There is no doubt about it, 2020 was a pretty tough year for everyone.
Survival was the only game in town for months and months. Staying alive, protecting our loved ones, and working to keep the lights on in our businesses.
We’ve all had to take practical measures to manage costs as well as keep our customers happy. No mean feat when they seem to be pulling in opposite directions.
With so much uncertainty still, this is again a serious challenge for us all in 2021.
Try these top tips to help you strengthen your business and provide some flexibility for investments later in the year.
- More pertinent than ever, review your office space and look to reduce your footprint.
- Employees love to get involved and are usually at the sharp end of a process or product that is driving inefficiencies so ask them to identify ways the business can save money.
- Engage external consultants to undertake specific projects rather than increasing your permanent headcount. In this way you get the expertise without the headache of managing resources when workload peaks and troughs.
- Ensure your recruitment process is robust. Poor hires can be costly in terms of performance management, as well as being the catalyst for low morale.
- Forging strong relationships with suppliers is essential during the good times as you may need to lean on these if things get difficult.
Cost control is everyone’s responsibility. Next time you are looking to spend company money, ask yourself “What would I do if this was my money?”