Question: What's one way you've cut costs significantly without sacrificing execution?
Eliminating Office Space
"Years ago, my partner and I opted to close down our physical office space and go remote. Because our service is invisible and we work with clients and sales reps all over the country, having an office was unnecessary and simply too costly. "
Performing Energy Audits
"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."
Using Cloud Computing
"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."
Hiring Right the First Time
"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."
Using Amazon Web Services
"The ability to use Amazon Web Services (AWS) rather than purchase, manage and maintain your own servers is beyond cost efficient for young startups. Even more specifically, we are able to use AWS Spot Instances to save more than 70 percent off traditional AWS pricing."
"TaskRabbit.com is an amazing resource for part-time help. Because we can always bring on someone for four hours of work when we are at capacity, we are able to maintain a lean full-time staff. Although we incur short-term costs with every TaskRabbit engagement, at the end of the year, we are able to save thousands of dollars."
Working From a Remote Space
"Having a remote workforce 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 workforce also saves on office rent because everyone works from home. It's a win-win situation."