All businesses experience financial problems at some point. Financial difficulties can especially be a problem for growing businesses. Your decisions can make or break the future of your organization.
“A single decision”, according to the experts at Forbes, “can have a powerful far reaching impact”. Where do you cut costs? Will you be able to guarantee job security to all of your employees? How will customers be affected by any decision you make?
If the “typical” money savings tips don’t seem to be enough, here are some unconventional methods you can try:
Find more opportunities for employees to telecommute – Encourage remote working wherever and whenever you can. Benefits range from increased productivity to reduced overhead. Is there really a need for employees to be physically present in the workplace all of the time? Or even half the time? If your company already has been implementing telecommuting strategies, work on developing them even further.
Keep your inventory as small as possible – If you can’t be certain that there is a high demand for the supply, keep the inventory down. When there is uncertainty, there is no need for surplus.
Don’t be afraid to ask for discounts – This is a simple, yet very effective way to reduce costs. Take the time to ask vendors if they have any kind of promotional offer or discount for which your company might be eligible. It never hurts to ask – in fact, it hurts NOT to.
Work on your social media strategy – If your conversion rate isn’t high enough to justify your social media advertising costs, it’s time to evaluate the current strategy. What could you be doing wrong? Take a step back and look at all of your social media channels. If you are generating a lot of leads and getting conversions from Facebook but not very many from Twitter, then cut back on Twitter and focus on Facebook. Continue putting efforts into what works and don’t spend as much time or money on what doesn’t work.
Consolidate facilities – Save money by saving space. As more employees telecommute, there will be less of a need for office space. Reconfigure the layouts of facilities so that they better serve the company’s needs. Either trade the extra space via corporate bartering or sell/rent it out.
Know when to let go – Whether it’s underperforming employees or outdated products that you just can’t sell, do not hesitate to let them go. Sometimes, this is the only way for a company to move forward.
Consider bartering exchanges – Partnering with a corporate bartering organization is a great way to reduce costs as it allows you to let go of underperforming or outdated assets in exchange for services via trade credits that will help you achieve goals. If you have any difficulties that are costing your business money, or holding you back, there might be a corporate bartering solution available.
The ideal bartering organization has a large team of professionals with a variety of skills collaborating with clients. SherwoodIs.com, based in Mahwah, NJ, is one such organization.
As stated by Harvard Business Review, you’re not going to radically reduce costs and save money with a single idea. It’s going to take a combination of several actions (ten or more) to reach your goal.
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