The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, the YEC recently launched#StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons. Email your questions about best practices for starting up and/or managing a small business This email address is being protected from spambots. You need JavaScript enabled to view it.">This email address is being protected from spambots. You need JavaScript enabled to view it.
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No. 1: Managing Employee Reimbursements
From Ryan Buckley of Scripted, Inc.
We use Expensify to manage our employee reimbursements. It's a great Web and mobile app that allows us to process reimbursements independently of payroll. We don't need a special bookkeeping process or hired help to organize. It's a cost-saver for us and helps scale our business.
No. 2: Performing Energy Audits
From Andrew Schrage of Money Crashers Personal Finance
We had an energy audit performed at the office by our provider. A rep came out and did a complete inspection and provided us with a comprehensive list of the ways in which we could reduce energy costs. All of the measures we implemented didn’t affect execution one bit.
No. 3: Using Cloud Computing
From James Simpson of GoldFire Studios
Cloud computing isn't for everyone, but when it works, it works really well. We cut our hosting costs by 80 percent while improving our product by intelligently piecing together a cloud-based infrastructure. This doesn't mean blindly firing up AWS servers; it means intelligently picking and choosing from various sources that fit the needs of your product and strategies.
No. 4: Working From a Remote Space
From Liam Martin of Staff.com
Having a remote work force allows us to have extremely skilled employees at a lower cost while giving us the luxury of hiring the most qualified person -- regardless of location. We get very high-quality work and help out the global economy at the same time. A remote work force also saves on office rent because everyone works from home. It's a win-win situation.
No. 5: Hiring Right the First Time
From Andy Karuza of brandbuddee
When I make a decision -- especially around hiring -- I have to get it right the first time. If you're expecting a Microsoft salary and a 401(k) plan, then my business is not right for you. If you're willing to put the skin in the game, you'll make a little cash and get a big payout later. It all comes from selecting qualified people with the willingness to take a risk on you and the company.
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