COVID-19 is having a big effect on business, and if you're worried whether your business will be able to survive the next year, then why not look into your current costs. If you think demand for your products or services may drop, then temporarily cutting costs - or switching to an ecommerce platform - is one way to offset that demand. Here's an overview of some of the areas you can look into if you're wondering where to start.
For the vast majority of businesses, the employees are the most significant cost, and making savings here may make all the difference to whether your business survives. COVID-19 will mean that some staff may have to be let go, so rather than making quick replacements you can wait and see if current employees are able to share the remaining work.
You could also outsource work to freelancers and third parties and hire permanent employees when things start getting back to normal. This period is a chance for you to review all your staffing and assess what really is important and where savings can be made.
Another area which you can look into is your suppliers. In the beginning, when starting your business, you had the time to get multiple quotes and contact different suppliers. Changing things is a pain, and after a few years, you might be content to just go with the flow and continue with suppliers, even if you are losing money. However, very often, companies will increase prices without you noticing. When you do take a look at what you are actually paying, it's often too much.
Now is the time to sit down and review all of your costs and look at competitors and what they are offering. You should be able to find substantial savings can be made, and if your current suppliers are unwilling to match what you find, then it is time to switch.
Figures suggest that many small companies are now making the switch to remote working completely. Many businesses are abandoning their brick and mortar shops for ecommerce websites instead. Business rent is a big outgoing cost and now that companies can see that they can work effectively without being in the same office, they are choosing to work remotely indefinitely. If you are a small company that can work remotely, then you may choose to sit out COVID-19 at home – and make a big saving in the meanwhile.
You should also look into your travel expenses. Now that remote working is much more acceptable, you may be able to reduce the amount of journeys you and your employees need to take.
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