Businesses are preparing for a tough 2016. With a deflationary economy, struggling consumers and business resource constraints, businesses should place more emphasis on cost-cutting strategies as well as saving for business priorities. Well-conceived cost savings strategies should boost profitability and cater for unforeseen expenses in times of difficulty.
Smarter and leaner operations should also focus on efficiency and return on investment considerations to drive business saving strategies. But, simple cost saving does not help the business.
Unless businesses also grow at the same time, they will fail!
Here are some cost-cutting strategies and growth strategies that businesses must consider for 2016:
Opting to use a professional service provider that charges an hourly or project fee will be less expensive and more effective than hiring a full time employee.
Often the skills in-house cannot be optimised easily to keep abreast of new technology developments.
Encouraging employees to be more productive through incentive schemes is a win-win for the employer and the employee.
But finding the right service providers for your business is also a quest for excellence, so make sure your service provider is on top of their game (and yours).
This also extends into the sphere of professional social networks such as LinkedIn and Google+.
Building an online reputation is an important first step in the digital economy and a top priority of your digital marketing strategy.
Social Networks such as Facebook and Communication Apps such as WhatsApp can cut communication costs while improving communication efficiency and effectiveness.
A retainer for professional services builds long term efficiencies into the business relationship as long as both your interests are aligned.
Negotiating terms of payment is one way of aligning business interests as your service provider then has an interest in seeing product and service success.
Traditional marketing and advertising are no longer enough to engage existing and attract new customers.
Re-prioritising inefficient marketing budgets will boost the bottom line and save the business marketing costs.
It is not by coincidence that most of your business cost savings will happen because of new technology adoption.
Your business growth in the new, digital economy starts with professional Web Design and Digital Marketing.
Contact Us - we can show you how we can save you money and make your business grow.
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