You've heard the rumors and are likely shuddering...yes, we are on the verge of a recession but do not be scared! This is the time we need to get ahead of the situation and figure out how to cut some costs. Here are three tips on how companies can save thousands of dollars during this period of economic decline:
It's time for a spending audit! Every dollar counts, right? It's time to download your bank statements and highlight every single expense that you think might not be completely necessary at this time, or are low ROI. I want you to especially look at those sneaky subscriptions that you don't even know you're getting charged for every month. Those things add up!
Automate, automate, automate. This might seem like a complete contradiction to #1, but hear me out. There are TONS of programs out there that might not seem tempting to cancel or not spend the money on, but if they are saving your employees time, then you need to do the math and see if it's worth it. Does it cost more or less than the time you are paying someone to do it?
Contractors can be cheaper than employees! This one can slash THOUSANDS in your spending. Let's say you need to hire an administrative professional at $30,000 a year. You also have to think about employee costs like PTO, benefits, 401ks, holidays...you are spending way more than $30,000. Shameless plug: Admin Amy can replace multiple positions for a fraction of the cost and help your business cut down on the cost of labor and employee fees.
Remember...we got through this in 2008 and we are now 14 entire years stronger, smarter, and more experienced! You got this. 💪