Five tips to beating the recession
- Renegotiate your costs – Go through every outgoing and analyse each and every one, where there is scope for savings contact each supplier and negotiate a better rate. The more in depth you make your list the more chance you have of reducing your costs.
- Cut unnecessary spending, but not at the cost of your customer. – While your analysing your outgoings, ask the question ‘do we really need it’, if it doesn’t affect your customers or your performance then there’s a good potential to save.
- Look for areas of potential improvement – Try to identify any area of weakness, analyses the competition for ideas, or even better get your customers to tell you where you could improve.
- Be more creative in your Marketing – How do you cut cost but still have a marketing strategy? Consider alternative avenues. Search engines offer wealth of advertising and if you get it right you can get if free.
- Go out and get new business – Don’t let cost cutting get in way of maximising revenues from existing customers or your battle to find new customers.