Right now, everyone is having to make lifestyle shifts in response to the economic climate we are in. Some get rid of personal subscriptions and others find creative ways to shop; businesses are not exempt from needing to make changes.
The question becomes how do you make a dollar stretch and do more with less? We will go over how your business can do this below including basic principles as well as some examples of implementation.
Though it can be daunting at times, it is important to take a harsh look at what it is to know what it can be. Ensure that the right people are in the right positions to avoid time being wasted. A team member excels at a task that has historically been outsourced. Utilizing that person in that task can help the business save on funds that would have been allocated elsewhere. This can also apply to cybersecurity. According to the World Economic Forum, some solutions have other cyber features that companies are licensed for but are not currently using. Ensure that you are using the tools you have available to you to their full potential.
After understanding what assets your business has, you may still need to invest in some resources or replace existing tools with something more cost-effective. An example of this would be making a switch from the full suite of Adobe to specific apps depending on how the business uses the platform. Adobe is a robust platform but not every company needs to have a full suite which costs $60/month. If You only need Adobe primarily for social media content creation, a subscription to Adobe Express is $10/month. You could also add Photoshop or Illustrator for $23/month, which is almost half of what the full suite would cost monthly. As discussed above, there are times when you are not using your tools to their full capacity, but it is also true that sometimes businesses pay for too many tools that are necessary.
Not everything should have corners cut, especially in the case of cybersecurity where a breach can cost upwards hundreds of thousands of dollars. IBM calculated the global average cost of a breach in 2024 which came out to $4.9 Million. With breaches come the loss of respect and a business’ reputation which is not a price that cannot be paid in cash.
Everything goes back to the initial evaluation of assets and the key is to understand when something should be pruned back and when the cost is necessary considering what is at risk. Though we experience uncertainty, the best solution is to choose a course of action rather than continuing with outdated roadmaps.
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Grace Gurganious is a Digital Marketing and Communications Analyst at ROCIMG and has an interest in graphic design and analytics. She has assisted in providing solutions to businesses within their marketing efforts.
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