Cutting costs, especially in this covid-19 era, has become a necessary evil, and the marketing budget is the first to bear the brunt. Cost-cutting doesn’t have to affect business objectives or long term growth negatively. Instead, it can work as a catalyst to reach the next level.
Cutting Costs by Working from Home
Coronavirus has done its best to shine a spotlight on working environments, and your business can use that to your advantage. According to a recent survey, up to 43% of the work-at-home employees want to continue with the working model even after the pandemic. But is this a bad thing? Not at all!
There is a silver lining to the cloud.
Sun Microsystems say they have saved $68 million every year in costs, thanks to telecommuting. Your business does not have to pay for the utilities or larger premises since the staff are working from home.
You can repurpose the office space meant for workers now working remotely. Typically, rent out the extra space to add an extra coin to the balance sheet, or even downsize the home office to a smaller one.
Take advantage of low-cost marketing provided by online platforms by using social media marketing. If you don’t have one, create a business blog where your customers can get important information. Other cost-cutting measures include downgrading to a smaller telephone system.
Employees working from home don’t have to deal with specific issues that would keep them out of work, such as childcare, and they are in an environment they love. There are no co-workers distractions, and this improves their productivity.
You will not need to hold meetings as much with remote working unless it’s necessary. If there is a need to strategize on the next moves and face to face meetings are critical, rent out an event space.