Sales drop of up to 75 percent forcing many SMEs to find new ways to cut costs
- Written by Ben Wilmott
A new poll by Business Australia has revealed 6 out of 10 businesses reported sales losses of up to 75 per cent this year, compared to the same time last year.
The survey of businesses 200 staff or less, found 18 per cent reported consistent revenue while only 9 per cent enjoyed a growth in sales during the pandemic.
Business Australia, a free national membership organisation, is encouraging business owners to look for ways to save money and cut down costs while operating through the changing coronavirus restrictions.
Business Australia Chief Customer Experience Officer Richard Spencer said businesses can trim as much as $800 off their energy costs each year using the online Business Energy Advice Program (beap) which provides free independent energy advice tailored to your Business.
“Small businesses have been heavily impacted across Australia, but there are simple ways to help your business stay competitive, manage costs and keep cash flow steady”, Mr Spencer said.
Tips to cut down on business expenses:
*Go paperless: Reduce how much it costs to send and store mail (and your environmental imprint).
*Compare the best utility prices: 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: 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: Shift business operations to the ‘cloud’ to save on physical storage space and 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: Review and cancel subscriptions you may not need Anymore.
More ways to save – Business Australia has a wide range of online resources to support businesses to manage employees, reduce business costs, access business funding and assist in marketing and professional support.
For more information visit www.businessaustralia.com