Don’t Skimp On These 15 Expenses (Even When Money Is Tight)


A company’s cash flow, especially during the pandemic, can sometimes shrink. In these cash-strapped times, it’s critical that leaders make sound financial decisions based on company values ​​and goals.

While saving money should be a priority in these situations, there are certain parts of the business that should not be undermined. Below, Fast Company board members discuss one thing leaders should never skimp on, even on a tight budget.

1. SUSTAINABILITY

The available budget certainly affects the amount of implementation you can invest in, but the pandemic has shown leaders that understanding the myriad of climate, toxics, water, IED and environmental issues Other issues taken into account in the context of sustainability must remain a priority. Staying aware of trends impacting your markets, your value chain, and your business is money well spent. – David Jaber, Positive Climate Council

2. EMPLOYEE WELL-BEING

Don’t overlook the high returns associated with investing in employee wellness, sustainability and personal care. As companies struggle to retain talent, those that invested in wellbeing at the start of the pandemic are enjoying higher retention, lower recruitment and onboarding costs, and higher productivity levels. associated with an engaged and aligned workforce. –Camille Preston, AIM Leadership, LLC

3. AUTOMATION

When money is tight, your employees are forced to scramble, their efficiency decreases and your margins suffer. Many automation solutions are affordable and offer the triple benefit of greater efficiency, improved engagement with employees freed up to focus on the work that matters most. This provides more money for the bottom line. –Andrew Woessner, R-Path Automation

4. HUMAN RESOURCES

When businesses are cash-strapped, it is important to make maximum use of existing resources, especially human resources. A sure way to ensure this is to have an empathetic understanding of your team’s strengths and weaknesses and play to the team’s strengths while working on the weaknesses. – Abhimanu Kumar, CausalFunnel

5. QUALITY CONTROL AND ASSURANCE

Quality control and quality assurance is the key to providing a consistent quality product or service. If it has your name on it, it must deliver above a standard. Executive management must create and protect this norm. – Josh Perlstein, media response

6. EMPLOYEE HEALTH AND SAFETY

Never skimp on the health and safety of your employees. This is the bare minimum and great leaders will do what it takes to ensure employee health and a safe work environment, both physically and emotionally. – Kevin Namaky, Gurulocity Brand Management Institute

7. YOUR TEAM

Hiring the best people is incredibly important for any business, and if you want real professionals, you need to make sure they get paid fairly. It’s better to have fewer super-skilled people on the team than a lot of semi-skilled people (or those who aren’t the right fit). When they don’t know their job to the extent that you need, you’ll spend more time teaching them. –Solomon Timothy, OneIMS

8. CREATURE COMFORT

Creature comfort, like coffee, tells your employees that they are appreciated. They don’t need to be expensive. In 2001, after 9/11 and the implosion of the telecom industry, I was faced with our company downsizing and weekly “pinches” were common. But we always had good coffee, it made everyone’s day easier. – Cheri Beranek, Clearfield Inc.

9. YOUR BRAND

Developing and protecting the brand. Your brand is everything. It is the thing in which, over time, you will invest the most money, time and energy. Therefore, skimping on the brand makes no sense. – Esther Kestenbaum Prozan, Ruby Has Fulfillment

10. PUBLIC RELATIONS

Bill Gates said that if he had his last dollar he would spend it on public relations. I agree. This doesn’t just mean getting media coverage; it means securing buyer confidence in a variety of ways, from thought leadership to reputation management programs. Without business confidence, nothing else matters. Trust speeds up your funnel and improves your leads. – Scott Baradell, Idea Grove

11. CUSTOMER EXPERIENCE

Customer experience is the most important aspect of your business. Creating great experiences for your customers is how you improve retention, get positive reviews, and encourage word-of-mouth referrals. But it doesn’t have to break the bank. A great customer experience prioritizes personal, individual messages and supports those who engage with your brand throughout their customer journey. – Jason VandeBoom, ActiveCampaign

12. TECHNOLOGY

Having the right framework in place to increase efficiency and productivity is one type of cost a business should never skimp on. The right technology can streamline processes, build a strong foundation, and save huge amounts of time and money. Another vital part of this technology is your website. Make sure that all information shared there is relevant, engaging and up-to-date. – Irfan Khan, CLOUDSUFI

13. GROWTH AND DEVELOPMENT OF YOUR TEAM SKILLS

The growth and skill development of your staff should continue to be your priority, even in a cash-strapped situation. When you invest in your team, you accelerate the growth of one human at a time and of your organization as well. Your team must have the agility and foresight to turn information into wisdom and ideas into action. In doing so, also prioritize their well-being. – Andreea Vanacker, SPARKX5

14. SECURITY TOOLS AND PROTOCOLS

Leaders should never skimp on security tools and protocols, no matter how cash-strapped the company is. Your assets are your data. And if you don’t hire the right people and invest in the right tools, you could lose your entire business in the blink of an eye. So, always protect your business with strong security tools. – Syed Balkhi, WPBeginner

15. EMPLOYEE RETENTION

Even if you’re strapped for cash, there are ways to help your employees feel seen, heard, appreciated, and valued. In 2022, the number one thing companies need to focus on is retention, because the number of people looking for jobs has dropped so much. So keep the employees you have and reward them the way they would like to be rewarded. – Christopher Tompkins, The Go! Agency

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