Nowadays, the Covid-19 pandemic is changing the way organizations do business. To survive and thrive in the wake of a crisis, companies must find ways to control costs and make investments that position them for growth.
Cost controlling is a crucial issue for companies, now more than ever. The Covid-19 crisis has put a strain on the financial stability of many businesses. With the impacts of Covid-19 continuing to become evident within the economy, businesses must look at controlling expenses whilst maintaining efficiency and effectiveness.
Streamline Your Marketing
Marketing is essential to the success of most businesses. To control the marketing cost during pandemic crisis, the key to making every marketing dollar count is to constantly review what works and what doesn’t, and focus on what generates the best return on marketing investment.
For example, focus on more cost-effective marketing strategies such as online advertising and also email marketing. Build an email list to keep in touch with customers and prospects, and become part of the conversation on social media in your location and industry.
Spend Management Strategies
Even in a crisis, companies need to spend money to make money, and ensuring business owner have total visibility into company’s spend and complete control over every penny headed out the door will go a long way toward ensuring getting money’s worth.
Implementing Digital Transformation
The investments organizations make in digital transformation can help reduce cost now, while providing a framework for speed, cost efficiency and organizational change to remain ahead of the curve. Time savings, better control of expenses, improved reactivity, etc.
According to the research, 80% of organizations that have completed the digital transformation report increased profits. Companies that implement the digital transformation business model see an improvement in their efficiency and profits.
Realizing the importance of digital transformation, The Malaysian government has introduced various initiatives to encourage SME digitalization. The Malaysia government through the Ministry of Finance (MOF) is working together with Bank Simpanan Nasional, SME Bank and Malaysia Digital Economy Corporation (MDEC) in managing the grant to eligible Small & Medium Enterprises (SMEs) to adopt digitalisation in daily operations.
TRANSFORM YOUR BUSINESS TODAY!
Get your Matching Grant up to RM 5,000 with SME Digitisation Initiative now, for any Digital Media Marketing & Video Production services from SBS.