Save Money For Your Business During a Pandemic
Save Money For Your Business During a Pandemic: https://www.pexels.com/photo/bank-blur-business-buy-259200/
The rise of COVID-19 has seen the fall of millions of businesses around the world. During such a challenging time, business owners such as yourself have been doing their best to keep their company afloat all whilst trying to minimise redundancies and profit losses. We spent the first few months of lockdown almost unable to control what happened and now that a ‘new normality’ is forming, it’s time to knuckle down and cut costs so that your business can survive this strange time.
Promote home working
Having the team in the office is costing you money with gas, water, electricity, and amenities such as food/coffee breaks. Allowing your staff to continue working from home for the time being will save your utility bills for as long as possible.
Some staff may not be able to perform their job at home, so consider opening part of your business premises for them to return to work. For example, find the warmest room and temporarily move everyone in to save having to power the entire building.
Change your personal spending habits to help your business
Changing your personal spending habits can have a positive reflection on your business. Fior example, if your Adobe account is being paid through business expenses, change it temporarily and pay for it yourself to help as much kitty go into the bank as possible. The same goes for your company car, pay for your own insurance to help keep money flowing on the business side of things. You can compare over 25 insurers in minutes, and you may end up paying less than you are currently!
Remember the ‘everything can be cheaper’ rule
Now more than ever, you have the ability to ‘haggle’ with your providers. For example, your internet and broadband provider will likely be able to offer you a cheaper deal simply to keep you as a customer. Take some time to call around your utility providers, and any other service you use for your business to see if you’re able to get a cheaper deal.
Perhaps you’re thinking of hiring a new member of staff to help with the demands rolling in? Giving someone a contract may work out to be expensive, which could mean you’d need to let them go fairly quickly. Consider outsourcing someone to complete tasks for you for a one off fee. For example, if you’re looking for someone to control and maintain your website, you could hire a freelancer to do this while you’re counting pennies. You can find freelancers on websites such as Upwork and Fiverr that allow you to list your terms and payment.
Cut out luxuries…
…for as long as possible! This means no new product or expenses that would not be needed immediately. Only try to focus on the necessary items. Do not waste the cash if you do not need it right away and you’ll soon notice your profits rising!
The pandemic has been hard for everyone but with these tips, your business has a much better chance at survival!