In today’s business environment, where the economy is struggling, and industries are stacked with competition, it’s important to cut down on business costs. Doing this can help to relieve financial pressure while also providing managers the opportunity to invest money into other key areas.
You might be surprised to learn that cutting business costs isn’t as difficult as you would imagine. In fact, it’s relatively easy, even for small companies and startups.
If you want to learn more, there are five strategies waiting for you below.
1. Switch Your Office for a Coworking Space
Your monthly office rent is a lot, right?
This isn’t surprising. After all, the average US cost for office space by square foot is between $8 and $23. Due to the fact that the economy is currently recovering from the COVID-19 pandemic, and the scale is tilting towards the more expensive end, which is putting strain on millions of businesses.
As crazy as it sounds, you can actually stop renting your current office after the current lease comes to an end. When it does, all you need to do is simply switch to a coworking space instead.
A coworking space is a modern alternative to the traditional business office. Here, you can gain access to meeting rooms, creative spaces, and super strong internet – all on a flexible schedule.
To get started, contact The Brew.
2. Allow Employees to Work Remotely
Over the last couple of years, it has become normal for people to work from home.
So, if you haven’t done it already, you should consider letting your existing employees do the same, providing their roles fit the mold.
For example, marketing and customer service employees can easily work from home due to the nature of their roles. The same applies to content creators, graphic designers, and even online salespeople.
By allowing your employees to work remotely, you can cut down on the number of resources you need. Plus, it allows you the opportunity to hire workers from other cities and even countries, which can save you even more money in the long term.
3. Provide Digital Customer Service
Rather than hosting an expensive VoIP phone system in your office, you should switch to digital customer service.
You can provide digital customer service through:
- Social media
- Your website
Digital customer service is significantly cheaper than telephone and in-person customer service. Best of all, it’s preferred by modern customers due to the fact that it’s faster and more convenient.
4. Minimize Business Travel
If it’s common for you and your teams to go on business trips and travel to meetings, you should try to cut down on all of this.
For example, you can replace in-person meetings with online meetings. All you need is a reliable platform – such as Zoom or Microsoft Teams – and you’re good to go.
5. Use Free Marketing Strategies
These days, there’s an endless supply of free marketing strategies. This is great, as it means your marketing budgets don’t need to be a drain on your business. Make sure to use:
- Social media marketing (Facebook, Instagram, Twitter, TikTok)
- Email marketing
- Website chatbots and popups
- Google Maps
Not only are these marketing methods usually free, but they’re also highly effective.