Making the decision to downsize your business is never an easy one, and can often lead to some difficult decisions. The reality for many businesses is that in order to remain competitive or to cope with market fluctuations and related trends, downsizing is the only option. The best thing to do is remain objective, and to do that, you need a firm plan of action.
The first point of order in this plan should set out the main reason for downsizing. Are your overheads too costly? Have prices from your sub-contractors increased significantly? Has a recent dip in sales affected your ability to raise capital to restock? Are your competitors able to undercut your prices?
The list isn’t exhaustive, but once you have a good idea about what’s causing your main issues, it’s time to see what your budget is. As a general rule, setting a monthly budget will help you forecast your expenditure for the business year ahead. One thing you can sometimes overlook is that a budget isn’t a set feature. You need to update and correct it as the year progresses. If you haven’t done so, revisit your monthly and annual budget to see where your overhead costs are possibly higher than you had anticipated or planned for.
Once you’ve looked at your overheads you may already see some points that you’d like to revisit. Depending on what type of business you run, you may look to purchase stock items. This can also be studied to see if you can source cheaper materials. But the main thing to understand is that an up-to-date budget you revisit on a regular basis can highlight issues sooner.
The last thing that anyone wants to do is lose staff, especially if it’s due to downsizing. So the best thing to do is try and make this your last option, and if it’s unavoidable, consult with your staff as early as possible to discuss options.
At Ready Steady Store we’ve worked with thousands of business customers. And one thing that comes up a lot is the price of commercial rent, and how it can put a strain on monthly overheads. So one solution we can suggest is to downsize your current business rental premises and use us as your offsite storage provider.
Most companies need some sort of space allocated for storage; whether it’s work-related equipment, products, or stock items, there needs to be somewhere to store these things when they’re not in use. Typically, storage space has to be factored into the rental premises, for example; a factory that creates products for sale might have an entire section allocated to storing the separate parts that make up the product; another section allocated for the packing materials; and another for the finished products to be stored before they’re delivered. That’s three separate places just for storage. And that’s without even making allowances for the rest of the space that company would need to make the actual products.
Storage with Ready Steady Store
By using Ready Steady Store as your offsite storage provider, your company can rent a commercial property solely for your primary operating purpose. And if that’s similar to our last example, you can plan your space allocation to make sure that only the essential items for your production remain at your premises. And you can store the rest with us, for a fraction of the price of commercial property rentals.
At Ready Steady Store we offer unique drive-up self storage units you can access 24-hours a day, seven-days a week. This means you can load and offload your products or work-related equipment to suit your schedule.
We have a variety of storage units available to suit any sized business. These provide the option of hiring several units of your choice – large or small. This makes it possible to allocate as much of your required storage space with us. As well as to help you downsize your premises and your monthly overheads; without making it necessary to make any drastic or unwanted decisions for your business.
Contact us today for a free quotation or to speak to us about our self storage options.