5 Ways Businesses Can Cut Back Cost During Covid19

Photo by Rodolfo Clix from Pexels

Business owners – we hear you. The Covid-19 pandemic has seen the tightening of rules and restrictions around the world, and entrepreneurs see a growing concern rise with respect to surviving this market.

Some expenses are beyond our control, but here are 5 things that business can take control of to cut back cost. 

Halt Office Supplies
With the pandemic seeing many companies working remotely, put a halt to your recurring office supplies. Alternatively, you can prepare for times ahead by contacting vendors to let them know you’re price shopping. Look outside your usual list of vendors, such as smaller businesses that are trying to clear their stock.

Network More, Advertise Less
You and your employees are the best advertisers. If your paid marketing is working, don’t put a stop to that – you need as much exposure as you can right now. Which means, try to (also) be your own source of advertising. 

Network more on social media platforms to share your business ideas, participate in online events where you can put a face to your business, collaborate with other industry players and reach out to their network. Afterall, clients are more likely to hire a business with a face they recognise.

Narrow Your Focus
When the problem is huge, it could be a good time to keep your focus small. It might sound counter-productive; but by limiting the types of services you offer and projects you accept at this time, you might find your business being more productive and producing higher-quality work. This could be a great example of “less is more” in building long term relationships with clients.

Network more – clients are more likely to hire a business with a face they recognise.

Maximise Your Team Correctly
Many businesses try to “stretch” their team by having their colleagues wear many hats, but it’s never a great solution. You’ll face frequent (though small) issues due to the lack of knowledge, understanding, skills, expertise, or plain old interest.

While it’s necessary for one to be responsible for a variety of tasks, businesses should consider exchanging some of those tasks with another individual who shows greater efficiency in that specific area.

It’s A Trade-Off
Bartering is not a new concept. If your business has the capacity, why not put it to use by bartering for some other product or service you have a need for?

Alternatively, you could also collaborate with other businesses to offer a more holistic product. This way, you get to retain your team, gain exposure for your business, reach a wider audience, and with lesser cost.

Written by

Wani Azahar

Last updated on

May 3rd 2020, 1:58 pm

Skip the daily news.
Subscribe to our Weekly newsletter for relevant market news and global trends.