Spring Clean your Business

Dealing with Economic Challenges

As some experts predict slower growth in the economy, many businesses are preparing for less spending by consumers. Regardless of whether they see a drop in demand for their products and services, Businesses need to find ways to keep making money and growing. Scott Wiltshire, who leads Oracle NetSuite ANZ, offers some advice.

Reducing Business Risks

With less spending by consumers, it’s crucial for businesses to manage their money carefully. They can do this by checking how they use their money and finding ways to spend less. Some businesses may even think about moving to smaller offices to save on rent. But remember, what works for one business may not work for another. Start by figuring out which services are most important to your customers and focus on those when you’re trying to spend less.

Improving the Supply Chain

In a competitive market, every customer and sale matters. Businesses need to make sure they have just the right amount of products in stock to avoid extra costs and meet customer needs. To do this, they should review their suppliers to find any weak points and reduce the chances of problems. It’s also a good idea to buy materials from different suppliers to be safe.

Making Work Easier for Employees

Finding and training new employees can be expensive. But with many people changing jobs often, it’s hard for businesses to keep their best workers. Businesses can make their employees happier and less likely to leave by getting rid of difficult tasks and finding ways to make work more enjoyable. This can also save the company money.

Start by looking at tasks that take a lot of time and can be done wrong easily, like handling money or paying bills. Think about how these tasks can be done automatically by a computer.

Discovering New Opportunities

Businesses can find new ways to make money by reviewing how they do things and making changes based on what’s happening in the market. By using real-time financial information, they can find ways to make more money, like selling extra things to customers or focusing on products that make the most money. This helps the business make more money, no matter what’s happening in the economy.

Even though times are tough, businesses can still do things to make their operations smoother and earn more money. By cutting costs, improving the supply chain, keeping good employees, and finding new ways to make money, businesses can become stronger and more successful.