All experts know that business development with sales, marketing, training, etc., but did you know that it extends beyond these activities? Efficient business development also allows you to regulate the company’s costs. Let’s talk about how it can be implemented
The most effective methods to reduce costs
BizDev can create a cost reduction strategy and consider ways to reduce costs through the following:
- Start small: identifying poor cost management and who and what is responsible for what costs is the beginning of establishing cost control. Having this detailed knowledge, the business developer also has the power to make cost-cutting decisions.
- Know how to cut costs: when we think about cutting costs, the first question that comes to mind is: how much should we cut costs? And the second question: how can you cut costs? When employees at all levels learn how to cut costs, that attitude translates into corporate culture and brings about lasting change.
- Set up a virtual office: if your business does not require you to be in the office between 08:00 and 17:00, but most likely you meet your clients outside the office, then your company has the opportunity to get rid of these costs now possible. Instead, the company can rent virtual offices that you only use when needed and at a lower price than physical premises.
All your time building a solid reputation for your company can now serve a good purpose: Word-of-mouth marketing and referrals are the most effective social media and one way to keep costs down. A solid and loyal customer base is part of your business development team; they do the work for free.