Costs going down on chalkboard

As the economy goes through some major changes, many businesses are having to cut any and all costs deemed “unnecessary”. But what if that leaves you in a place of asking, “Okay, what now?” Below, we’ve listed out a few steps to take once those initial costs have been cut that can help your business main success and efficiency.

  1. Look Inside

Now is a great opportunity to look at what worked, what’s working and what hasn’t worked. Be unabashed. Find an authority to help you navigate the conversation with yourself and your leadership team. As your business grows, it becomes more and more important to review the company’s performance to date and subsequently plan on how to succeed ahead.

Both new and established companies spend a lot of time and money on analyzing daily actions and focusing on reducing daily costs to make higher profits. However, what most businesses overlook is a long-term or sustainable analysis. 

Strategic analysis of a business is key to survival. As companies grow, its employee base grows, its departments increase, its operations grow and its cost and maintenance requirements expand. 

A detailed review of the company’s operations on a quarterly, bi-annual, or annual basis becomes increasingly important and rewarding to assess whether:

  • the business is performing well
  • the company is getting the most out of the business or making the most of market opportunities
  • the business plan is outdated or needs updating
  • the business is moving in alignment with organizational goals
  • the business is ready to move to the next level

Only an accurate method of analysis will help you reap the benefits that are associated with reviewing the performance of a business.

  • Outsource

There are some things that only you as the small business owner can do, but there are also lots of things that others could do that you still insist on taking care of yourself. We get it; it’s part of wearing all those hats, but it can also be a waste of time.

A better strategy is to view each task through the prism of whether someone else could do it just as well as you—or, sorry to say, even better. You may find there are some things like writing your blog or handling your social media that a specialist can do in less time and with less hassle. Letting secondary duties go allows you to preserve your time for the things that are truly mission critical. And that goes for repetitive functions like billing. See where you can use automation to make all your processes a little quicker, easier and ultimately more effective.

  • Focus on Meetings that Matter

Is a weekly staff meeting a helpful base touch that includes important camaraderie or is it a time suck that doesn’t contribute to your collaboration? Many meetings can be better handled with an email, saving everyone time and frustration.

The same is true with client meetings—only you can decide if they are an important relationship-building tool or if some of them could be handled via a video chat to save yourself the driving time.

But no matter what meeting schedule you settle on, make a point to keep at least one day a week meeting-free to allow you to do the heads-down, uninterrupted strategy work that will ultimately move the needle on your success.

Every business is different and cutting costs is no exception. Still, it’s almost guaranteed that your business can benefit from implementing these steps.