Times are still pretty tough for many global businesses that have been left in the aftermath of the pandemic. A knee-jerk reaction when your business is struggling is to retrench staff, right? Wrong! Your employees should be the last cost you cut because without them your business will have even less chance of recovering.
Before taking out the
chopping block, you should consider savvier ways to reduce business expenses.
If you’re at your wit's end and don’t know what else to do, take a look at
these five great ways below.
You’ll be improving your
bottom line without losing employees, and they should help you recover enough
to improve your cash flow.
Automate Mundane Tasks
In business, you often
need to spend money to save money. A prime example of this is the world of
automation. By getting robots to complete mundane and often error-filled tasks
of your employees - you will save money by not having to fix so many problems.
You will also be freeing
up your employees to perform more complex tasks, like sales and marketing.
Don’t waste your employees’ talents on tasks that don’t deserve a second
thought.
Rethink Your Printing
Office supplies are
generally one of the highest expenses any business has, next
to rent and payroll costs. Implement new office rules to print less, start a
tracker for your office supplies like pens and paper, and switch over to an
economical printing solution.
Try having an office
competition to see who can save the most money and reward your employees with
the best ideas with a day off – it’s a cheap way to get an outside point of
view.
Get Cheaper Insurance
When cutting back on
business expenses, one of the most obvious places would be to cancel your
insurance policies. No matter how much money you think that will save, it is a
terrible idea.
Instead of cancelling
your insurance policies, look for the cheapest car insurance in Illinois – you would be amazed at how much money you could be saving on
your pool car.
Advertise On Social Media
As lovely as it is to
see your advertisement in a magazine, tactile advertising is an expensive endeavour.
Keep a few magazine contracts in place - that way your regular customer base
won't think you’ve closed down, but then explore other avenues for getting your
business out there.
Social media
branding campaigns are low-cost and super effective - provided you know what
you are doing. Hire the services of a digital marketing manager if you can -
otherwise you could also consider upskilling an existing employee to fit this
role.
Analyze Subscription Costs
As with personal
budgets, subscription service charges rack up over time and before you know it - you’re
spending thousands every month on services that you don’t use often enough for
them to add value to your business.
Go through your
subscriptions with a fine-tooth comb and cancel the unnecessary ones - you can
look at them again when your business is performing better. Make the small
changes now to garner the highest savings later.