As 2020 nears, it would be understandable for you to feel a little nervous as a business owner. After all, economically, the world is looking rockier than it has done in a long time. The American, Chinese and British economies have slowed, while Italy has even fallen into recession.
All of this raises the question: how are you supposed to buttress your business against the increasing risks? While setting aside an emergency fund would be a good idea, this would still require financial outlay. With the following tips, you could help yourself to minimize your spending and scale your business.
1- Apply for Financing While it’s Still Cheap
In business, as in life, the future is unpredictable – meaning that, for all you know, we could currently be seeing the financial calm before the storm. Your company could be in better financial shape than it will be at any time of 2020, hence why you shouldn’t hesitate to take out financing now, not later.
Forbes points out that, as banks and lenders look fondly on a small-but-growing business, they are likelier to give this type of business affordable interest rates as well as terms capable of paying impressive dividends later. Flexible deals would let you delay when exactly you dip into the funding.
2- Make ’em Green, Make ’em (financially) Lean
This is, of course, referring to businesses, which already stand to foster an appealing image from making their operations more environmentally efficient.
Business 2 Community notes that over 70% of consumers would happily pay a minimum premium of 5% for more sustainable products.
However, with such products, even as more money comes in, you can still trim how much goes out. That’s because renewable energy falls in price over time – and, even where you aren’t using entirely renewable power, you could lower your carbon footprint by switching off tech at the end of the day.
Moreover, building a green business doesn’t just help you reduce costs, but also plays a substantial role in effective marketing of your business.
3- Streamline Your Long-term Financial Commitments
How many long-term financial deals have you signed up for? Chances are that you’ve lost count, but are also convinced that, if you were to suddenly lose any of the functionality you’ve paid for, part of your corporate infrastructure would grind to a halt and all hell would break loose.
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It all looks a bit like a disaster waiting to happen, hence the sensible rationale for, where you can, swapping out several smaller deals in favor of just one larger deal, potentially saving costs in the process. Perhaps you could sign up for one of the Horizon business phone systems by Gamma?
4- Take up a More Flexible Recruitment Strategy
Another good reason to implement a comprehensive phone system like Gamma’s Horizon offering is that it could ease communications between staff members, not just between your staff and customers. Hence, the kind of flexibility advocated by TechRadar, with contract and freelance staff added to your workforce, can be a more practical possibility.
Allowing staff to work remotely could help you to keep them on your payroll as well as reduce how much brick-and-mortar office space your business requires.
The Bottom Line:
Every startup wants to and plans to grow to the next level, but growth is technically not possible unless you scale your business. Yes, if you are a startup with unlimited funding to back your business, the case will be different, but for everyone else, they need to cut the costs and increase efficiency in order to grow to the next level!