If your business has been struggling with poor sales recently, it might be time you started cutting back on expenditure to help you make it through this down period. There are many different things you can do to keep your money in the bank, and I’m going to mention a few of them throughout the course of this short article. Considering that, you should grab yourself something to drink and give me your full attention for a couple of minutes. At the end of the way, you’ve got nothing to lose, and the information below could make all the difference to the way in which you endure poor turnover.
Am I a financial expert? Certainly not. However, I do run my own company, and so I know a thing or two about how to deal with times of little money. So, without wasting any more of your time on introductions, I think we should get straight down to business…
Move to a smaller premises
If your down period is lasting more than a couple of months, it might be worth relocating your operations to a smaller premises. That should remove the need for you to get rid of any team members. Your top priority should be ensuring there’s enough money in the pot to mean you don’t have to deal with redundancies, and this is a great way of making sure that doesn’t happen.
Change utility suppliers
I’m sure you will have shopped around and found the best deal possible on phone lines, electricity and gas when you first started your business, but that doesn’t mean you can’t save a lot of cash now by engaging in some price comparison. Contrary to popular belief, switching utilities is simple, and you could have new suppliers by the end of today if you put your mind to it. So, don’t keep paying more than you have to for things like this. As the old saying goes “every little helps.”
While you do need to keep physical copies of all your most important paperwork like invoices and receipts, there’s no need to send letters and such in the modern age. You could save a considerable amount of money if you switch to email as your prime means of correspondence, so doing it now would be a sensible move. Why waste all that cash on paper, printers and ink when you can get in touch with anyone you want via your computer in seconds. That would also mean you get faster responses and thus increase productivity. Sometimes saving money isn’t enough, and you need to do everything you can to earn more too.
So there you have it my friends. So long as you follow the tips and advice I’ve just listed, the chances of you keeping the business afloat over the next few months should increase. At the end of the day, we all need some help from time to time, which is precisely why I’ve stopped by today.
Good luck with everything!