Effective management of development costs is crucial for the sustainability of any entrepreneurial venture. Some strategies include:
Regular Monitoring: Keep track of expenses against the budget to identify and address deviations promptly. Cost-Benefit Analysis: Regularly assess the return on investment (ROI) of different activities to ensure that resources are being used efficiently. Outsourcing: Consider outsourcing certain tasks to reduce costs, especially if they are not core to your business. Lean Development: Adopt lean startup principles to minimize waste and focus on value-adding activities.