How and when exactly Brexit happens is still up in the air, but with greater uncertainty comes greater caution in most markets, with many people keeping their money in their bank accounts and pockets anticipating and preparing for the worst. It stands to very good reason, therefore that UK businesses should plan in a similar fashion, cutting costs where possible, but avoiding cutting indispensable services that could exacerbate any decline in trade, such as marketing and social media management.
Organic staffing cost-cutting
Most businesses see a relatively regular turnover of staff, so in times of uncertainty when someone leaves their post it can make sense to have a detailed look at exactly what that person contributed to the business and whether it justifies another full time employee. You may be able to distribute all of the ex-employee’s workload among existing employees or if not you may be able to offload enough to leave less work for a part-time role to save money. It is, however, vital not to adversely impact on staff morale and with some of the money saved it would be good for spirits within the team to pass on at least some of that to anyone taking one extra responsibility and even give them a new title. Give existing employees the chance to be part of the review of the important things in the business as they may have valuable input and being asked boosts morale and productivity down the line.
Utilities and overheads
There are many ways that businesses can look to cut costs when it comes to overheads. Utilities are becoming evermore expensive and reducing costs is not that difficult. Switching energy suppliers more often has been shown to be more cost effective than sticking with the same provider year on year, but switching aside, there are many more ways to reduce your utilities bills. You can implement programmable smart thermostats to reduce costs without impacting on comfort. If your premises are larger you may need multi-zone thermostats. Make sure windows are double glazed and well-sealed and ensure that blackout curtains or blinds are installed to be closed on hot days and opened on cold, but sunny winter days to maximise natural climate control.
Review existing suppliers
Just like energy providers,suppliers of all kinds can get complacent and take existing customers for granted at the expense of providing cut price offers for new customers. It is vital that you keep on top of your contracts, seek out other quotes and ask for better rates from your suppliers. Even switching the supplier of mobile phone contracts for employees where applicable can save hundreds if not thousands of pounds a year.
Focus on online marketing
Online marketing as opposed to advertising in local or national press or paying for costly billboards is certainly more cost effective and can also yield far better results. Get your website SEO optimized, create cutting edge content and adopt an effective social media strategy. This may seem like a cost-generating exercise, but if you implement these ideas while cutting down on more traditional advertising methods you will cut costs.