During this unprecedented global pandemic, businesses everywhere are filing bankruptcy claims, from small businesses to mega-companies like Golds’ Gym. In a time when only essential goods and services are spared, too many industries are suffering the effects of a global lockdown. Halted trade, manufacturing, and distribution create an economic imbalance that reverberates throughout the globe.
As a business, how do you keep yourself from going under? When financial aid from the government isn’t enough to keep you afloat, what can you do to protect your business, or at the very least, keep it from sinking during these uncertain times?
For businesses that are still operational during this pandemic, finding every opportunity to cut down costs can mean the difference between survival and bankruptcy. Your choices include:
- Cutting down manpower. Instead of maintaining your regular workforce, cut down to 50% or lower to save on costs. A lot of companies are putting their employees on furlough until further notice in order to keep the business operational, without having to pay unnecessary overhead.
- Rethinking your goods and services. One of the most affected industries right now is grooming and relaxation businesses. Unlike retail businesses, salons, spas, and massage clinics can’t convert their brick-and-mortar store into a digital version of itself. Maintaining a steady stream of revenue during a pandemic isn’t as easy as posting your products and services online.
Instead of acquiescing to the lockdown pressure, think of new ways you could bring in revenue to your business. Spas, salons, and massage clinics may not be able to remain operational during this pandemic, but they can sell coupons, vouchers, and gift cards for future use. This kind of sale provides a steady stream of income to your business, even without actual work coming in. So instead of sitting at home, think of ways you can still sell your goods and services to consumers.
- Reevaluate your suppliers. You may have worked some kind of deal with suppliers and providers in the past, and maybe it used to work for you then. But for every transaction you make during this lockdown, ask yourself if you could be part of a better deal elsewhere.
Instead of sticking with your existing contracts, consider looking for alternative sources. Co-ops like Counterpoint help businesses cut down costs in the most efficient way possible by using our wide network of providers all around the globe to procure company essentials.
Centerpoint and Cost Savings: How Does It Work?
Centerpoint offers two great benefits for members: inclusion in pre-negotiated agreements and strategic sourcing. Here’s how the two can benefit you as a struggling business owner:
1) Pre-Negotiated Agreements
With pre-negotiated agreements, you don’t have to worry about drafting your own proposals, conducting your own market research, or fulfilling minimum orders. Pre-negotiated agreements simplify the procurement process. As our member, you become a part of Centerpoint’s umbrella agreements, which gives you access to the best deals, rates, and contracts with little to no work needed on your part.
Working under pre-negotiated agreements ultimately eliminates the need for direct negotiation. With this, you can skip the time-consuming steps involved with preparing proposals and counterproposals, so you can focus on the one thing that actually matters: running your business.
2) Strategic Sourcing
At Centerpoint, we don’t just buy and sell products. We handpick our partner vendors and providers using a robust elimination and eligibility system. We work with companies that are reliable, trustworthy, and consistent.
We use a cradle-to-grave process to ensure we get the best deals for our members. This includes:
- Making decisions outside of politics. Our goal at Centerpoint is to remain efficient at all times. Instead of running on emotions, self-interests, and company politics, we strictly operate on data and efficiency. This makes it easier for us to give you the best results, no matter what.
- Following processes that are region-specific. We don’t have a one-size-fits-all approach when it comes to different levels of procurement. We don’t try to apply the same purchasing infrastructure suited for a local level onto a global level, and vice versa. We understand the specific intricacies of the local, regional, and global markets, and create strategies that are best suited to these areas.
- Tracking costs and savings. Our deals are guaranteed cost-saving, precisely because we track them meticulously. Our reports help us understand what we’re doing and how we could improve it for the better.
For the most part, our actions are driven by cost-saving goals, which helps us provide the best level of service to our members.
Doing More With Less At Centerpoint
Your business deserves the best, at a fraction of the cost. Working with Centerpoint gives you access to incredible discounts and other cost-saving strategies that might just be what your business needs during this global pandemic. Get in touch with us today to learn more.