With lockdowns across parts of the country continuing, respected business advisor, Roslyn Newbound believes the only way many businesses will survive will be to drastically cut costs.
Roslyn Newbound is the founder and CEO of Accuratus Business Advisors, a business that is dedicated to helping small to medium size businesses to grow through the delivery of strategic advice and business support services especially in times of uncertainty.
Roslyn Newbound offers insights
“Unless business owners act fast, they won’t survive the pandemic.”
“The cost of skilled labor is going through the roof because there is a shortage of workers due to border closures. Many businesses can not afford to compete, let alone meet the ongoing costs of doing business in lockdown in the pandemic imposed restrictions.”
“An increasing number of businesses are already turning to ‘on demand’ services to re-engineer how they operate and provide services in this challenging environment. Unless many other businesses adopt this approach they are going to go under.”
Small businesses resort to cost-cutting
Newbound witnessed a surge in the number of businesses cutting costs by outsourcing work.
“The reality is that it just is not financially viable for businesses to undertake work in-house anymore. Thanks to the effects of lockdowns on businesses, it is easier for them to undertake their administrative, customer service, sales, and marketing activities on demand.”
“Why have three staff on the payroll doing work when you can outsource the work on demand for a fraction of the cost and still have operational continuity.”
Accuratus has nearly doubled its client-based since the beginning of the pandemic as small to medium size businesses shed staff and opt to have work undertaken on demand.
“Work handovers are easy to do and ready-to-go systems are activated to enable work to be undertaken seamlessly. Importantly this also ensures the business owner maintains control and full visibility over what work is being done and the results associated.”
Areas where businesses can effectively cut costs
Newbound has outlined the key areas where businesses are able to cut costs quickly by having work undertaken on an on-demand outsourced basis with distorting operations.
“Any type of customer service whether it be provided via phone, email or through chat platforms on websites or social media can be outsourced.”
“Accuratus undertakes this work for many businesses and it cuts their costs by over 50 percent and actually lifts the sales performance and customer happiness levels.”
“For many businesses, this is an important area where costs can be cut while business owners focus on growth, sales, delivery, and management.”
Social media and website management
“Managing a business’ presence online can be both time-consuming and stressful. If not done well, it can damage the brand. This is an area that is easily undertaken on demand.”
Sales and business development
“Business development and sales activities can be undertaken on demand. In fact, with good processes in place, these activities often yield better results when outsourced.”
“Metrics and systems for accountability ensure activities are undertaken in a systematic way to ensure the delivery of minimum levels of return for the business.”
Accounts and bookkeeping
“Cloud-based systems enable collaboration and access from multiple points. Information can easily be integrated, added, and managed across a number of different platforms.”
Newbound states that COVID is not going anywhere for a few years and it is vital that businesses identify cost-cutting methods in order to survive the pandemic’s financial effects.
“My advice to all businesses is to look at outsourcing your work activities where you can. Strategically it is an approach that may not only save your business but will help to grow it.”
Accuratus caters to all sectors such as health, construction, security, energy, and aged care.