When Times Get Tough, the Tough Adjust Their Spending
Keeping a business going beyond its first year is tough. Just two out of five startups last beyond 12 months. Another closes up shop before it can turn five years old. So, at the end of the day, every new business has just a 20% chance of actually being a success over the long-term. For those that are lucky enough to make it, a lot of their financial stability comes in their ability to adjust and simplify their budgets.
If your business is on the brink, then knowing how to simply your business’s budget might be enough to help you turn your ship around. Here are four changes you can make that may help to take some pressure off of your budget.
Migrate to the Cloud
If your business has a physical data center or it is paying an outside company to manage its infrastructure, then it is behind in the times and losing a lot of money as a result. Cloud-based computing is the future of business infrastructures and the future is now. Compare cloud service providers and then choose the one that fits your company’s needs. You will save money and enjoy more reliable service and support with greater flexibility to accommodate your business as it grows.
Accept Modern Marketing Techniques
Word-of-mouth referrals still hold a lot of value, but they have fallen behind today’s most important marketing indicator – the company’s online reputation. Today’s consumer is quick to share their positive and negative experiences with a company online, where thousands of people can access their reviews in mere seconds. Therefore, focus on building a strong online community that supports your business. Welcome social media, and make it a part of your company’s marketing efforts. It’s free and effective!
If you have one provider for your Internet and another for your phone service, then you could be spending much more than you need to. Consider consolidating your services under one provider that offers both broadband Internet and VoIP phone service. You will save money by bundling services, and managing the accounts will be easier because you will only have to worry about one bill.
Welcome the Remote Workplace Revolution
These days, more and more companies are welcoming the remote workplace revolution and yours should too. By providing your employees with the ability to work from home, you can drastically reduce your overhead. You can save on office furniture and employee workplace needs, and if you implement a BYOD (bring your own device) system, you can even save on technology costs because your employees can use their own desktops, laptops, or tablets to do their work. Plus, as an added benefit, according to a study conducted by Stanford University, those who work from home are 13% more productive than their on-site counterparts.
Making these four changes may be able to help you simplify your business’s budget so you won’t have to pay as much out in certain monthly expenses, thus leaving more revenue for the business to work with for other, more important tasks.
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