Tim Naddy, IEE Consulting, cautioned against making deep cuts, particularly when it comes to personnel.
“It puts a bad air in the building,” Naddy said. “The pro does not always outweigh the con.”
Naddy suggested finding suppliers who can deliver products or services of similar quality for a lower price and shutting down unnecessary office or production space. He also cautioned the small business leaders to take personalities into account when making changes to the physical office environment. He said moving employees can be challenging and said that some don’t always adapt well to a change in their work environment.
There are also alternative labor sources.
“College students are a very easy way to help meet your budget,” Naddy said. “Interns are cheap and incredibly flexible in terms of scheduling.”
He encouraged business owners to take advantage of Berry College, Shorter University, Georgia Northwestern Technical College and Georgia Highlands College.
On the revenue side of the budget equation, Naddy stressed the importance of marketing.
“Doing it strategically is even better,” chimed in Tony Daniel, owner of The Balanced Leader LLC management consulting.
Naddy said so many small businesses cut their marketing during difficult times when they should be investing in their marketing plan. He suggested that inefficient resource allocation can result in promotions and advertising that, without a strategy, often yield little financial gain.
The chamber will host a Speed Leads box lunch today from noon to 1:30 p.m. in the chamber boardroom.