Cost-cutting: Keeping Your Business Afloat during Hard Times
Given the competition and pressure faced by businesses today, more companies are seeking to improve margins and cut costs. Below are some cost-cutting tips to keep your business afloat even during tough times:
Hire Temporary Admin Staff
Hiring temporary admin staff is an effective way to reduce payroll costs. These temps can relieve full-time employees of excessive responsibilities. They also bring skills that may be lacking in your team.
Adjust Your Advertising
Aside from hiring temp admin staff, using new media for advertising can also help you cut costs. Establish your presence on social media. You can also create an e-newsletter to stay in touch with your clients.
Avoid Unnecessary Trips
You can save a lot of money by travelling less. Rather than travelling to visit your clients in person, you can schedule virtual meetings through Skype or Webex.
Reduce Energy Use
Use compact fluorescent lighting to save electricity. To boost mileage and cut fuel costs, you may use GPS systems.
Manage Your Inventory
Make sure to keep only the supplies you need in stock. This helps you reduce overhead costs.
If you think cost-cutting is important to your bottom line, then don’t hesitate to do it. You may hire firms like I-Recruit to help you with the recruitment process, buy smart GPS from Navman or use online resources like Skype and watch the cash roll in.