Hi! I’m Thomas Andersen President from TRA Consulting and I want to share with you some useful tips to manage your bottom line productivity. Especially in these challenging times, with constant uncertainty always around the corner; it is more important than ever to manage your bottom line. Whether you are in an industry hard-hit by the pandemic or not, uncertainty and economic difficulties impact us all; both directly and/or indirectly.
Here are some tips that you can follow to make sure you are running as lean an organization as you can, from a business and technical standpoint:
- Have your trusted IT provider perform an internet and telephone bill review. A good managed IT services provider has strategic partnerships with master resellers of internet and telephone circuit providers and ways to reduce your phone bill by porting your phone lines into a VoIP system.
- Renegotiate your contracts. There is no better time to reach out to all of your providers to renegotiate your contracts than in an economic downturn. Many of your vendors have programs in place to assist their clients and retain business in a downcycle. When the alternative is losing that business, or a company going out of business, “one bird in the hand is worth two in the bush”, as they say
- Convert your contracts with your clients to flat-rate managed subscriptions. Managed services are all the rage now, and that holds true for any service-based industry. Consider offering low discounted flat-rates. You might take a hit in your break-fix income, but you will ensure you have a constant and reliable stream of income and don’t push your clientele to close to the edge of financial strain.
- Don’t leave money on the table! If there is a business you have not been going after because other streams of income were more profitable in the short-term, now is the time to refocus. With the economy contracting, every dollar counts.
- Move! If you are able to and don’t require a large spacious office anymore due to the prevalence of remote-work; consider decreasing the amount of space you occupy and reducing your rent overhead. Or kill your office altogether and go 100% remote. If you don’t need to see clients, do you really need to maintain an office?
- Consider offshoring some of your labor force. With remote work on the uptick; do your employees really need to be located in your country. Offshoring some or all of your remote work can give you a reliable workforce at an equal level of quality and a lower price. This step is fraught with danger if it is done carelessly.
Part of keeping up with these uncertain times is choosing the right providers and services. If you decide to work with my company, I will personally ensure that you are in good hands. We understand how to provide great IT at an even better price and we will be here if you need help with anything IT.