The COVID-19 pandemic has been traumatic for everyone, including small business owners. If you’re dreading weekly payroll processing, you’re not alone.
Whether your business is considered essential or not, trying to maintain a healthy profit level — while doing everything you can to protect employees — is almost definitely a challenge. Here’s some advice to help your company stay afloat.
Four Easy Ways Small Businesses Can Cut Costs During the Pandemic
Eliminate All Unnecessary Expenses
No doubt, your company has plenty of recurring expenses that can be eliminated without impacting the quality of your products and services. For example, if your employees aren’t currently working in the office, you don’t need to pay for janitorial services or keep stocking the kitchen with snacks. Cutting even a few small expenses can add up to big savings.
Negotiate Late or Partial Payments
If you’re having trouble paying the bills, work with your landlord and other creditors to come up with a payment plan. Your business certainly isn’t the only one with cash flow issues right now, so they will likely be happy to work with you. This might free up some extra cash to keep more employees on the payroll, so you can keep your business open.
Strike a Deal With Vendors
Your vendors want you to stay in business, because you are their business. Therefore, they might be willing to negotiate a lower price for goods and services, to ensure your company can afford them. Have an honest conversation to let them know where your company stands and find out if they can afford to cut you a break.
Seek Cheaper Marketing Options
Marketing is important, but it’s often the first to go when a company experiences financial issues. However, as long as your business is still up and running, you should never eliminate marketing altogether. Instead, seek out free or lower-cost marketing tools. Reduce the amount of money you’re spending on ads and place a greater emphasis on referral marketing. Now more than ever, people want to help their favorite small businesses stay afloat, so leverage your client base.
Looking to restructure operations to keep your business running smoothly during the pandemic? Employment Contractor Services offers a full suite of high-quality, low-priced services to help manage your contingent workforce. Contact us today to find out what we can do for you!