Save Money and Stay Under Budget During Tough Economic Times

Many small- to medium-sized companies are struggling right now. Our economy has had a tough time the past few months. The virus forced everyone to stay home, leaving businesses relying on savings, government bailouts, furloughs, downsizing, and a few other not-so-great options to stay open. If you work for a company, it probably means it isn't good news for your overall revenue. Your budget has been slashed and now you need to move forward with your work after some serious eliminations in your cash flow. How can you do this? It's not impossible, but it will take some cost-cutting strategic moves. Consider implementing one, two, or all of these tips:

#1 Make the switch to digital marketing options. Television commercials and radio ads are a thing of the past, especially if you aren't a billion-dollar corporation. They cost so much and promise so little! Now is the time to switch to cost-saving alternatives, like paid Google Ads, social media, online reviews, and blogging. It's much cheaper, and since everyone is online it many times actually delivers better results.

#2 Hire freelancers and remote staff where you can. Employees are essential to getting work done, but employee costs, everything from salaries to office space to insurance, can be the biggest chunk of a company's budget. Keep your full-time staff to a minimum and outsource work to independent contractors for the work that the staff cannot cover, like the social media listed above. Accounting, HR, marketing, and many other tasks are easy to outsource to a third-party company or remote freelancer. This means less offices, less rent, a lower electric bill, and much more.

#3 Rent power quality monitoring devices to see where you're wasting electricity. Sometimes, it is necessary to spend a little money now in order to save money down the line. By taking the time today to look into power quality analyzer prices and options. You may find that your company is wasting a lot of money on inefficient electricity! Renting a device that tells you where you're wasting money is the perfect solution for any company, large or small.

#4 Eliminate unneeded perks around the office. Ask yourself- does the break room need sodas and Redbulls? Is beer friday really necessary? Filling the fridge in the break room is a big expense for your company. Sure your staff like it, but if the other option is a round of layoffs, they'll gladly bring their own beverages. This is just one example. Take a look around at any employee perks that could be squashed as you try to make it through the next few months.

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Created on Jun 18th 2020 05:24. Viewed 314 times.

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