by Justin Kemp
Whilst this generation is undergoing major progress in terms of science and technology, it is also suffering from economic instability. The every shifting ground on which businesses stand on are beginning to affect them in enormous ways; hence forcing them to come up with new strategies to incorporate with their working system.
Nonetheless, applying and reapplying strategies whenever a crisis does occur will exhaust you and diminish your productivity. Why should you settle for temporary changes when you can opt for permanent ones that will boost your business? Avoid the popular mindset that success means grandeur in your methods and operations; rather meditate on the fact that success is a journey that can be enhanced with practical means and practical equipments.
There are things you can do to gain better control of your business while in crises, and pursue to apply them even after the crises for a sense of continuity and prolonged efficiency. Don’t be afraid to make changes; only you should spend enough time deliberating which ones will truly benefit your business and which you should avoid.
Here is a list of methods worth considering:
No matter the cleverness of the strategies you think of, their competence will only be as good as the performance of your employees. It is therefore important that you hire skilled and positive people from the very beginning. The brain is useless without the body, the same as ideas are insignificant without workers to realize them.
Exert due effort into your hiring processes and choose only quality performers, particularly those who can multi-task whenever needed. You’ll never know when attrition rates are bound to escalate again and where the impact will hit the worst. It is better to be surrounded by flexible people under duress from uncontrollable external factors. The most terrible thing that can happen is for your operations to halt due to a lack of capable employees. Having accomplished people by your side will eliminate the need for outsourcing experts to help fix the mess.
In case you do end up in a situation where there are few people to carry out the operations, be shrewd in the distribution of tasks. Get to know your workers well enough to tell which will do good in which chore.
Hiring an accountant is also worth your money. Having an expert manage your taxes will save you from future legal quandaries.
Reduced Business Travel.
Web conferencing tools like Uberconference is a popular solution to the inconvenience of frequent business travels. It allows you to remain in the same place and still connect to your partners, clients, and prospects and fulfill your duties. Computers and internet connections make it possible to reach the different parts of the globe with just a click of a button; imagine the ease of opting to make conference calls rather than spend hours stuck in an airplane and then in a foreign country only to present a proposal that will last for less than two hours.
Resorting to personal meetings all the time increases your expenditures and consumed your time, both resources which could have been spent on other priorities. There are also completely free web conferencing calls available for those businesses that are desperate to cut costs.
Unless your business requires every person in your company to sit in front of the computer all day or to navigate some kind of gadget all the time, then you have to optimize the option of sharing. Be practical about the number of printers, monitors, mouse, scanners, headphones, and similar gadgets that you need to purchase. If three people can share, by all means let them!
Also, submit a proposal in regards to your acquisition, repair, and replacement of IT tools. Having a supplier that sells you the latest office tools every two months may be responsible for the large increase in your expenditures. Consider doing the shopping yourself and canvas for multi-functional machineries such as printers with built-in scanners.
Cutting Back on Employee Perks.
Retain the essential medical and retirement benefits and let go of memberships and discounts. The latter two are consuming money that can be spent elsewhere. Don’t be afraid to take this action because if your employees are made to choose between their perks, they’d obviously go with those that will take care of them in the future rather than temporary pleasures. You always have the choice of returning those perks once you are standing on stable ground again.
Utilizing Smart Tools.
The virtual world is full of tools and apps that can help reduce the business costs. Encourage your employees to improve productivity and provide them with tools like shiphawk, weekdone, creately, Indinero, Zoho etc. These tools are extremely useful in easing up the entire task of business management and productivity enhancement.
All said, these tips can go a long way in making you the boss of your business even in tougher times.
Justin Kemp works as a senior business analyst in NYC. He helps businesses and start ups take informed decisions propelled towards the faster growth of the company. You can get in touch with him on Google Plus.