaway: We've said it once, we'll say it again: there is no such thing as "risk-free." You need a risk management strategy. It's not enough to create a thorough project plan and hope for the best. To cover all your bases, read our Ultimate Guide to Project Risk.  5. A talented team is NOT enough. Even if you assemble a dream team that includes top talent, it means nothing if they can't work together. You can't assume your team is collaborating effectively, or even that they're on the same page about responsibilities and timelines. To Richard's dismay, Dinesh and Gilfoyle discover they both completed the same set of tasks, duplicating work and wasting their limited time. Takeaway: Find an online project collaboration tool to help your team delegate tasks and work together. Clear transparency and communication are not optional when it comes to project success, so make sure whatever tool you choose will properly enhance your teamwork.  After battling through these lessons, Richard and the Pied Piper team walk away from TechCrunch Disrupt outshining Hooli with a jaw-dropping compression rate and a buzz-worthy product. If you've seen the show, what software development advice would you give the Pied Piper team? Any other pop culture-inspired management tips to share?  Image Credits: Silicon Valley on HBO.com

Your Complete Crowdfunding Campaign Checklist (Infographic)
Leadership 3 min read

Your Complete Crowdfunding Campaign Checklist (Infographic)

Launching a crowdfunding campaign may be exciting, but it's also exhausting. Use this checklist to get you through the hectic months ahead. It's broken up into pre-launch, launch, and post-campaign sections to help you stay organized (and sane) at each stage. Good luck! (See also our Definitive Guide to Crowdfunding Sites Infographic.) Want to share this infographic on your site? Use this embed code: Wrike Social Collaboration Software Have you organized a crowdfunding campaign before? What would you add to this checklist? If you have any pearls of wisdom, we'd love to hear from you! Give Wrike a try when managing your crowdfunding campaign with a free trial. For more reading, check out our collection of crowdfunding resources: 10 Essential Elements of a Successful Crowdfunding Campaign Top Crowdfunding Sites: Which Should You Choose? Ultimate Guide to Crowdfunding Campaign Tools and Resources

Top 9 Project Management Tool Features on the SMB Wishlist
Project Management 3 min read

Top 9 Project Management Tool Features on the SMB Wishlist

Choosing the right project management tool for your small business can be a daunting endeavor, especially if it’s your first time venturing into project management territory. Which features are must-haves for small business teams? What exactly should you be looking for in a PM tool? Take a page out of someone else's book. Software Advice asked hundreds of small business owners which features they found most important in a project management tool. Check out what they had to say so you can decide what matters for your team: Top 9 PM Tool Features 1. Time-tracking (66%): See exactly where your time goes, determine where you can trim wasted hours, and accurately predict how long a new project will take (and how that affects profitability.) 2. Task management (52%): Organize your daily work and track every detail and to-do to make sure you stay on schedule and nothing gets forgotten. 3. Resource management (41%): Keep an eye on all your resources to know which are available and ensure they're being used efficiently. 4. Reporting (36%): Easily generate accurate reports and evaluate the success of your current strategy. 5. Document management (19%): Store and manage all your documents online. You'll save time looking for relevant files, since everything’s in one spot and easily accessible. 6. Collaboration tools (12%): Get your team working together to accomplish goals faster, generate new ideas, and coordinate efforts. 7. Budgeting (11%): See where every precious penny is being spent, prevent overspending, and track profits. 8. PPM (6%): Prioritize all your projects based on business goals by weighing cost and time against potential benefits. 9. Issue management (6%): Make sure any issues affecting your project, such as technical glitches or low supplies, are quickly recognized, addressed, and resolved. All of these individual features help small business owners in unique ways: from maximizing their time and resources to stretching every dollar to focusing their team's effort on profits. If you're a small business owner, we'd love to hear from you! Which project management features do you find most helpful in running your business? Help your fellow SMBs by sharing your experience in the comments.

Definitive Guide to Crowdfunding Sites (Infographic)
Leadership 3 min read

Definitive Guide to Crowdfunding Sites (Infographic)

In the last few years, the crowdfunding scene has exploded. Now there are hundreds of platforms to choose from, with more popping up every day. But which crowdfunding site is best for your small business? Or charitable cause? We covered 26 Top Crowdfunding Sites by Niche, and now we've created an infographic with all the essential details. Check it out! (See also our Ultimate Crowdfunding Checklist Infographic.) Like this infographic? Embed it on your own site using this code:  Wrike Social Collaboration Software Are you about to launch your first crowdfunding campaign using one of these sites? Let us know how it goes!

3 Easy Ways to Cut Costs and Keep Your Business Lean
Leadership 5 min read

3 Easy Ways to Cut Costs and Keep Your Business Lean

"When in doubt, simplify." ― Eric Ries, The Lean Startup. Small businesses are always pushing to drive profits and increase sales, but few fledgling firms truly know the ins and outs of cutting costs to maximize profits. Here are three ways you can effectively cut costs for your small business while keeping operations running smoothly. 1. Switch to Free Why pay when you don’t have to? Here are some normally costly practices that have free counterparts: Move your IT to the Cloud. Many cloud apps are easily scalable, streamlined, and effective, so turn to Google docs, Microsoft Office Live Workspace, Amazon Cloud Drive, Onedrive, and DropBox to help you shed some paperweights. Build and maintain a free site. Don’t spend thousands of dollars paying a web designer to develop your site. Apps like Strikingly offer free website creation and management tools. Your site needs to mature alongside your business: a simple landing page can transform into a multi-faceted online store, blog, and consumer hub as you grow.  Project manage like a boss. Wrike is an online tool that makes it easy to implement lean product management. Real-time updates for remote teams, interactive Gantt Chart project timelines, and unique email-friendliness are only a few ways it can help you breeze through daily tasks and manage your business processes. Use intern power. Recruiting young pre-professionals can easily increase efficiencies in the office without padding the salary books. You will be promoting a culture of lifelong learning by recruiting eager minds ready to put in effort and gain experience for lower compensation.  2. Practice The Art of the Discount You never know what discounts you can get until you ask! It’s astounding how many companies are willing to gift a substantial promotion in order to keep your business. Here are some discounts to pursue: Renegotiate your lease. Even if it’s a long-term lease, your best bet is trying to renegotiate. A short-term rent reduction may be just what you need to hold over until sales perk back up again. Just beware of trading short-term relief for a longer commitment. To bulk, or not to bulk? Buying in bulk may not save you as much money as you think. While paying month-to-month may make little sense when there are heavy discounts for paying annually, a shipment of 1,000 ballpoint pens can easily dry up before you use them all. Consider carefully whether buying in bulk fits your business’s trajectory. Check your insurance price. Shopping around for insurance policies can be really beneficial, especially during renewals. Look for an unbiased, independent agent to help you find the best rate for your specific needs. 3. Eliminate Redundancy Unnecessary expenses are everywhere. A magnifying glass, some wine, and a late night with the ol’ balance book can prune superfluous monthly charges (just not too much wine). Look out for extraneous subscriptions, interest from late loan payments, as well as credit card processing and membership fees. Here are a few ways you can trim the excess: Use less paper. Did you know that 40% of office paper is discarded within 24 hours of printing? Cloud storage will allow you to save on copy paper (and stop killing so many trees).  Eliminate discretionary spending. Stick to essential expenses only. Sure, there will always be  marketing opportunities that can be dealt with more leniency, but try and keep your checkbook closed to things like new break room upholstery.  Track inventory closely. More money tied up in long-term assets means less money in the bank. Make sure you’re spending only what you need to on inventory. Shut down power-hungry appliances. Use energy-efficient light bulbs and office appliances with the Energy Star label. Not only will you save on your electricity bill, you’ll be eligible for green energy tax credits. If you still want to save power, you can always request a free energy audit from your power company. Help Your Business Succeed Cutting out paper, asking for discounts, and using free online work tools are all effective strategies for saving money and gaining a significant head start on your competition. Cutting your costs doesn’t happen overnight though, so remember to breathe and believe in your success. Nothing happens without putting yourself out there, so I’ll let Eric close us out: “Reading is good, action is better.”  ― Eric Ries, The Lean Startup Author Bio: Andrew Mao is on the Growth Team at Strikingly, a Y-Combinator alum and pioneering site building tool for startups and go-getters.Building your site with Strikingly is a considerable head start compared to campaigns that try to build their sites without it. Instead of spending $15,000 or more to develop your own site, go ahead and start a free site with Strikingly.