Reducing Business Costs Following COVID-19
Cost Saving Business Ideas
If you’re struggling to get back on your feet following the COVID-19 disruption and long periods of lockdown, it’s essential to come up with company cost saving ideas that’ll help you rekindle funds quicker and avoid overspending. Having a cost saving strategy after COVID-19 should certainly be a priority, so here are some useful ideas.
Continue Working From Home
If you and your staff have managed to work at home productively throughout the pandemic so far and haven’t had any major issues to deal with, why not make this a permanent arrangement for all – or some – employees? This is something big companies like Facebook and Slack are doing and could save you money on renting an office space.
Don’t want to get rid of your office space entirely? Then how about downsizing to somewhere with less overheads? This is another option to consider. Or if your meetings are few and far between, how about gathering at an internet café, library or café when they open? There are also business rooms you can rent by the hour as well as shared working spaces with short-term leases.
Cancel Non-Essential Services
Cutting back takes thought. But when times are hard, it’s important to look at what you really need for your business to survive – and what you can live without. Are you paying for software that’s more of a luxury than a necessity? Do you read that industry magazine or is it just clogging up the doorway on a regular basis? Are you getting the best deal for phone services and internet? Also, is that office cleaner really required, or can you do it yourself?
Service subscriptions might seem small, but they can add up to hundreds of if not thousands a year if you’re not careful. So, take a good, hard look at your expenditure.
Create an Online Schedule
It might not feel like it now, but the world will gradually start to open again – and you’ve got to be prepared. If pre-pandemic you were jetting all over the world for conferences and seminars or splashing out for EXPOS booths, you might be tempted to do the same again. But depending on your budget post-COVID, it might be more cost-effective to create a busy online schedule and attend events virtually rather than paying excessive travel costs.
If there’s an event you’re expected to be at and want to save face, then by all means go in person. But factor this into your budget and make cutbacks elsewhere. Everyone knows these have been challenging times, but with the right strategy you can still boost brand awareness and grow your network effectively.
Negotiate Better Deals
When times are hard, reviewing your supply chain for money saving solutions is a must. Can you make cutbacks or negotiate better deals? Perhaps ordering supplies in bulk at a cheaper rate could work out better if you have adequate storage space. As vendors are often looking to improve their cashflow, you might also get discounts for paying quickly or early. So make sure you ask all the right questions to see what you can get – for less.
Saving business money can be easier than you might think. But it does require careful thought and consideration. Try not to make huge changes that’ll impact the fundamentals of your business model. Instead, think about how to keep things ticking over professionally without busting your budget.
Contact us today for help with your business finance and accounting queries.