When the businesses that you’re competing with are much larger than you, with many more resources at their disposal, it can feel as though you’re fighting a losing battle.
You don’t want to spend yourself into the ground just trying to keep up appearances, and it’s also worth remembering that you don’t actually need to keep up with your competitors; you can hold your own by carving out your own niche. At the same time, however, there are some areas where you can produce the same big business result without spending as much as you think you need to.
When It Comes to Security
Security is a difficult topic because it often feels as though, in a landscape of complex and evolving digital threats, anything less than the best is putting you at risk. To make matters worse, what constitutes ‘the best’ is a constantly shifting target due to the shifting nature of this landscape. While some businesses might resolve this problem by just putting more of their budget towards their security, others might not be able to stretch themselves so thin.
In that case, you might investigate lesser-known options like a bring your own license (BYOL) approach. This can save you time and money when shifting cloud providers by transferring your existing license, providing a greater sense of consistency and cohesion along the way.
Cultivate Talent from Within
While every business wants to hire the best and brightest for the roles that they have available, those employees are usually going to go to the highest bidder. Even in an incredibly competitive job market, it can feel difficult to find an employee who feels perfect.
However, taking a step back and realizing that you have another option can actually open a lot of doors for your brand. Cultivating talent by hiring someone who might initially seem to have slightly less experience than you would want and offering them the training that they need to grow into the role can lead you towards a team of loyal and more specially trained employees. Having higher roles for them to work into can ensure that they see a long future with your brand.
Is an Office Essential?
In your quest to overhaul your budget, it’s worth taking the time to examine aspects of business that you might have once assumed were completely foundational. An office is a prime example of this. Physical workspaces in general are variable, and the necessity of them is going to depend on what exactly it is that your business does – a more physical line of work won’t be able to shift to an entirely remote model, for instance. That being said, if you are able to shift to something more entirely remote, this not only means that you could save money that you’re currently spending on an office, but it means that you can begin to expand the talent pool from which you hire, potentially giving you access to employees that best match the criteria of the job.
