Advice for Businesses Looking to Work Through Unanticipated Cost Increases
Albany, OR - August 25, 2022
It's no surprise that inflation, issues with supply chains, and consumer spending going down is affecting businesses across various industries in North America. The U.S. experienced two back-to-back quarters with contracting GDP and these trends appear to last at least for the upcoming future. The Harris Poll's recent survey states that 92% of U.S. business leaders and 91% in Canada said their companies have been negatively affected by inflation. Moreover, they've had to make difficult decisions, including raising prices, absorbing additional costs, reducing transportation, and more, to help curb the impact of inflation on their business.
While there are some signs of relief on the horizon - such as the U.S. Federal Reserve's promise to keep interest rates low - businesses can't afford to wait for these things to happen. Read on for three tips from a provider of
staffing solutions
on how to act now to protect your business's bottom line and position yourself for success in the months ahead.
Utilizing Your Space
Looking for ways to reduce your company's overall expenses? One option is to downsize your office space. By renting out unused or underused areas of your office, you can help offset the costs of maintaining the space. If you cannot completely get rid of your office space, consider consolidating to a smaller area and leasing 30% to 50% of your building to another business. This can help lower overall costs while still allowing you to maintain a physical presence for company culture or customer experience purposes.
Consider Shifting to a Hybrid Workplace
Consider a hybrid workforce. This is where you give your employees the option to work from home, part-time or full-time. By doing this, businesses can cut down on electricity, save on various office supply costs, such as water, paper products, and more. An additional benefit to a hybrid workforce is that your company can save money when it comes to benefits like childcare and paid time off. And if employees are saving money by not commuting, businesses won't be as pressured to offer higher wages to combat high prices at the pump.
Save Your Time and You'll Save Your Money
Making the most of your time is one of the most effective ways to increase your business's productivity. That means cutting back on unnecessary meetings, events, and seminars that take employees away from their work. While encouraging a company culture that has free-flowing communication and opportunities to learn new things, developing current skills, and being creative - businesses can sometimes take up too much time from their employee's assigned roles. This leaves unused, unproductive time that can amount to hours, or even days.
Locally owned and operated, Express Employment Professionals in Albany, OR is a Full-Service
Staffing Company
that continually exceeds expectations by providing services to companies and job seekers within our community. With over 20 years of experience, our mission is simple: to assist you in finding a career that you will enjoy.
Express Employment Professionals of Albany, OR
2250 14th Ave SE Ste A
Albany, OR 97322
(541) 967-3600
https://www.expresspros.com/AlbanyOR