The subprime mortgage crisis of 2007 has hit the
world hard. Rescue packages have been rolled out in numerous countries to help
their economy’s’ survive and lessen the recession effects. Australia’s Reserve
Bank has dropped that country’s official interest rates by a massive 1% in
recent days. I wonder if this foretells what is to come and how it will affect
the communities of the world in the immediate future.
With all this happening in the world arena you
must be wondering how you can tighten your belt and help yourself survive what
is going to be a difficult financial time. Here are some very simple tips that
can help you save money and survive an economic recession.
Become
Power Hungry
Cut your power use. You can do this by switching your light bulbs for ones that save energy. You can also save power by turning the thermostat on your heating and cooling system up or down so it is not running all day. Or, adjust the thermostat to automatic so its use fluctuates during the course of the day when it is most needed.
Make sure all lights and electrical appliances
are turned off in rooms that are not being used. By turning off the standby
power to all your appliances, you can save yourself quite a bit of money over a
year.
Ban
the use of Paper
Use your computer
instead of paper. There is little use, these days, to print much out when you
can use your computer system to send information and as a storage system. You
can even burn your information onto DVD or CD discs. You have now eliminated
the need for much paper and the need for storage space, filing cabinets thus
saving yourself money.
Cut Back your Opening Hours
Another survival tip
during a recession is to shorten your business hours. Take a look at your
business and determine which day of the week is your quietest and close on that
day. This will save you money in overheads on a day that may not bring in
enough money to cover costs. This can work for all sorts of businesses. In many
cases staff can work from home a couple of days a week to also help you cut
utility costs. If you own a shop you can probably use a day off and it even
cuts staff wages for the day.
Conserve Water
Cut your water usage in your business, and at
home. Install more efficient appliances to help you conserve water. Also
regularly check for any water leaks and have them fixed straight away. You
don’t want to waste money on water you don’t use. Do you?
Do
Deliveries One Day a Week
If you deliver to your customers cut down to
delivering only one day a week (if you can). Plan your delivery routes to cut
down on wasted mileage and extra gas costs to help you survive the recession.
Market
Online
Use the internet to market your goods and
services. Even consider setting up an online store you customers can access to
save them traveling costs as well. This can help boost sales and may cut your
labor costs. It may even bring you customers that could not access you
before. If you do not sell products but services, then the internet is a
must for you as it can open up the world to potential clients from across the world.
Consider
Hiring Virtual Assistants
Hiring a virtual assistant is a great way to cut
costs. You can a hire a virtual assistant for all sorts of help either on a
project basis or on an ongoing basis. Do some research online and you may be
surprised at just how affordable a virtual assistant is, especially during
times of an economic recession. This can then eliminate the need for permanent
staff. Virtual assistants work on a contract basis and all you pay is an agreed
rate or price per project.
You may see these recession tips as very basic
but, try them for 3 months and see how much money you save. It just may be the
difference between surviving the recession or not.
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