Here are the 3 ways small businesses can lower overhead costs. During uncertain times like these it’s necessary that you lower your overhead costs as much as possible.
- Check for Bill Deferment: Many banks, lenders, and utility companies currently offer bill deferment for businesses impacted by the coronavirus crisis. As a small business owner, you should reach out to them to see if you qualify for a forbearance.Examples include: You can contact your banks to see if they can suspend payments. Many will defer mortgage loans for up to 12 months, and some might suspend small business, auto, and other loan payments for a temporary period.
- Eliminate non-essential spending: Small Businesses should seek ways to operate as lean as possible during the coronavirus crisis. That means cutting all spending that’s not essential to operations – and even cutting non-essential operations.
- Invest in affordable marketing: Small businesses can cut back on marketing expenses while they weather the storm, but that doesn’t mean they should reduce their marketing. Rather, it means they need to seek new, affordable (and even free) ways to maintain their presence during the crisis.
For example: You can double down on cheap marketing like Social Media Marketing and Email Marketing. Invest for the long-term, and now is the time to build up your organic reach and drive traffic. These are both ultra-cheap, yet highly effective, marketing channels
If you need help formulating a digital marketing and sales plan for your business, please reach out to us to schedule a time to chat. We are here to help small businesses during these tough times.
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