With the tight economy, many Australian businesses have had to rethink the budget. This may mean cuts on spending and reducing staff. Some have had a tough time making the right decisions while others have thrived in spite of the cutbacks.
Australia is the leader in online hiring, ahead of other major areas of the world such as the U.S. and Europe. This may mean hiring employees from around the world, but it more likely indicates an increased use in contracted work.
By utilizing freelance workers, businesses reduce the expenses associated with hiring an employee. Since this is one of the costliest aspects of a budget, it can result in increased cost savings while still providing the services needed.
Sensis is one such company. The business announced in the beginning of 2014 that it would cut around 800 jobs and outsource them in contracted work. The company had already been using people from India and the Philippines with success.
As the article, “5 Ways to Spend Less than You Earn” states, you have to spend less than you earn and Sensis may be following that advice well.
Taking Advantage of the Conditions
New businesses that want to succeed in this economy must learn how to use it to their advantages. Some of the top businesses in Australia found what customers want and focus on meeting that need.
For instance, AussieCommerce Group owns numerous online sites that specialize in deals. It started in 2010 and has continued to grow in spite of economic conditions. The secret is that the founders understood what people want when they have limited income – a good deal. These companies often hold off on making new investments in the business.
Pink Frosting is a company that has learned how to be successful while offering better discounts. An online party and wedding supplies store, Pink Frosting has focused on featuring sales and special discounts to maintain the needed revenue to stay in business.
A successful company must review its goals and business plan to stay successful in a down economy. The companies that continue to do well in spite of the economic conditions are those that know when and how to make financial cuts and how to offer customers what they want and need.
Companies such as Real Institute offer something that people need and are willing to spend money on. Real Institute provides online training to help employees increase their abilities to get jobs.
One of the greatest similarities of many successful businesses throughout Australia is that the focus is turning more to being internet-based. It costs less to operate online than in the real world, and advertising is often easier and less expensive. Hiring online cuts costs as well.
Whether they are local companies developing an online presence or new startups operating solely online, this method of business is growing while allowing companies to cut costs.
In a tight economy, businesses must find new ways to stay successful without spending a lot of money.
Maintaining a tight budget while providing innovative and essential services seems to be the key ingredients for many of these companies.
About the Author: Joyce Morse is an author who writes on a variety of topics, including business and finance.