2020 has been an incredibly testing year for many companies, and a lot of smaller companies have been at risk of bankruptcy. But before you hang up your hat and give up with your business this year, there are some incredibly important things you can do.
The way to save a struggling business from going under is to cut back costs and spending, and simplify your process to only the core processes. It is very much like when your body is cold, and the blood from
Your extremities rush to the centre of the body to keep your vital organs warm.
Today we want to talk about how you can simplify and modify your business this winter to ensure that it stays afloat for the new year.
One of the best things you can do for a dying business is outsource some of your non-essential processes. Companies such as a Digital marketing agency are there to help you with your marketing needs without the need for hiring a marketing team of your own. Hiring a full time employee involves a lot of costs, but outsourcing a company to help you will be much more cost effective and once you don’t need their services, you can stop paying.
Streamline services and products
When you are thriving as a business it is a great idea to introduce new products and services to attract more customers. However, when your business is struggling, this might not be a good idea for you because it complicates your supply chain and your working processes. Consider streamlining the products and services that you offer to only keep the most profitable ones. You can keep other ideas on the back burner for the future, but focusing all of your efforts on a small number of things will help you to succeed.
Focus on the important things
When we look at our business as a whole, there are a lot of things that we don’t necessarily need. Consider the software for example that you use every day. If you have a Photoshop account that you never use, now is probably a good time to stop paying for it and save that outlay every month. Get rid of the little things that are not necessary to the running of your business. As long as you focus on the important things right now, hopefully you’ll soon be back in a position where you can bring things back into your business life.
Save on supplies
Supplies such as pens and paper might seem like a small outlay at the time, but as these costs accumulate they can be incredibly expensive for your business as a whole. It is important for you during these trying times to cut back on supplies such as these, and even stop buying them entirely unless someone asks you to order them specifically. A lot of companies don’t give out notebooks and pens by default, and this can be a clever money saving hack for you.
Work from home
The biggest expense for any fledgling business to deal with is renting an office. This year many companies have had to abandon their offices and instead carry out operations from home, and you should too. Quit paying for a fancy office and allow your team to work remotely, and it will make all the difference this year.