It can be heartbreaking when you have to admit that your business is not doing so well. For many bosses, having to let their workforce go can be the hardest decision that they have to make professionally. However, before you go that far, you may want to think about how you can downsize your business while retaining some revenue and saving some money on your overheads.
#1 Rent Out Small-Scale Office Space
Rather than have your workers sit in a large office to perform their daily tasks, you may do better to rent out a small-scale office space. You may even consider other options like flexible hot desking London offices, perfect for teams of between 8 and 32 people. With sites offering excellent WIFI facilities as well as free soft beverages for businesses throughout the day, this could be a great option.
#2 Have Your Fleet Ship Ad-Hoc Deliveries
While your fleet is sitting idle, you may want to put them to work earning money by carrying out ad-hoc shipping jobs for your local area, as well as a bit further afield. This, of course, is if the nature of your business means that it has the capacity to do these types of jobs. There are websites that offer load boards for shipping drivers to select shipping jobs from full truck loads to part loads and even single items, although there are some jobs where the drivers can take their time with the delivery, there are also hot shot ones that have time limits placed upon them.
#3 Offer Your Workers the Option to Job Share
Before you lay off your employees you may want to give them the opportunity to job share, with the idea that if business picks up they will be able to resume their old working hours once more. This will not only show that you are thinking of your employees but will give those that feel they require more hours the chance of finding employment elsewhere while still bringing in some money and working for your company.
#4 Outsource Parts of Your Business for Other Companies to Use
In order to keep your business going, you may want to consider hiring out your best experts to other businesses around your area on an outsourcing basis. This way your experts will not get bored, and your business will be able to earn a small premium, as it is effectively working as an agency. Of course, this option is not just open to your experts but can be extended to your office staff; marketing, management, manufacturing, and maybe even your entire available workforce.
Indeed, you may want these members of staff to work from your site rather than being in attendance on another business’ premises, but what job they are performing will determine whether or not this is a viable expectation.
#5 Hiring Out or Selling Unused Equipment
You can also extend this option to include any equipment or machinery that you have around your business that is not being used, or if you feel that you are definitely not going to have use for it in the future, you could look to sell it on and generate a bit of money that way.