A new Business Australia poll of businesses with 200 staff or fewer has revealed that 60 per cent of businesses have suffered a drop in revenue during the pandemic, while only 18 per cent experienced a consistent revenue and a slim 9 per cent enjoyed a growth in sales.
Business Australia said businesses can trim their costs by following a few simple rules.
Go paperless: By going paperless, businesses can reduce how much it costs to send and store mail, as well as their environmental imprint.
Compare the best utility prices: Much like private consumers, businesses are encouraged to compare prices and switch providers if they offer a better deal on electricity or gas. The average saving is just over $800 per year for businesses.
Negotiate hard: According to Business Australia, businesses must negotiate towards a better deal. Many suppliers, even landlords, may be able to support businesses through this crisis with extended payment terms, rate reductions or even debt forgiveness.
Operate online:Business Australia advised businesses to shift business operations to the cloud to save on physical storage space. Look to sell online if you can.
Clever marketing: Look to earned media, especially through social channels to deliver cost-effective marketing campaigns.
Streamline subscriptions: Lastly, businesses are encouraged to review and cancel subscriptions they may not need anymore, freeing themselves up of unnecessary costs.
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