Business spending tends to happen in silos in organizations. While marketing is busy spending money on advertising, other departments like IT, HR, and Operations are also chipping away at the company budget. Without a clear understanding of how money is being spent, it’s easy for a company to run into trouble—and run out of cash.
Many SaaS startups who were not able to adapt quickly to the changing economic conditions have unfortunately gone under in 2020, or at the very least, have locked down spending due to the lack of funding and loose spend controls.
As a founder or CFO of a software startup, understanding what people are requesting, where spend is going, and how spend is being approved can be the hidden lifeline of your company. Every dollar saved will maximize in value because these dollars can be reinvested in programs to grow revenue and extend the runway.
Downturn or not, spend management gives companies greater control and oversight over the use of company resources so that they can be used for more strategic initiatives to grow the business.
In this session, you’ll learn:
- How to monitor spend and budgets effectively to extend your runway
- How to establish a spending policy that is at once fair but catches spend leakage
- Ways to implement cost controls around spending that is proactive, giving spend visibility to committed purchases before the invoice even arrives
- How to increase internal controls through an approval process around spend, and how to approach change management to get your team on board