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Thriving on a Tightrope: 5 Ways Business Owners Can Save in a Tough Economy

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With the damage from the worldwide pandemic (and subsequent lockdowns) still causing issues with economies around the globe, many people are still tightening their purse strings. These types of downturns are make-or-break for companies, especially small ones. So it’s important to have strategies in place to ensure you can thrive no matter what is thrown at you. The following five tips will help with this:

Don’t Waste Money on Rent

One of the biggest expenses businesses face is excessive rent for office space. While some companies do truly need large offices for their teams, most could happily function by making use of coworking spaces in South East Melbourne and other CBD adjacent areas. 

Not only does this cut down massively on costs, but it also allows you to have a premium address that’s still convenient for staff and clients. Best of all, many coworking spaces feature premium facilities like fitness centres, e-bikes, cafeterias, green spaces, and more. So it could work out to be a step up in quality and a step down in price. 

Focus on SEO

While paid digital marketing can provide quick wins in terms of purchases and eyes on your website, it requires continuous outlay to remain effective. This makes it great for sales or promotional offers, but not so great as the main part of a long-term strategy. 

Instead, make SEO your main focus as it will always provide the best ROI over time when done correctly. If you’re unsure how to handle this side of things, we suggest engaging the services of an agency that focuses on organic growth. That way, you can focus on the parts of your business where your skill set can make the most impact.

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Minimise Tech Issues

Technical issues and IT downtime are major problems for businesses around the world. By minimising these setbacks, you can increase productivity while also driving down costs. A good way to do this is to engage the services of a reputable managed IT solutions provider. This will give you a team of experts who are always keeping an eye on your tech. You get 24/7 care without having to hire an in-house IT department. 

Have a Good Lawyer Handle Your Contracts

Issues with contracts can cripple a business to the point where it cannot recover. While this is obviously one of the worst-case scenarios, and not everyone will experience consequences this severe, it’s still a good idea to avoid running into contract disputes in the first place. This can be done by having a good business lawyer draft your contracts and support you in negotiations. This way, you can be sure everything is above board and your business is covered.

Encourage Your Team to Get Involved in Decision-Making and Innovation

Finally, by encouraging your team to get involved in decision-making and innovation, you’ll see productivity and employee happiness increase. This is because people naturally feel better about working on something they have some buy-in or control over. You may even find that one of the best ideas your business has ever seen comes from an unlikely source.

Tough times are never going to be pleasant, but they’re not necessarily the end of the line. Business owners who adapt to the situation and keep a positive mindset are far more likely to do well in these scenarios. So keep your eyes on the prize and take steps in the right direction, no matter how small they may feel.

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