So your recruitment business is doing well, you’re making a profit and paying your bills … but there’s always room for cost cutting in recruitment right?
Even when things are good, it’s irresponsible and silly to let the budget get away from you. Remaining cautious about where your business is spending money will ensure you keep yourself in the clear, even if business starts to drop.
Ask yourself – is the technology you’re using really serving you as well as it could be? If you’re stuck using enterprise systems that give you all of the features but don’t actually save you time or money, it might be time to reconsider.
Look for best of breed software that cost a fraction, and actually suit your requirements. Instead of one big software product that costs you thousands, you might find two or three individual programs that cost hundreds.
Provided they can offer the features and functionality you need, this is an easy way to save some money. Of course, we recommend doing your research and speaking with prospective vendors extensively to ensure the product really is suitable, and that the migration is smooth … otherwise that might become a whole new cost on its own!
Aside from technology, resources (both essential and non-essential) within a company can cost a mint. Do you really need to spend hundreds on stationery each week? Is there a supplier who can deliver at a cheaper price, or offer better prices on products? Can you ask for a business discount? It may not seem like a huge price difference at first, but it always adds up.
Look around your office. Is the space the right size for your needs? Is your 5-person team in a 20-person office? Moving offices is never an easy undertaking, so think outside the box. Can you rent space to freelancers who might just need a desk and an internet connection? It’ll bring in income to offset your rent, and saves the hassle of moving offices entirely … and gives you the flexibility to expand your team with minimal disruption.
Where is your budget being spent predominantly? The price difference between print and digital is staggering, and yet the bang for your buck doesn’t necessarily justify it. We’re not going to tell you how to market your business, but we do strongly suggest analysing the outcomes and results. If you’re spending thousands in print advertising and not seeing results, perhaps it’s worth spending a couple of hundred on a digital campaign and comparing … you might be pleasantly surprised!