Business are facing their greatest challenge ever as COVID-19 continues to evolve and disrupt lives across the UK and for many businesses, their future is uncertain. Over the last 7 months businesses have adapted to the new normal and changed their working practices, reorganised suppliers, set up remote operations in an attempt to survive. As winter looms and with tougher government restrictions, businesses should prepare for the long-term and act rather than react.
Businesses are currently navigating through unknown territory, from keeping employees COVID safe to complicated government support programmes and shifting operations but to improve stability and resilience, businesses must turn these challenges into meaningful change by reinventing their business, strategizing change, accelerating digital transformation plans, modifying operations and streamlining costs in order to future proof their business.
Controlling costs and minimising risk is crucial and should be a key focus for businesses. Businesses must evaluate their needs going forward, be strategic and plan ahead. By reviewing overheads and essential spend, businesses can improve efficiency, identify cost savings, minimise risk, and provide budget certainty.
Simple measures to control costs and improve resilience
Streamline costs and reduce overspend. By implementing a long-term procurement strategy, your business will review essential spend and eliminate any waste which will reduce your bottom line and keep control of costs.
Reduce overspend on Energy. There are several ways to save energy and reduce waste, having sight of your energy data is key. By submitting regular meter readings you will only pay for what you use. Check your energy contract(s) still meets your requirements and it is essential not to miss a renewal and pay out of contract rates as this will drive costs up. If your energy usage has changed check the terms and conditions of your contract, you may have a volume tolerance clause where you will be charged if you go under or above the agreed amount.
Control Telecoms spend. Manage your usage by implementing measures to control overspend. Have access to your telecoms data and understand how call and data packages are being spent. For example, if you have more employees working remotely you may find mobile usage has increased, review call volumes and check you are not going over your call limit. Review your contract(s) and sure you are on the most cost-effective contract.
Minimise risk through the right insurance. Many businesses have had to change something since COVID began, whether it was to temporarily close one or multiple sites, operate at lower capacity, change operations, or work remotely, having the right insurance cover for your business is vital to ensure that your business assets are protected against potential risks. Review your insurance requirements, if your renewal is due and you are struggling with costs, payment plans are available to spread the cost.
Supply chain management. Review your supply chain. Managing suppliers can be highly complicated and time consuming which can often lead to an increase in outgoings, especially if your business has multiple sites or office locations with varying billing and renewal dates. Having a single point of contact to manage your supply chain will help reduce resource time leaving you free to concentrate on your core business.
How can we help
At BCR Associates we aim to provide businesses with the foundations for long-term stability and opportunity for growth, if you would like more information on streamlining costs or a cost review for your business, please send us an email at firstname.lastname@example.org or call us on 03330 433 233.