There are a lot of companies that are having a hard time keeping their businesses afloat during the pandemic. Some have cut corners to continue to do business. Some have closed down because of the restrictions and recurring overhead expenses that could not be tied over. A lot of employees have lost their jobs, too. Some either go on benefits or just opted to either freelance or open their own business.
Starting one’s own business during a pandemic is risky and thus, the owner has to be very prudent and careful in handling the business’s finances.
It’s a good way to continue doing business for a longer time and to keep whatever amount is in your cash flow stretch for an extended period of time. They have to make sure they cut the costs when they can without sacrificing quality and customer expectations. More so, cost-effective office space is a must for companies or businesses during these times that the economy is not performing that well.
There are a lot of ways a company can be more cost-effective.
One example is migrating from physical stores to online stores. There are many perks in doing this, one of which is saving thousands of dollars in rent space. Because of the restrictions during the pandemic or even without it, people are opting to stay at home to keep themselves and their families safe.
More people are working at home and a lot has been shown to quit their jobs instead of going back to the office or work on-site. The business owner also saves on employee costs especially those jobs which entail dealing directly with people.
Speaking of staffing, it is generally known that hiring employees is a huge financial obligation. You need to be able to pay on time, pay taxes, insurance, and benefits. This would incur a higher overhead and allocated fund so that you would still be able to pay their salaries on time if the business is not doing very well or have just started. For this, you can look into hiring contractors or freelancers.
That way you get the job than when it should be done without the needed financial burden of permanent staff. However, as you go along further with your business, the cash flow has stabilized and you’re making a profit. It is still recommended to hire staff as the training of new employees to understand the flow of the business and their responsibilities can be daunting and time-consuming.
Going green or being environmentally friendly is a great way to advertise your brand as a socially and environmentally conscientious and responsible business. You can opt for recyclable packaging for example. You are helping the planet and also cutting costs, so it’s a win-win situation. Traditional light fixtures can also be replaced with LED bulbs, it takes a lesser amount of electricity and is just as bright. You can also look into solar energy once you are already making a profit and in it for the long run. The savings on energy would be extensive and there will be less consumption of fossil fuels. So you are saving money and also helping not to deplete natural resources.
As for vehicles and equipment, they can be rented or leased if it’s not going to be used every day or if the current cash flow doesn't permit it at the moment. That way you would also save on space, the cost of the vehicle or machine, and the expense of maintaining it. You can also look into buying pre-owned vehicles if your company really needs them. You need to be able to evaluate the primary needs to keep your business going without putting too much dent in your company budget.
Marketing is an integral part of a business especially for those who already have their product quality down. A lot of companies wait till they are making a profit to advertise, while this is prudent in terms of business expenses you would also need to balance it with making a profit by reaching out to your target market and making your product known.
A good website adds legitimacy to your company and also gives your potential customers a good browse through of your product with a way to purchase or contact you. Nowadays social media is a way to reach more customers as almost everyone has a social media account.
As for building a good office space whether at home, leased, or co-working space, you can save a lot of money by just upgrading the space or remodeling. A new office space that would also cost contractors permits from the local government to build can cost you at a minimum of $10,000 to $30,000 depending on the size and the amount of upgrading the space needed for aesthetics, safety, and health reasons.
The furniture in an office should be able to provide you comfort and support for a worker’s efficiency and productivity at work. You could also look into lounge chairs for your guests if needed apart from the primary fixtures in an office setting. Storage is also good to have to put away office supplies and documents to keep the space tidy and provide clarity of mind for employees.
However, the desks should also be stable and large enough for needed supplies to be at hand when needed to save time and energy. As for office chairs, this could be a large expense but you need one that would last you for a long time. It should provide your body ample support and be adjustable to reinforce good posture whatever height and size the employee is.
At FlexiSpot, there are a lot of desks to choose from depending on a person’s or office needs. They are designed for optimum comfort and longevity of use. All of it has been tested for safety and convenience. You can find desks where you can adjust depending on the height of the employee and its current use. You can even find those where you can conveniently charge your phones or devices. That way, you won’t use up the USB ports of your computer and risk the safety of the office computers or risk your power cords being a fire risk for putting too much on it in use at the same time. Above all, you can find products that would suit your budget. One example is the Fixed Height Table FD1 -47” W.
It is a modern multipurpose desk with durable steel legs and a dense chipboard top. The surface is 47 inches long by 24 inches deep and can hold up to 220 pounds. No electric power is needed; it makes it easy to sit and stand. Learn more about other products from Flexispot's website.