Small businesses are the backbone of the Canadian economy, and they are especially vulnerable during recessions. The past two years presented huge challenges for small business from COVID to the Russian invasion of Ukraine and the subsequent rise in the cost of doing business.
As a rule of thumb, with challenges there are opportunities as well, your plan and the speed of executing it will determine your business resilience for years to come.
Below is a list of seven things you can do to maximize your profit and minimize your business expenses.
1- Your human capital is your best asset, keep your best people and brain storm ideas that can generate more revenue.
2- Use open source software whenever possible.
3- Rethink your office lease, look for a shared office
4- Consider buying used Laptops and equipment or even rent things you don't frequently use.
5- Small business grants can help you weather the current market conditions.
6- Hiring can be a challenge these days, consider using freelancers instead if you need more resources. (Upwork can be a good option as it has a pool of talents in almost every field)
7- Smart office products that automatically switch off lights can significantly lower your utility bills.
Have we missed anything? Please let us know in the comments section below