When you're experiencing unprecedented growth, losing track of your budget can be one of your biggest challenges to tackle. This is ironic considering that a lot of what's going on with your startup building is going right - your customer base is growing at the speed of light and there is a steady (if not, exponential) increase in your earnings.Â
That said, budgeting is an important aspect to ensure your business is growing at a healthy and sustainable pace. Budgets also prevent you from inadvertently draining your capital, affecting your cash flow or making poor business decisions due to a lack of insight on your startup's financial situation.
Why does budgeting make sense for your startup?
Simply put, budgeting is key for your startup's success and longevity. Similar to how you wouldn't launch a business without enough capital in your arsenal, keeping track of your budget and sticking to it is key to ensure that your business continues to grow without overspending on expenses which might eventually exceed your revenue.
Besides that, as a rule of thumb, it's highly important for founders to know the ins and outs of the financial strength of their business. Not only does it inform you on how to scale up without it being detrimental to its growth, it also comes in handy when you need to pitch to investors for your next fundraising round as they would want to see your financial statements to find out how your startup is performing.
How to budget for your fast-growing startup
#1. Stay one step ahead with real-time insights
To be on top of your startup's finances, keeping a sharp eye on real-time insights is your best friend. However, this depends on whether your business account provides the capabilities necessary to give you the spending data you need to make strategic decisions and understand where money could be better spent or saved altogether.Â
Using all-in-one financial tools like Aspire will streamline your financial processes by giving you access to the real-time insights you need at your fingertips, ready to inform you on your next big move at any time of the day.Â
#2. Prepare for unexpected expenses
The timeless adage rings true here, especially when it comes to business - failing to prepare means preparing to fail. Unexpected expenses are just part and parcel of building and growing a startup. It's best to prepare for it instead of being blindsided when the time comes. The last thing you would want is to compromise a spend category you've set aside for something important to cover for the shortfall. One way is to project your cash flow by creating a 12-month cash flow forecast so you can strategize quickly and adjust when you come across any financial difficulties.
#3. Expect certain budget categories to growÂ
As with all fast-growing businesses, certain budgets that you've set aside for recruiting and marketing could go up more than you initially thought, especially if customer demand is growing month on month, thereby requiring more and more resources. This would involve hiring more people to support your team or investing more in customer service tools-either way, it's going to cost a chunk of money for these workflows to be put in place.
Plan ahead for this by giving these budget categories more breathing room so you wouldn't feel caught off guard when the numbers start going up. When budgeting, be sure to allocate more space to cover these unexpected expenses by using real-time insights you have gathered from Aspire's all-in-one finance stack. Just a glance at the how much is spent on the different categories could shed light on what could easily go up when demand goes up-and prepare accordingly from there.
#4. Update spend limits without delay
When your business is growing faster than ever, it's understandable that company spending is growing at a faster rate as well. This is where Aspire's expense management can come in handy. Should you find that there's a need to put a cap on specific spending categories, Aspire allows you to stay in control by adjusting your spend limits at any time. Doing so would mean you'll never have to worry about going over-budget as your company grows.
Take control of company spend with Aspire
Avoid budgeting challenges for your startup altogether when you sign up for the Aspire Business Account. Simplify your expense categorization with the expense management feature and track your profit in real-time through the mobile app. In all aspects of your business budgeting, we got you covered.Â
You may also be interested in: The Complete Guide to Business Budgeting and Budget Management (Downloadable)
Frequently Asked Questions
How can Aspire support the unique financial needs and challenges of mid-sized businesses?
Aspire offers a comprehensive suite of expense management solutions tailored for mid-market companies. This includes sophisticated corporate cards, advanced budget controls, and streamlined claims and approval policies, all designed to enhance financial efficiency.
How quickly can a mid-market company integrate Aspire's solutions into existing systems and workflows?
Integration with Aspire's expense management solutions is swift and seamless. Mid-market companies can swiftly implement corporate cards with tailored features, set up nuanced budgets, and establish streamlined claims and approval processes, ensuring minimal disruption to existing workflows.
How does Aspire compare to competitors for international money transfers?
Aspire excels in international expense management with FX fees up to 2x cheaper than traditional banks.
Global payments are offered by various providers through business accounts. Read our article to know more about types of business accounts and how to choose the best one for your business. There are many banks and fintech companies offering business accounts to businesses in Singapore. We have covered them all in our blog, you can click the links to view accounts offered by various banks such as DBS, OCBC, Maybank etc.
However, if you are a start-up or a growing business, chances are you may not meet the eligibility criteria for most of these banks or find their charges to be expensive for your liking. You can consider opting for Aspire multi-currency account for global payments which offers you all the benefits, with eligibility criteria which are less stringent. Read our article on bank charges in Singapore for a quick and easy comparison.
What level of customization does Aspire offer to meet the specific financial requirements of mid-market clients?
Aspire understands the diverse financial needs of mid-market clients and provides a high level of customization to tailor solutions accordingly. This includes the ability to customize corporate cards with specific spending limits, rewards, and benefits that align with the unique requirements of each client.
Additionally, Aspire's budgeting features are adaptable to accommodate the distinct financial structures of mid-market enterprises. The platform also allows for fine-tuning approval policies, ensuring they align with the specific workflows and compliance standards of individual mid-market businesses. This commitment to customization empowers mid-market clients to optimize their expense management in a way that best suits their financial goals and operational preferences.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD, EUR, GBP and IDR Accounts activated.
Can Aspire's corporate cards be customized to cater to the specific needs of consulting teams on the go?
Yes, Aspire's corporate cards are highly customizable. Consulting teams can benefit from tailored spending limits, travel-centric perks, and real-time transaction tracking, ensuring that the cards meet the unique requirements of professionals on the move.
How does Aspire support budget management for consulting projects and travel expenses?
Aspire's platform offers sophisticated budget controls that consulting companies can adapt to project-specific needs. This includes setting project budgets, tracking expenditures, and receiving real-time insights to ensure that expenses align with project goals.
What are Aspire Corporate Card FX rates?
At Aspire, we want you to pay the lowest rates in the market.
- Zero card activation fees
- Zero card transaction fees
- Best FX rates, up to 2x cheaper than banks
How does Aspire help consulting companies enforce expense policies and approvals for travel expenses?
Aspire streamlines the claims and approval process, allowing consulting companies to establish and enforce expense policies seamlessly. Customizable approval workflows ensure compliance with company policies and industry regulations.
Is Aspire's platform scalable for consulting companies of varying sizes?
Yes, Aspire's platform is scalable and caters to consulting companies of all sizes. Whether you're a boutique consultancy or a larger firm, the platform's features can be adapted to meet your specific travel and expense management needs.
How can I open a business account in Singapore?
For a business account in Singapore, Aspire is an excellent choice. With a focus on startup and SME needs, Aspire offers a seamless and transparent banking experience.
Benefit from their user-friendly online platform, no minimum balance or account opening fees, and dedicated support for businesses of all sizes.
Aspire is designed to streamline your financial management, making it an ideal partner for entrepreneurs in Singapore.
How long does it take to open an Aspire business account?
Registration with Aspire takes less than 10 minutes which you can do via our website or mobile app.
Once registered, we will get back to you within 5 business days on whether your account has been activated or if we need further documents from you.
Our account verification process varies according to the nature of your business. In exceptional cases, it can take up to 7 days to process your documents.
How can Aspire's corporate cards benefit my startup?
Aspire's corporate cards offer a range of benefits for your startup. Earn 1% unlimited cashback on qualified spends, simplify expense management, enjoy streamlined transactions, and gain real-time insights into spending. With customizable limits, integration with accounting software, and enhanced security features, Aspire's corporate cards are designed to empower your startup's financial efficiency and provide added convenience for your team.
Is Aspire suitable for both early-stage and established startups?
Absolutely, Aspire caters to the needs of both early-stage and established startups. Whether you're just beginning your entrepreneurial journey or have an established business, Aspire offers tailored financial solutions to help streamline your operations.
From managing expenses and optimizing workflows to providing valuable financial insights, Aspire's platform is designed to adapt and scale with your business as it grows. The flexibility and scalability of Aspire make it a suitable choice for startups at various stages of development.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD and IDR* Accounts activated.
However, we recommend keeping your subscription plan amount available on your balance to ensure you're up to date with your payment every month.*
To create a recipient or make any transaction on your IDR Account, you'll need to have a minimum balance of IDR 10,000 on your account.
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