- Months into the COVID-19 crisis, business owners are doing everything they can to adapt to the changing needs of their communities. They’re flipping their business models, streamlining services, doing their best to keep their staff on payroll, and constantly analyzing their practices and services to see where they can save money. I’ve been working with business owners in my role at Valley Bank since 2012, and I want to share six ways you can save time and money now:
- Use the services your bank provides. If you haven’t already, switch to electronic payables and receivables. Your bank likely offers multiple treasury products that save on paper and time. Switching to online payroll services and using remote deposit capture can allow you to bank without ever stepping foot into a brick and mortar branch.
- Cut extraneous employee expenses, not employees. Employees are part of your community, and your business can’t function without them. Analyze company expenses, even the smaller ones like air conditioning and supplies. Small cuts in ongoing expenses can add up to large savings, and it may make a difference as you focus on keeping all employees on the payroll.
- Embrace telecommuting and keep your meetings lean. Saving time means saving money. Telecommuting isn’t possible for all employees, but when it is, it can be a huge money-saver. Also, while you can’t eliminate meetings altogether, limit the number of people who are required to participate. If employees are sitting in meetings, rather than working on production or development of products, you’re losing money.
- Consider cutting traditional advertising in favor of low- to no-cost alternatives. Thanks to the many options in internet marketing, you can still reach customers without paying for ads on cable television or in newspapers. Knowing your customer base and where to find them online is essential.
- Negotiate with vendors and landlords. Take a look at everything from your lease to shipping rates to office supplies. Many businesses now are realizing they need less office space, so it’s a good time to consider moving, downsizing or renegotiating. Remember that vendors and landlords want to stay in business too, and this might mean they are willing to negotiate.
MEET THE EXPERT
Elizabeth DuBard is the Retail Market Manager and Vice President of Valley Bank, based in the downtown Montgomery branch. She can be reached at firstname.lastname@example.org or 334-270-3040.