As the world’s economic climate begins to recover after the 2020 coronavirus pandemic, it is absolutely crucial to the long-term future of businesses to increase profitability and cash flow.
With naturally heftier outlays and a substantially smaller workforce, larger corporations need to consolidate their inventories, concentrate on weaker areas of their business models and initiate cost-effective and speedy improvements and changes.
Conduct a thorough energy audit
A significant reduction in energy bills, especially within larger corporations, can significantly boost and improve your company’s cash flow. Business water suppliers, gas suppliers and electricity suppliers often over-estimate each individual premises’ energy usage and the best way to combat this is to conduct a full energy audit throughout the entirety of your office buildings and business premises.
Purchase your business premises
There are a plethora of advantages in purchasing your business premises and office buildings instead of renting. These include a heightened level of control, specifically in terms of construction and extensions, and a consistency in terms of your monthly expenditure. Buying your buildings also provides you with a much stronger security system in place for the longevity of your company and, after the initial outlay, you will absorb the large payments as time goes on.
Outsource your accounting
This applies to larger corporations significantly more than it does to smaller businesses. The accounting department has a constant, daily struggle to work with manpower constraints as well as individual employee enquiries and the large quantity of data any business produces. The roles of an accounting department usually makes for a stressful and incredibly intense working environment.
Instead, when you choose to outsource your accounting, you are able to restructure and reorganise your staff as well as ensure that all accounting rules and regulations are not only consistently monitored, but also always adhered to.
Additional advantages of outsourcing your accounting can be access to industry-specific accountants heading up the team as well as access to advanced technology and software.
Revamp and maintain social media platforms
In the modern world, where social media platforms are undeniably one of the most influential ways to advertise and market your company, products and services, it is essential to revamp, regularly update and consistently maintain all of your social media platforms.
There are a multitude of benefits in using social media to maintain your industry standing, and such tools benefit larger corporations considerably more than smaller businesses.
The main advantages of using social media to maintain and develop your business even further include:
- Humanising your brand and making your business more accessible
- Increasing brand awareness
- Increasing traffic to your website
- Boosting sales
- Promoting existing customer loyalty and enticing new customers
- Potentially partnering with social media influencers
- Managing your brand and company reputation
It would also be pertinent to acknowledge any individual employee’s achievements on social media, again humanising your overall brand.Partner content