Being in the employment market can be difficult. Competition is the rule of the game and once you are not ready to do what you have to do, someone else might come along and teach you a lesson or two.
At times, one of those hard decisions to execute might be related to cutting costs in the office. Some managers tend to think that it is easier to cut pay drastically or put some of their people under unemployment.
Well here are a few notable ways to kill two birds with one stone- reduce costs and keep your staff.
#1. Rent out your extra space
What is the point of having so much space that is not being used when you could actually make money out of it?Renting out unused space will help reduce costs as you will have more money in your wallets. Also, it will help strengthen relationships that you may have with the person who’s renting out your space. Inform your contacts about the space you have, and specify what kinds of organizations you’d like to rent to.
#2. Allow employees to work outside the office
This may be the last thing you have in mind to reduce costs but trying it out will not cause much harm. Permitting your employees to work outside the office were this is a possibility, gives you more office space that you may rent out.
Also, it will save resources such as water and electricity which eat up costs. However, this doesn’t mean you should drive your employees completely from the office. They could come in for some days in the week.
Chances are, you will most likely end up with more loyal employees.
#3. Share your services
If you know your staff is great at what they do (no bias involved), then selling out your services may be what you need.
Look around for compatible companies, especially new or growing ones, to find out if they need these services. Areas that have to do with budgeting or customer service that may attract small businesses.
#4. Hiring interns
Hiring interns is another way to keep those ‘costly costs’ down. Having young, vibrant people helping out in certain tasks without little or no pay will help both them and you. They will be able to gain experience and educational credit too whilst you will be able to have certain work done at a discount.
Plus, you will be able to draw from a pool of fresh and good talent to hire later on.
#5. Be prepared to negotiate
Ask for discounts as much as you possibly can- be it your office rent or office supplies. Once you ask nicely, there’s a high chance that you will get a discount. No harm in trying.
#6. Market wisely
A common practice in businesses is the spending of funds on getting new customers and completely neglecting the needs and demand of their existing ones.
If your business is guilty of this you may gain new customers; however, it won’t reflect as a progress as you’ll definitely lose more customers than you are gaining.
Therefore, take your time to perfect the services you offer to your existing customers and listen to their feedback. Producing more and better products with attractive payment plans would definitely keep them to stay tucked in their seat.
Hope these tips help in giving you a sufficient idea as to the next moves to make with regards to your business’ financial budget and how you could stay afloat.