Due to these unusual times, many businesses are experiencing a fiscally challenging year. Whether it’s because of decreased foot traffic into your business or closure requirements, now is a good time to evaluate where you can spend less without sacrificing too much.
- Create partnerships. Developing relationships with other startups is a great, cost-effective way to spread your name. Focus your time on creating alliances with related business that might promote your items for free.
- Negotiate with vendors. Take time to find the vendors that are going to give you the best deal. Do not be afraid to negotiate for a better deal.
- List positions at local colleges. Recent graduates may not have a ton of experience in the industry, but they are eager to dive in and learn everything they can about your business. Many recent grads will accept entry-level compensation, which can be less costly than hiring someone with a lot of
- Rethink your marketing budget. Consider nixing a traditional advertising budget for a new age budget. Refocus those funds to social media and email marketing, which both allow you to directly target your audience.
- Go green. By switching to green appliances, saving paper, and other green methods, you can save hundreds of dollars a month. Many Cox offices have achieved Zero Waste to Landfill, which saves the company millions while bettering the environment.
- Buy in bulk. Buying in bulk is a great way to cut costs. This will save you money on both product and shipping costs.
- Hire interns. Many interns will work at your business in exchange for college course credits. As a bonus, interns will often work just as hard as full-time employees to gain the experience that they desire.
- Eliminate added costs. Think about the things your business can survive without. Audit your software to see which tools aren’t essential to current operations and cancel any consulting or professional group memberships.
- Scale back employee time. If you find it cost effective, move to a four-day work week. This will ultimately save on your employee costs and electric bills.
- Go remote. If your employees are happy with remote work, consider allowing 100 percent remote work and ending the lease on your office building or renting the space to another business. This will save you from having to pay monthly rent, which you can invest back into your business.
Lisa Lovallo is the Southern Arizona market vice president for Cox Communications.