5 tips to decrease small business costs today? Not to mention, technology helps keep your employees at the top of their game. Eliminate the tedious logistical work and help ensure your team is working on what’s genuinely needed. The following are just a few advantages of using an employee management app, like Connecteam for example: Streamline communication: With an employee management app, you can easily minimize the need for face-to-face meetings and unnecessary phone calls. Easily send messages in real-time to a single person or a filtered group, such as announcements, sales updates, welcome new hires, celebrate birthdays, and more. Enable social functions, likes, and comments, to help boost employee engagement.
Staff training: One area of the budget that you might think of cutting is staff training. After all, staff members are already good at their jobs, right? Training can feel like something that’s done to enhance team members but isn’t really necessary. The truth is that staff training is vital, and never more so than during times of crisis, like now. Training and business coaching can actually be a huge help to guide your small business through these tough times. Now’s the time to invest in upskilling staff or taking part in a CEO roundtable in which businesses assemble to discuss ideas.
Cutting existing costs is the first step. More importantly, look for what you can do differently that doesn’t need the same costs to support it. Can you automate, outsource or just do without? What do customers really want or need that justifies the cost? Necessity is still the mother of invention. – Bruce Werner, Kona Advisors LLC I look at my own expenses and cut back first and foremost. Can I do with less? Can I go without a paycheck for six months in order to keep my team paid? I make decisions every day to ensure the finances are there for when the hard times come so that we can still operate like normal. – Ephraim Glick, Midsouth Commercial Roofing
Cloud computing is very popular, and it isn’t hard to see why. This fairly new technology can be used in various ways; for instance, you could host a virtual phone system from your house as a customer service line. This means you can provide your clients and customers with a reliable, affordable form of customer service – even if you don’t have an office or any employees. Discretionary expenses are costs that you want but don’t need. For instance, you may be spending money on weekly snacks for the office, or you may want to buy a water cooler. We suggest holding off on discretionary expenses if you want to save money; after all, you can always buy these items later, when your business is booming! See even more details on 95Visual.
Another way of reducing the costs of your business is by hiring freelancers and contract workers instead of full-time employees. It is apparent that one should hire full-time employees for the core functions of their business. But when it comes to hiring employees for the site functions, it is highly recommended that you hire a freelancer or contract worker. Not only does it save you money, but you get a better end product as well. For example, If you need to design an infographic, why not hire a freelancer rather than a full-time employee?