The COVID-19 pandemic has been a challenging time for businesses across the globe. One of the most significant pressures facing companies is financial strain caused by the pandemic. Being forced to close during quarantine has led to diminished profits and extra pressure to meet the continuing costs of running a business. This is a vast challenge for businesses to overcome and one reason that so many companies have ceased trading during the coronavirus pandemic. No business owner wants their company to be collateral damage in a situation that is out of their control, but unfortunately, that has happened to many companies. According to Yelp’s Local Economic Impact Report dated September 2020, 60 per cent of the businesses that closed during the pandemic have ceased trading. This figure shows that in just six months, temporary closures of small businesses led to 97,966 businesses no longer being viable and closing permanently.
If your company has managed to ride out the pandemic so far, you may be concerned about how you will continue to do so over the coming months. The business closure statistics mentioned above are likely to have prompted you to consider how you can take a proactive approach to safeguard the future of your business and to protect it from the continuing impact of the pandemic. One of the most effective ways to continue trading during challenging times is to go back to basics and look for ways to reduce your business running costs. Here are some of the costs to consider reviewing when looking for ways that your business can save money:
Cut Your Bills
Cutting your bills in the workplace may be something that you have not given much consideration in the past. However, when times are tough, any opportunity to save money is worth the effort. You could start by cutting your energy bills; you may want to see if switching to a different supplier will help to cut costs. Alternatively, you could make changes at your business premises to reduce energy consumption such as powering down equipment when not in use and switching to energy-saving lighting.
Going paperless could also help you to make savings by saving money on the cost of running a printer, buying paper, ink and toner, as well as the postage costs involved in sending paperwork.
Reduce Shipping Costs
If shipping goods to your clients is a significant expense for your business, it is a wise idea to look into ways to reduce these costs. Researching competitive UPS shipping rates for businesses should help you to find more cost-effective alternatives to your current shipping method, which can add up to a significant saving in a short space of time.
Downsize Your Business Premises
The cost of renting your workspace is a significant expense and one that you may be able to reduce. Switching to a smaller workspace is an excellent way to save money and will also ensure that you are not paying for square footage that you are not using.