While the world rushes to find new ways of living and dealing with the current coronavirus crisis, we must all face the realisation that there may be an economic fallout from COVID19.
While austerity is not necessarily a foregone conclusion, it is still going to be essential that all businesses turn their attention to the balance sheet and work out how they can cut their spending and increase their incomes during these challenging times.
What can you do in your business to help reduce your spending?
Here’s how you can tighten your belt after COVID-19
Switch Suppliers
Your business will buy products and services from other companies. Chances are, you could get these products cheaper elsewhere.
Now is the perfect time to shop around and see if you can get a better deal elsewhere. Get online and Compare Business Energy prices. Phone around suppliers and get samples of products.
One of the most important things to remember before you switch to a new supplier for any product or service is that you check out what’s on offer. The last thing that you’ll want is for a slip in standards that causes a loss of sales, or problems in your ability to operate.
Switch To The Cloud
If your company has not already switched from software that requires you to save your data to physical hard disks or servers, and waste time backing up your drives every day, then now is the time to move your data to the cloud.
Cloud-based technology has lots of great benefits. There’s no need to update the software regularly saving you time and money.
Collaborating is straightforward on cloud-based systems. Several employees can work on one document together. All of the changes will be visible in realtime across all devices that have permission to view the data.
Finally, cloud-based data storage will save you money as it is secure, and there is no risk of accidental data loss.
Outsourcing
Nobody knows what the post-COVID19 world will really look like. We may have a prolonged period of social distancing which could have a major knock-on to consumer confidence and spending. If global recessions hit, it could take a long time to recover.
Flexibility is something that your business will need to help it to succeed in these challenging times. And, one of the ways that you can build flexibility into your business is by outsourcing as much as possible.
This may mean folding departments in your business that are expensive to run and hiring external companies to do the job for less.
One of the best things about outsourcing is that you can easily alter the level of support that you need. If your business shrinks or expands, you can adapt your spending to match what you need.
You can outsource all areas of your business if you need to. This will provide you with future-proofed productivity during the difficult times that lay ahead of us.
