Do you own or lease a premise as part of your business? Work through this section to reduce your premises expenses.
In the time allowed for Turnaround90, you will not have a lot of time to consider your future space requirements. Our goal is a rapid reduction in costs to allow your business time to recover.
With this in mind, there might be some rapid, and possibly short term, actions you can take to save money.
- If you no longer need some space, try to sell or cancel the rental on that space.
- Other costs associated with the premises – air-conditioning, energy and other utilities. You might be able to introduce some quick economies in this area, even if it inconveniences staff in the short term.
- Your landlord may consider a ‘rent holiday’ rather than lose you. Rent might be forgiven entirely or just a payment delay.
- It might be possible to “lock off” parts of your premises. This reduces the lighting and/or air-conditioning expenses for the period of the turnaround.
- If it looks like you will not be able to afford your space in the future, start the process of leaving sooner rather than later. There may be a process of giving notice involved.
- If you have the room, maybe get another business to co-share your space.
- If you are a business that can work remotely, consider downsizing or moving out of your space.
Take this opportunity to see if reducing premise expenses can have an impact on your turnaround strategy.
For more help understanding any issues relating to this Section of the Turnaround90 Campaign, use the 12Faces Diagnostic System to drill down to root causes of problems and find our suggested Treatments.