With an economic recession looming on the horizon, many businesses are evaluating ways to prepare. For some companies, that may mean letting go of staff, but that shouldn’t be your first step. Check out these five ways of cutting costs without cutting staff.
One of the easiest things you can do to save money is to get rid of all your paper. This includes documents like any of the following:
- Legal notices
- Employee records
- Company handbooks
Use a digital hub like SharePoint to provide employees and clients with the information they need. You can also use services like DocuSign to handle legal paperwork so you don’t have to mail physical copies.
Save on Energy
Energy is expensive. Find ways to cut power usage during peak times and consider implementing high-efficiency devices in your business model. Not sure what your energy costs are going toward? You might consider bringing in an expert to assess your company’s greatest energy wasters.
Check Warehouse Efficiency
If you run an online business, you may never see the warehouse that ships your products. However, what you don’t see could be a highly inefficient space in need of an upgrade. Custom conveyor belt systems can drastically increase the productivity of your warehouse, resulting in faster delivery speeds and higher volume management.
Negotiate With Suppliers
Another way to cut costs without cutting staff is to renegotiate with your suppliers. Chances are, they need your business as much as you need their supplies. They might be willing to cut you a deal in order to keep you from looking elsewhere for your supplies.
Restructure Staff Schedule
Before cutting some of your staff, determine if you can restructure your schedule to suit your business needs. For example, you might be able to keep the same number of people and reduce their hours. This way, you don’t have to reduce pay rates or lose valuable talent.
No one likes to dwell on the possibility of a recession, but preparing for the future can keep you from making tough decisions later. Follow these tips to protect your business and your workers.