Aussies, there’s no denial to the fact that attempting to run a business and lead the industry is an ongoing voyage. On one side, your head is aching due to less productivity of employees due to work from home. And on another side, you’re struggling to recover the losses that occurred due to the COVID-19 pandemic. So much is there on your plate, including reducing your business expenses.
Are you still trying to figure out where your money is going at the end of every day? Are you constantly checking your process of bookkeeping in Bentleigh to get some clarity? If the answer to these questions is a simple “Yes”, then read on the blog.
Here, we’ll take you through five top proven ways to cut down your small business expenses in the post COVID world.
- Slash Down Your Manufacturing Costs:
Maybe you’ve already considered it. However, look over to these ideas. Perhaps, you haven’t considered them.
Idea #1. Are you using cardboard, paper or metal in your business? Are you dumping them in the recycling centre? Stop and wait! Sell these products to earn additional money. Or recycle it for your use.
Idea #2. Analyse and measure the efficiency of your employees. Set some performance parameters that indicate the level of efficiency. And later award the best employees based on their performance. This way, you can adjust or optimise resources properly.
Idea #3. Get the most of your business space. If you have space, especially in warehouses, then rent that part to any company or individual. - Use Cheaper And Updated Marketing Strategies:
Are you spending big bucks on paid advertising? Now, it’s time to cut them down. You can look for some cheap, modern alternatives as suggested below:
Create an in-house marketing team. There are a lot of professionals in marketing ready to use their talent. Hire them!
Social media rocks! Enhance your presence in the social media platforms, such as Facebook, Instagram, Snapchat, Twitter, etc. Create content to post on these platforms. However, make sure you create genuine and eye-catchy content.
Develop a customer email list and implement a referral program. That’s a sort of traditional marketing.
Create your network and chuck out advertising. - Curb Financial Expenditures:
The best way to save money is by looking at your financial expenses. Here are some suggestions:
First of all, hire an accountant in Bentleigh or the area where your business is located. The accountant will help you provide insights on lowering your financial expenditures.
While buying insurance, compare the rates of various providers. After that, ask the current lender to stick to that rate.
Examine your insurance policies properly and check whether you’re over-insured or under-insured.
Forecast your future and avoid taking unnecessary debts. - Hitch Up Virtual Technology:
Technology is evolving. They are here to better our world. So, adopt technology as much as you can. Following are some proven ways:
Say yes to virtual meetings. This way, you can avoid travel expenses and the requirements of office space. By this, we don’t mean to eliminate physical contact, but in today’s world, virtual meetings are a relief in terms of monetary and physical health too.
Choose online payments more. Paypal, Google Pay are applications that come in handy. This way you’ll earn some rewards too.
Organize your company’s documents in Google docs and centralize them, avoiding the use of excessive paper. - Freelancing Always Is A Good Option:
Maybe, you need part-time employees for digital marketing or bookkeeping in Bentleigh. Create part-time positions for such areas. These days, you can hire people as freelancers in web designing, graphic designing, content writing, bookkeeping, etc. Although it’s not always a good idea, you can attempt to find good people that provide a good return on investment from their work.
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