A Penny Saved?: Recession Busting
My 16-year-old son said something interesting to me the other day that sort of stuck with me. He said, �Dad, now that the drought is over, can we go back to longer showers?�
I responded – �Of course not. We don�t waste water just because we have it.� While without the results he had expected, he triggered a very wise thought.
A long gone saying I remember from my childhood was, �a penny saved is a penny earned.� I suppose it took me about 35 years to figure out what it meant. But it embraced the concept of saving money, or in essence, preserving our resources, no matter how small or insignificant they seem to be.
The extension of that thought is with your business: as a result of the changes you�ve had to go through in order to operate your business, how many of the new habits or practices will you continue once the economy begins to prosper. Some recession busting practices that might make sense to carry forward include:
- Having virtual meetings
- Working virtually
- Outsourcing non core activities
- Holding webinars in lieu of short training sessions
- Using the internet as an effective advertising medium
- Building strong referral networks
- Demonstrating value
- Doing what you do – better
I suppose that if there are some good outcomes to a recession, �cleaning out the junk� has got to be one thing on my list. What I mean by that is getting rid of all of the expenses � reducing costs � of things that weren�t core to the business, or part of your organization�s brand. That might mean selling extra equipment, getting rid of company cars and other non-essential benefits and going out and buying your own coffee.
Now, ask yourself � that is, if you intend to keep your business thriving through the recession, �where can I find my pennies?� What are the small things you can do that will add up over time? There are lots of them. Here are a few:
- Use both sides of the paper (recycle)
- Don�t print documents that you can read and save on your computer
- Turn your non-essential computers off at night
- Have a company like cBeyond do a free evaluation of your phone system � they might be able to save you tons of money
- Manage your employees� hours. If you let half of your team go and are paying the other half overtime most of the time, was that really the best option? Can you bring some back as contractors?
- Use your team to help steer the company. You be the leader, have them provide the �go!�
As always, we welcome your thoughts and feedback.
At Aepiphanni Business Solutions, we are a Small Business Consulting Firm dedicated to serving the needs of small business owners. We specialize in helping business leaders and executives organize, plan and develop strategies for their organizations. We are committed to our clients’ success.