The COVID crisis has put a lot of businesses to the test. Some were able to stay afloat, others pivoted, and a good portion ended up failing. In some cases, it was due to inefficiencies that were there before the pandemic; all it did was bring them to the surface.
If you’re still operating, you need to do everything in your power to eliminate waste in all its forms and keep expenses to a minimum. This is the fastest and simplest way to increase profits in times like these. Let’s take a look at a few simple ways to cut business expenses in the age of COVID-19.
Look for Support
You first need to be familiar with any governmental support programme that applies to you. You have schemes that will help you pay employees and others that will provide help if you have seen a significant decrease in revenue because of the response to the pandemic. You may also have to handle sick leave for employees who contracted the virus, and there are schemes to cover for that as well.
Work Deals Out with Your Utility Providers
Now would also be a great time to start renegotiating deals you may have with your utility providers. If you haven’t already, then chances are you can get them to lower your rates. If you can’t, then know that you can always look elsewhere.
You have services like www.utilitybidder.co.uk that will allow you to compare prices between water providers and their team of experts will be able to negotiate better deals for you. They can also help businesses save on gas and electricity. There is absolutely no reason for a business to stay with a supplier unless they’re getting the best deal, and most companies will get complacent with established clients, so take advantage of your options.
Reduce Waste in Your Processes
Now would also be an excellent time to start monitoring your processes and see if you can make improvements. One thing you could do is implement some sort of lean project management tool like Kanban in your organisation. This system uses a series of note cards with specific tasks going through swim lanes with columns identifying every stage of the process. This way, you can not only see who is working on what, but how much time it takes to complete tasks or get them through every stage.
This will allow you to see if certain employees take more time to finish some tasks, for instance. Or, you might be able to identify bottlenecks and reorganise your staff accordingly. When properly implemented, this kind of tool can help you continually improve your processes and use just the right number of staff. Not only that, but it will also allow you to increase your throughput, and do it for less. It’s also an essential tool for companies trying to implement remote or hybrid working.
These are all simple ways that you can cut your expenses during these tough times. Make sure that you consider all of these options and dedicate yourself to always improving your business at every level.