A successful business takes more than a passion for success and hard work — it also takes creativity. During these times of unprecedented uncertainty, many small businesses have to adapt. Otherwise, they may go out of business.
If your business could use some additional cash flow, consider these unique ways to cut down on operating expenses.
1) Work with a staffing agency.
Hiring and retaining full-time staff is expensive. Many full-time staff members need health insurance, competitive wages, and benefits. In times of crisis, with many people’s lives in flux anyway, it may make more sense to create short-term arrangements.
That’s where staffing agencies come in. Staffing agencies work to find the best candidates for your open positions. Then, the agencies are happy to arrange short-term or long-term contracts. If you do decide to hire someone after their staffing agency contract is up, you’ll have a good idea of how they work and how they fit into your team.
While staffing agencies may initially require additional fees on top of an employee’s wages, they help save money on HR costs.
2) Invest in a managed IT service.
IT continues to be one of the most expensive parts of running a small or medium-sized business. By working with a managed IT service, you can cut down on IT staff salaries, cybersecurity and monitoring costs, and equipment costs.
Managed IT services specialize in running IT departments remotely for a flat fee. If your IT budget is bloated, consider consulting with one.
3) Re-evaluate your marketing.
Is your marketing stuck in the 1990s? Print advertising is expensive. And depending on your niche, it might not be profitable. Conversely, online advertising may expose your business to thousands of potential customers at a fraction of the cost.
Your marketing campaign may also be leaking money from unoptimized mail and radio campaigns. Marketing technology has improved exponentially in the past ten years, with many marketing firms offering unique targeting techniques designed to lower your costs and boost your business.
If you haven’t changed your marketing strategy in a long time, talk to your marketing firm about updating your tactics.
The Bottom Line
Cutting down on cash expenditure doesn’t always have to result in lower employee salaries or loss of quality of life. Instead, taking advantage of new technology and outsourcing can help your business stay lean during economic turbulence.
Managed IT services catch your eye? Contact Vodigy today for a free technology assessment! We help Twin Cities businesses make the best decisions regarding technology.
