How to save Business expenses in the POST COVID Economy?
WHAT IS THE NEW NORMAL FOR BUSINESS?
WHERE WILL THIS LEAVE MY BUSINESS ONCE THIS IS ALL OVER?
HOW CAN I STOP MY BUSINESS FROM GOING BROKE?
WHAT CAN I DO TO REDUCE MY COSTS AND LOOK AFTER OTHERS ALL AT THE SAME TIME?
After owning 4 small businesses now the above are all extremely important questions I have pondered over the last few months how we can help other businesses in the new business environment in Australia.
Anyone in small business will tell you it is a juggling act making sure the business still runs, whilst the bills at home are paid, you can still provide food for the family and we find a replacement for toilet paper as the hoarding continues!!
I do not have all the answers as yet despite my experience but I can certainly help give you some tips with saving business costs in any industry while we focus on the core revenue opportunities in our businesses.
Here are the Top 10 things I believe you should be doing to ensure your business survives this pandemic!
1) Do a stocktake on all your inventory so you know how much of each item you have?
2) Once you have the hard numbers of inventory look at your purchase orders to see how much each item costs? Get a new price list sent through if you do not know what these previously cost.
3) Analyse the spending habits of your customers in the past over the next few months so you have an idea about what are the most popular items/services are purchased during this season traditionally
4) Talk to your supplier/s about the items you traditionally need to purchase and ask them if there are any discounts on offer if I buy in bulk? Do not buy items you will not sell over this time and put those items still on your shelves that usually do not sell normally at this time so you can increase revenue through a Cash On Delivery special.
5) Cash is King in this economy where you can have your customers pay upfront rather than put on account potentially by offering an incentive the better financial position your business will be in.
6) If you are able to get bulk savings from your supplier pass some of this on to your biggest customers so you are still making the same amount of money you were making previously. ( This is extremely important as you will be perceived as looking after them during the tough times)
7) If your supplier is unwilling or unable to budge on pricing or has severely increased costs without valid reasons shop around and see what else is out there that can help you save costs and thrive in this uncertain time?
8) Look after as many staff as possible by registering them for job keeper payments before the end of May so the government can help you with your wages bill over the next 6 months.
9) Look after those people and businesses that are looking after you and your family in this extraordinary time as the true value of a person or business is how they band together in tough times like this and it shows you the true value of themselves and what they stand for?
10) Don’t worry about the small things as much, make sure you positively impact others around you including your employees, customers and family members and be grateful for the interactions you have with all of those people that positively impact you, your business and family by supporting them back and helping them where possible.
The above Top 10 List is extremely important in this extraordinary time that we now live in and as we adjust to a new normal business life we should be helping more and be less self-absorbed on social media and more engaged in creating real-life interactions and experiences with those people and businesses that are grateful for your friendship and custom during these stressful times.
I hope this article helps you in your business and if you believe this article has helped and you would like to share your appreciation please do not hesitate to contact us to let us know or give us a like online as it will make our day to know you have received a benefit from this content. I have attached an article from an online forum highlighting how far-reaching this pandemic is going to be to highlight the importance of doing all you can to look after your business and not just rely on government handouts.
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