S etting up a business is costly. But while that old adage "speculate to accumulate" is key, you don't want to spend too much on the essentials when you don't have to. There are plenty of ways to save expenses as you get your business off the ground, and this is even more relevant as your business grows. As well as saving cash, proving you have a keen eye for cutting costs can help you secure funding for your business too. Employing staff Before you start recruiting for your business, take some time and think 268 carefully about the staff you'll need for a successful launch. Do you really need to hire an accountant from the off? Or will it make more financial sense to invest in a bookkeeping package and hire an accountant to submit end-ofyear accounts instead? Do you need to employ someone to answer the phone, or would outsourcing to an answering service be more cost-effective? Regularly review your human resources requirements once you're up and running too, to ensure you're getting the most from your staff without overloading them. Similarly, when someone leaves, consider whether it's essential to replace them like for like. Think about whether it would be viable to redistribute their "Shopping around for the best price for insurance can save you a small fortune"