Protecting your business’ bottom line during a recession

Protecting your business’ bottom line during a recession

“Recession” is quite probably every business owner’s most dreaded word. During a recession, many businesses – big or small – can fall prey to the economic crisis. However, taking smart decisions to reduce your operational costs and boost your revenue can be the difference between going under or surviving – and even thriving! – during a recession.

One of the first things you should think about when it comes to reducing costs is outsourcing tasks. This is a relatively new practice, but it has gained a lot of popularity very quickly, and it’s easy to see why. Outsourcing different services can be the key to save a lot of money for your business while still attracting new clients and increasing your net profit. Basically, outsourcing allows you to do more while spending less money. This is vital when it comes to protecting your business during a recession and making sure you survive the crisis.

One of the most important ways in which outsourcing can help your business’ bottom line is by cutting training and hiring costs. Hiring new staff to cover your business’ changing needs takes time, effort, and money. From advertising the position to scheduling interviews and choosing the right candidate, hiring a new employee can take up a lot of time and you could end up spending hundreds of dollars on this process.

And once you’ve finally selected your candidate, you still have training costs and time to take into consideration. However, outsourcing jobs simplifies this entire process. When you outsource a job to an outside company, you’re hiring trained staff that already has the skills that are necessary for the position. With good communication and a short adaptation period, your new employee will be delivering results in no time. This will also make your business more efficient.

Outsourcing will also allow you to pay only for the job that is being done. Hiring a part time employee requires you to pay a salary and benefits; meanwhile, your only have to pay an outsourcing company for the hours that were worked. That means you won’t be paying for periods of time when your staff is idle, waiting for calls or customers to arrive.

And within the outsourcing industry, virtual answering services can be particularly helpful. In a time when every customer expects a quick response and a solution to their problems, answering services provide an affordable way to maintain a constant line of communication.

During a recession, competition between businesses is naturally on the rise. If there are less potential customers who can pay for your services, it’s only logical that they will look for the business that can offer them the best services for their money.

That means that one of the best ways to protect your business’ bottom line during a recession is by providing a positive customer experience. This starts with having great customer service. And ironically, this is the one thing that many business owners forget during a recession. Maintaining your customers’ loyalty can be the secret to surviving during tough economic times.

Outsourcing a virtual answering service can ensure that you’re providing top-notch customer service. Without going over your budget, you’ll be hiring skilled, professional operators who will be able to greet every new or returning customer in a friendly manner. Believe it or not, this simple step can make or break a business during a recession.

Your new answering service will make sure that every inquiry is properly addressed. This can boost sales and revenue, in addition to increasing customer satisfaction. If you’re running low on staff, a virtual answering service can also schedule appointments, check up on deliveries, and handle bill collections. They can even talk directly to your providers to make sure your stock is up to date. Getting all these services without having to pay for full-time employees can make a huge difference to your bottom line.

During a recession, you can’t afford to lose any potential customers. That’s why being available 24/7 is another huge benefit that comes with virtual answering services. Different operators work from many time zones, ensuring that your business’ telephone line stays open at all times.

Whereas before, clients who had their calls go to voicemail could end up looking for other alternatives, they’ll now be able to talk to a friendly human voice at any hour. And in the end, happy customers will be much more likely to return and recommend your services to other people.

These might seem like minor details, and many business owners overlook them. At first, you might not believe that something as simple as outsourcing an answering service can make such a difference to your business. But when times get tough and customers are more reticent to spend their money, providing a positive customer experience can make your business thrive even under the toughest conditions.