Thanks to the current economic crisis that the world is now immersed in, running a profitable business seems more challenging than ever before. After all, managing a successful business is difficult enough even in the best economy; but what about in the midst of the credit crunch? If you want to keep your business profitable while searching for ways to reduce costs and control expenses, then you’ll need to think outside of the box and get a little creative with your solutions. Luckily for you, there’s a clever little trick that you can utilize that will save your business thousands of dollars a year - which is a shot in the arm that any company can use during the credit crunch!
Many businesses are now “trimming the fat” off of the employee payroll - in other words, if employees aren’t experiencing a reduction in their pay, then many are getting laid off. While this can have an immediate benefit in terms of saving dollars, reducing the number of employees in your office often means that the employees spared from the axe are forced to pick up the pace by doubling up on their work load. For a business owner, this means low morale, an increase in sick days and a decrease in productivity - in other words, money goes down the drain!
Cutting loose a few employees is a financially sound move in terms of cost reduction, but you’ll need to protect your remaining employees from becoming overwhelmed. How can you save money on expenses while still protecting your employees, you may ask? Don’t worry: you can have your expense reduction cake and eat it too by hiring a college or business school student as an intern with your business. To sweeten the deal, set up an arrangement with local colleges, business and computer schools that will offer the internship as credit towards a student’s class or degree. In this way, you’ll be able to save much-needed money by reducing costs while preventing your employees from feeling overburdened with a heavy workload. Students can act as administrative assistants or office managers, or, depending on how experienced they are, can make great data entry assistants as well.
As you can see, expense reduction doesn’t have to mean sacrifice in the business world. It just takes a bit of patience, determination and a whole lot of creativity in order to keep your business profitable during these financially unsound times! Visit kenhimmler.com for more advice on how to survive these difficult times.