How businesses can cut costs during ongoing economic uncertainty

It seems that after the pandemic, the pressure on businesses is still happening. With rises interest rates, high inflation, and sharp increases in energy costs on the horizon, there are plenty of reasons for worry. One of the best things that you can do to manage this uncertainty is to cut costs in certain areas of your business.

If you aren’t sure where to start with these measures, you’ve come to the right place. Here are some simple and effective ways that you can cut costs and ease the pressure on your business.

Outsource tasks

When it comes to cutting costs, the goal is to maintain productivity while reducing spending. A great way to do this is by outsourcing tasks. Doing so can allow you to ensure that important tasks and functions of your business are taken care of for less than it would cost doing so in-house.

One of the best things to outsource is your facilities management needs to an FM provider. These providers can ensure that your workplace is clean and safe for a price that is more affordable than overseeing this yourself.

Another easy thing to outsource is your marketing. There are companies and agencies with vast resources that often provide more than a single in-house employee can.

Speak to your suppliers

Suppliers are a must for most businesses, but this doesn’t mean that they don’t come at a cost. If you’re worried about rising costs, it can be helpful to speak to your suppliers to see if you can negotiate the current fees that you’re paying. When entering these conversations make sure that you bring something to the table – like offering to make a longer agreement. If unsuccessful, it may be time to switch to a supplier that can offer you a better deal.

Consider a new way of working

The pandemic taught us many things, including that not everyone needs to be present in a workplace to do their job. If you can offer flexible or remote work to some of your team, you may be able to downsize your workplace. Doing so could mean lower overhead and operating costs if you can relocate and reduce the size of your current workplace.

Focus on staff retention

Retaining your staff is significantly cheaper than trying to bring on new members to your team. Without your staff, you won’t be able to run your business during these uncertain times so do what you can to keep them on your side. Check in on them regularly to ensure that they’re coping ok and do what you want to build and maintain a healthy company culture. This will save you from having to spend large amounts on recruitment.