How to Cut Costs and Optimize Business in Times of Crisis
The recent outbreak of the Coronavirus (COVID-19) has caused more than just a global pandemic, but potentially a worldwide recession. This is the prediction from the Managing Director of the International Monetary Fund, Kristalina Georgieva, who said that the financial impact of the 2020 crisis will be the same, if not worse than what we experienced in 2008. In fact, she went on to say that 80 countries have already reached out to the IMF for financial assistance and they are ready to deploy the entire budget of the Catastrophe Containment and Relief Trust to help countries weather the storm.
While individual countries are taking drastic financial measures to help businesses get through the latest crisis such as lowering interest rates and providing tax relief, each company individually needs to take some steps to help themselves. In this article we will take a look at some ways companies can cut costs and optimize their business during this difficult time.
Outsource the Low-Level Tasks
Every company has some mundane and routine work that takes up a lot of time, but simply has to get done for the business to function. This includes things like data entry, managing calendars,organizing paperwork and many other administrative tasks. All of the BPO activities mentioned above and many other ones do not have to take up the time of your in-house staff since they can easily be outsourced. Furthermore, due to the loss of revenue many companies are dealing with right now, they might not even be able to take on somebody on a full-time basis, which increases the value of outsourcing even more.
Mindy Support is dedicated towards helping companies cope with the current crisis and is ready to assist them with any BPO tasks they need. We have the necessary resources to take on even the most sizeable projects since we currently have more than 2,000 employees. We can help you reduce financial expenditures and reduce supply expenses.
Modernize Your Marketing Efforts
If you have some paid advertising that is working for you, then you should stick with it, but if traditional marketing efforts have disappointed you in the past, then you should try thinking outside the box. You should cut marketing costs by doing more in house. This includes things like building a customer email list or starting a referral program. When one of your current clients recommends you to someone else, you are much more likely to make the sale than with regular print advertising or anything else for that matter.
Speaking of print advertising, it would be better to devote your time and resources to increasing your social media presence. While this may require having dedicated personnel managing your Facebook, Instagram and other pages, social media has a broader reach than print advertising and can provide better targeting and data about your potential customers.
Take Advantage of Virtual Technology
Nowadays people are afraid to leave their homes with cities all over the world on lockdown. However your meetings with potential investors, customers and anybody else can go on as planned thanks to virtual conferencing software like Zoom or Skype. They can also be used to have meetings with your in-house staff. The important thing is to have a plan for transitioning your business processes online and making sure everyone adheres to it.
Companies that started outsourcing BPO or data annotation tasks before all of the disruption by the Coronavirus were better prepared for the transition to entire companies transitioning to remote work. This is because they already have such a culture in place and they can rely on the outsourcing provider to organize all of the processes to make sure business goes on as usual.
Start Taking Action Today
If you are currently unsure of what you will do in the wake of the looming financial crisis, that you have a discussion with your business partners and advisors since it is important to be prepared for what lies ahead. Mindy Support will always be here to help you cut costs and optimize processes. Feel free to contact us for consultations since we have extensive experience actualizing large projects in various industries resulting in significant cost savings.
Posted by Il’ya Dudkin
April 10th, 2020Mindy News Blog