Normally the service industry to a lesser extent is not subject to the ebbs and flows of the economy. However, all that was changed with the Covid-19 pandemic. In some states, the majority of businesses were subject to Stay At Home regulations imposed by Governors or Mayors. Thankfully, the majority of states included service industry companies as essential businesses and therefore they were allowed to operate as long as they practiced the existing safe practice mandates in force. Even though service businesses were allowed to work, business declined. Customers were reluctant to have “others” in their home or office. Many businesses and or offices were closed because they were deemed non-essential; so obviously cleaning services were not needed. Even though restrictions were eventually eased, many businesses that were temporarily closed became permanently closed. So during the last six plus months, all businesses that remained open or have re-opened have needed to look at cutting costs. There are several ways to do that; whether they are good or not is left to interpretation of the particular owner of the business. Cut Staff: A difficult choice, because once business resumes to a “normal” level, is it possible to get them back? Cut Advertising: Backing off a little may be a sound strategy, but completely dropping advertising undoes the name recognition a business has built. Perhaps just keeping in touch with existing customers is the prudent choice. Cut Overhead: Definitely the best approach. Look at expenses for legal, accounting, insurance and other professional services. For example, money can be saved by increasing deductibles on insurance coverages. Don’t Cut: The quality of service a business provides. Cutting corners will result in lost business because next time customers will look elsewhere for service. Cutting Costs is not an easy task. Caution and prudence should always be practiced. Stay Safe and Thank You for Reading Bane’s Blog®. Please read the latest issue of the Clene-Times® at www.baneclene.com/publications/. Please visit our web site at www.baneclene.com. The Bane-Clene® Team. Additional Articles and Information:
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Friday, October 16, 2020
CUTTING COSTS
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