We are all experiencing the credit crunch at its finest at the moment, and the harsh reality of what happened is just beginning to really play on our minds and empty our accounts. These ideas will not save you thousands of even hundreds, but every little helps.
Staff management-Do you really need everyone. As horrible as it is to say if it can save a business it is worth thinking about. Time is not free hence why we pay for it so dearly on a monthly basis. Do your own accounts and HR, get rid of over staffed roles, no more assistants assistant. Make the staff that stay work, you pay them so they should be doing it already but you will be surprised what goes on when your back is turned, close that gap. Whilst the sales may be quiet put a little extra effort into tightening up on employees.
Expenses- Claim the right expenses, make sure you are claiming what you have a right to. If it is for the business you cannot really go wrong. But make sure you stick the the rules, no one wants trouble with HM Revenue and Customs at a time like this in particular.
Cash flow– Keep it going, chase cheques and small business just to tide you over until the storm ends. 30 day invoices on small orders can keep cash coming through the door even if it is not big profit.
Late fees and pointless payments- Avoid at all costs paying what you may not have needed to. Tax deadlines and late fees are a killer, keep up to date. Pay the right people on time, late payment to the wrong person can result in a much larger cost. For example, being put on stop by your carrier will ultimately cost you money in sourcing a replacement that may cost you more or even worse you may have to use Royal Mail, never mind the man hours in all of this.
Business Plan and Targets-Re Plan, if your current plan is not working, re visit it, ask advice from the people around you, small changes could be the difference between profit and loss.
Green Living-Bills, cut them, gas, electricity, even rent, where possible get them cut to the lowest possible amount. Go green, just really green! Be cheeky and ask your landlord for a reduction, if you have been there a while and have always paid on time, explain your situation, we all want to make money but even the toughest business men are capable of compassion.
Marketing on a budget– Make the most of free sources at your finger tips, twitter, blogs, facebook, LinkedIn, free networking events, and existing customer databases. Call up all your customers from the last 5 even 10 years, see how they are, catch up, remind them of your existence. Marketing does not need new flashy brochures and a website update, simply modernise what you have with a few low cost tweaks.
Last of all, remember what is important, don’t let money bring you down.
“The most important things in life aren’t things.” – Anthony J. D’Angelo