As the world is isolated in this era known as the coronavirus many of the business has faced a major setback. Due to this sudden isolation plan, the number of platforms has faced decreased customer quantity. People are afraid and more cautious now. Whenever going outside one can see a number of places closed or limited. During these desperate times, the business obviously has to pay up basic costs such as rent, bills, or wages. With no profit coming how can this be possible? For sure this must be a burning question for many. The solution is to decrease business costs. The only way to survive during this tough time is to manage and adapt to the changing environment.
Below are a few actions you can take to decrease costs significantly:
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Get Rid Of The Extras
If we look into the basic hierarchical system of any common organization we will see that there are a number of people in the hierarchy without whom the work can be done easily and they are there just for the sake of argument.
Instead of paying these people extra and using up all the office space and resources, is it not better to let go of them and pay a bit extra to the necessary employees along with more job responsibilities? I know I must be taking a lot of jobs suggesting this but the priority here is to keep the business alive and save the jobs of all 100 employees in the organization rather than some 10 extra employees. The goal here is to optimize and upgrade the workforce, not just workforce reduction.
Use Suitable Marketing
As times have changed people are more present inside than outside. Therefore using the old marketing method that consists of posters or billboards is really not going to work.
It is suggested to use an indirect marketing technique. Where the brand provides material good enough to keep customers coming and creating a better brand image with the help of word of mouth. People are locked inside of their homes what do you expect them to do? Yes, talk. So let this talking convey the message. All that you have to do is to create customer satisfaction.
Promotions That Are Affordable Can Be Useful
Need a recommendation? Better use promotion tools that are more affordable and play the role of reminding people of the brand for a longer period of time. So let’s think of what are the things that fall into the above-mentioned criteria.
1. Keychains can help. People use them for a longer period of time and it is more of a personalized tool that crosses their vision a dozen times a day.
2. Similarly, lanyards are something that falls in the category of personal belongings of a person. The lanyard can be customized, printed with your logo or brand name on it to avail such services we trust on 4inlanayrds. The product not only affordable but also long-lasting.
3. Coupons can be used for similar purposes as well. It is for sure not a favorable or long-lasting tool but it is attractive enough.
There can be other solutions to the problem of business costs running overhead such as cutting supply chain costs, Decreasing financial expenditures, cutting costs of production or even narrowing the focus of system (Scuderi, 2012) but the given steps have proved to work in these specific times and are worth a shot.
