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The offices were largely unused, since most workers were already working offsite, and so the company opted to free up more cash for strategic investments.This may be an extreme example; however, it demonstrates that there are creative ways you can cut operating overhead.
More companies are keeping their operations nimble and cutting expenses by promoting telecommuting.
Giving workers the freedom to work remotely increases productivity while cutting costs, and it allows companies to hire the best talent available, no matter where they are located.
Maintaining office space and furnishings, paying utilities, paying for computers and telecom services—these expenses add up and can take a toll on your bottom line.
If you are running a business such as a manufacturing plant, where everyone needs to be at one location, you can’t avoid some of these expenses.
This action item example shows small business owners how to effectively translate strategic goals into business action plans and items to be implemented.
Build measurements into your plan by using action item tracking software and following a structured action plan format.Budgeting is an ongoing balancing act, identifying areas where you need to invest, determining how much of your profits you can put back into the business, and identifying areas where you can cut overhead.Failure to control operation costs is one issue that causes many small businesses to fail.Businesses may not fail right away, but they do atrophy over time unless they are properly nurtured. These survival rates have been surprisingly consistent over the years, and the longer a business survives, the more likely it will continue operations for years to come.That’s why it’s essential to have an action plan for business growth. According to the Global Entrepreneurship Report, more than half of businesses fail because of lack of profitability or poor financing.Doing a thorough analysis and review will enable you to implement more effective strategies, tactics and techniques.The type of tactical planning you complete as you strategize is important because it forces you to make difficult choices and difficult decisions.The end goal is not the plan but rather the results therefore make sure you have measurements in place to track results.Start with your SWOT (strengths, weaknesses, opportunities and threats) analysis. Business stagnation means you are falling behind the competition and losing market momentum, so no growth is really negative growth.Every business needs to have an expansion strategy, and the best way to ensure success is by creating an action plan for business growth. Small Business Administration, about 20 percent of businesses survive their first year of operation, about half of businesses fail after five years, and only one-third see their 10th year.