Originally posted on February 4, 2009 on emeryroad.wordpress.com
When it comes to difficult economic times, reevaluating business strategies and operations can be a healthy way to supplement your company’s cash flow. Business today is not the same as it was two years ago; the down economy has called for the utilization of different methods in order to stay in business. Here are ten tips to help your company stay afloat during the current economic conditions.
- Increase staff involvement. Hold regular meetings and encourage staff members to participate in making important business decisions. Utilizing staff involvement can help take some of the weight off your shoulders during these tough times.
- Promote creativity within your organization. Staff involvement is an effective way to stimulate creative ideas and ways to manage business during this tough economy. When staff members are more involved, they feel a greater sense of belonging and are more likely to work more productively and effectively.
- Increase efficiencies. Developing more efficient systems saves your organization valuable time and money. Determine ineffective business methods, and modify or eliminate them to increase efficiencies and enhance performance.
- Reevaluate market strategies. Consider tapping into markets that are less impacted by the current market conditions, such as utilities, or switching gears to offer a new product or service.
- Barter for services. Contact your vendors and suppliers to determine how you can help each other out.
- Invest in training. Choosing the right training for your workforce can go a long way to stimulating growth in your organization, and demonstrates your commitment to your employees’ potential. Training instills a sense of relief and confidence in your organization’s future as well as in their own.
- Pay attention to expenses. Evaluate your organization’s expenses and determine ways to lower them. How would turning off all lights when not in use or lowering the office temperature a few degrees impact your organization? How can you lower expenses by reducing paperwork? Would investing in a more energy-efficient HVAC system result in a cost savings? Would internal training help eliminate an expense for outsourcing or would increasing outsourcing be more cost-efficient?
- Consider commission-based employment. Getting everyone involved in helping to make business decisions and sending them off to generate more business really gets them fired up, especially when on commission-based employment.
- Reduce waste. Spend some time digging through your company’s dumpsters to see if your staff members are throwing away products or equipment that could be sold for cash.
- Monitor and control employee usage of company materials. Strictly limiting the usage of company materials to business purposes only can result in some major savings for your organization.