Friday November 15, 2019
Home Business 5 easy ways h...

5 easy ways how your start-up can save money

0
//

download (3)

By NewGram Staff Writer

To overcome the challenge of high costs and scarcity of funds, many young companies have come up with innovative ways to cut down costs. With strategies ranging from buying used furniture to sharing an office space, a lot of  start-ups have been able to control the outflow of money.

Speaking to some of these innovative start-ups, NewsGram has come with up with a list of best practices that can help you reduce the expenses of your company manifold:

Avoid a posh office locality: A lot of new start-ups these days are coming up in residential areas where the costs are lower as compared to prime office locations.

“Starting-up in a residential area can get you a cheap work place with a serene and calm atmosphere. And if you can manage to find a place with a terrace, it is a great advantage,” says OnlinePrasad founder Goonjan Mall.

Also, sharing office space with another young company is a great way to cut costs.

Hire interns from premier institutes for R&D: Starting-up involves getting many things wrong before getting that one big break. Young companies can save on the research costs by hiring quality interns from institutes like IITs and BITS Pilani like a Mumbai-based retail technology start-up Shopsense does.

Shopsense hires interns to work on the research problems which they want to focus upon. If anything clicks they take it to the full scale level.

“This approach helps save a lot of money on R&D as it saves time of our full time engineers and also gets quality work done at a lesser expense,” says Harsh Shah one of the co-founders of Shopsense.

He also adds, “One more advantage of this program is that it helps us to zero-in on the right talent. If an intern is good, we can hire them once they complete their formal studies.”

Find attractive Cloud platforms:  The Cloud has made life very easy for start-ups. Companies like Amazon, Microsoft, IBM offer storage space for start-ups to host their products.

“One of the most commonly used cloud platform in the start-up fraternity is AWS,” says Harsh, adding that,” It is a very attractive option because it offers free credits, along with technical training programmes.”

Easy marketing:  One of the most efficient ways to reach out to people is via social media.  You can use social media to market your company. It is almost free and in today’s time, highly effective.

“The opportunities that Twitter and Facebook provide are phenomenal. One can also use platforms like Mailchimp if you want your content to outreach the masses”, says Goonjan.

Next Story

Things You Need to Know About Virtual Data Rooms

Meanwhile, other VDR services come with their virus and malware protection to further enhance their overall security

0
Virtual, Data, Cloud
The spokesman for the U.N. Office for the Coordination of Humanitarian Affairs, Jens Laerke, says heavy flooding has been ongoing since July and this is heightening the risk. Pixabay

A virtual data room, as the name implies, is cloud-based file storage. This type of storage allows businesses to store data and share confidential information without any worries of security, especially during a financial transaction.
During such an operation, parties can view documents and other vital data in real-time without having to resort to emails or other public file sharing options.

A couple of virtual data rooms make use of encryption protocols to secure essential files during a transaction. Meanwhile, other VDR services come with their virus and malware protection to further enhance their overall security.

What Type of Information Does VDR Contain?

Usually, the files a virtual data room stores are private and confidential. Businesses typically use VDR for storing important and sensitive data such as intellectual properties or patents. 

Virtual, Data, Cloud
During such an operation, parties can view documents and other vital data in real-time without having to resort to emails or other public file sharing options. Pixabay

Back in the early 2000s, virtual data rooms were introduced as document storage and sharing platform, which then transitioned into online storage and sharing. The fact that they were a lot less expensive and time-saving than housing physical documents make them a better option for lots of businesses.

Why Using a VDR is Beneficial?

The best benefit you can get from using virtual data rooms is the peace of mind knowing that your company’s valuable information is kept secure and confidential. 

Apart from that, a virtual data room can upload tons of documents, grant permissions to specific users, monitor user activity, and a lot more. It’s for these features why a lot of companies place their trust in VDRs to secure their most confidential company data.

Also Read- U.N. Agencies Appealing for $20 Million to Contain Outbreak of Cholera in Sudan

A virtual data room replaces physical data rooms when it comes to financial transactions. Since physical data rooms have limited capabilities, not to mention they’re time-consuming and inconvenient, they quickly became outdated and surpassed by virtual rooms. 

VDRs can be used in a lot of fields, including:

  • Corporate (sharing confidential documents within a corporation)
  • Investment banking (keeping M&A deals moving)
  • Litigation (sharing privileged files among a legal firm’s clients and other third-parties)
  • Mining & energy (sharing documents for M&A, joint ventures, bid management, etc.)
  • Biotech/Parma (securing and sharing intellectual property with third parties)

What Makes It Different from Other Sharing Services?

Virtual, Data, Cloud
A couple of virtual data rooms make use of encryption protocols to secure essential files during a transaction. Pixabay

While generic sharing services can be somewhat comparable to a virtual data room, they lack in terms of property security. That is especially true when it involves a company’s highly confidential data.

Generic sharing services also make it quite a hassle and inefficient to manage large-scale documents. Meanwhile, VDRs are designed to share vast volumes of documents with other parties safely and securely. It allows any company to avoid delays, particularly during important transactions.

Also, the permission settings that generic sharing services have are often prone to error. In some cases, users can accidentally share sensitive data to the wrong people, thereby compromising that information’s confidentiality instead.

Also Read- The Mystic Intoxication

With a virtual data room, however, you can benefit from specialized security and advanced control features alongside compliance with various security standards like HIPAA, GDPR, and SOC2.