In this article, we advocate for business owners to take a step back, analyze each line-item of their operating expenses, and make sure their balance sheet is prepared for the worst-case scenario. Here are some tips to optimize, reduce, or eliminate your current liabilities:

1. Leverage High ROI Marketing

In times of crisis, it can be easy to look at your marketing expenses as the first weight to cut, but you shouldn’t use a slash and burn strategy for your marketing budget. Instead, look at what marketing strategies, campaigns, channels, and more are performing well from a return on investment (ROI) point of view.

If, for example, you are spending equal amounts per month on Google search ads and social media branding campaigns, before cutting either or both, consider how they are driving real results. If your google search ads continue to garner real sales and you are finding it hard to measure the impact of social media marketing, it can be an easy decision to cut your investments in social media while continuing to invest, if not double down, in search ads.

2. Reconsider Expensive Office Space

One thing many businesses are realizing is that their workforce can still be productive remotely. Consider the quarantined period as an involuntary test for transitioning to a distributed workforce.

If your business still depends heavily on face-to-face communication, and video conferencing is not ideal for your collaboration needs, instead consider a desk-sharing or co-working space format for your office space. This can save most businesses thousands of dollars (if not more) in real estate expenses every year.

3. Utilize Your Human Resources

Layoffs are the absolute worst-case scenario for most businesses and unfortunately, in times of crisis, they are inevitable as funding, liquidity, and revenue dry up. One way to ensure your company is operating effectively is to make sure every employee is utilized at full capacity.

This means being very cautious when hiring to make sure each and every new hire has a full plate, or close to it. Although difficult to achieve balance, it’s recommended that current employees remain slightly over-utilized in order to prevent a large under-utilization when new employees are hired.

When considering each new hire, it’s also recommended to think about how contractors and freelancers could be better leveraged to gap-fill your requirements. This is especially important for one-time projects, new research and development projects, and more.

4. Recalibrating to New Normals

As we continue to navigate the new global economy, it’s important we recalibrate our expectations and financial plans. Economists are predicting a recession with near certainty, and the possibility of a depression that could even surpass the depths of the Great Depression of the 1930s.

Business owners must learn from this time and understand the importance of sound financial planning and the need for a safety net. The unfortunate reality of the Fed’s involvement in economic downturns is that businesses have grown complacent with the need to prepare for financial hardship, knowing the invisible hand of the government will be there to feed them with bailouts and more.

What’s even more unfortunate is that these business bailout plans are reserved for those deemed “too big to fail” and won’t offer much, if any, support to the millions of small businesses around the world.

If your business has been impacted by the COVID-19 pandemic, there are steps you can take to remain lean, and stay solvent during these turbulent times. If you need some more ideas for expenses your business can cut from its operations, the visual below features 16 expenses your business should reconsider:

1. Monitor Virus Levels at Destination

As COVID variants crop up, your destination may experience a dangerous bloom of the virus. Current studies indicate that if you have received your vaccination and allowed the necessary two weeks, you may still be at risk for catching the variant. If any members of your family are at particular risk for a dangerous reaction to the virus, you may need to isolate them at your destination.

To keep an eye on virus levels at your intended destination, review data as published by the county. If you’re headed to a rural area, you may find that there’s a big bump in infections in nearby cities, but the numbers in rural areas are not that bad. Take care with your stops for food and gas to avoid cities struggling with increased infections.

2. Road Trip

If you’re packing up the kids and the car to head to the home of a family member, take care in the two weeks before you travel to avoid carrying the virus across state lines. When you get on the road, make sure you have options to stay self-contained. Mask up for bathroom stops, pack sandwiches and snacks, and consider hitting a drive-thru instead of sitting in a restaurant for a hot meal.

Carry plastic bags for easy and proper discarding of masks outside the car after a bathroom stop. Use gloves to pump gas and has the adult pumping gas discard the plastic bag with all the disposable masks and gloves at the end of a pit stop. Keep hand sanitizer you can apply before you touch the steering wheel. Finally, remember to keep a window cracked when you get back on the road; the tight, enclosed space of a car is an ideal space to bounce around the virus if someone picks it up inside a rest area.

3. Rent an RV

If you are concerned about risks at a motel, consider renting an RV at your destination. In an RV, you avoid time in an elevator and other common areas. You can also prepare your meals in your RV and skip the risk of restaurants.

You may not have a lot of experience driving a large vehicle or towing a trailer. Consider renting from a large RV rental group and paying the extra fees to get the RV delivered and set up at your destination. Drive right to your rig and enjoy the chance to socially distance in comfort.

4. Go Camping

Another good way to meet up with family and friends without spending a great deal of time shut up together is to go camping. Of course, if you are traveling to a cold country to meet up with family members, you may need to meet up elsewhere to stay warm and comfortable.

The pandemic has led to increased interest in camping. You may be able to find an RV park that offers

• RV sites for rigs of all sizes
• RVs for rent
• cabins for rent
• tent sites

These set-ups make it extremely helpful for everyone to find shelter that suits their needs.

5. Isolate in Style

Many of us have not had a vacation out of our homes for far too long. Consider making your holiday vacation a lifetime event by booking a private jet charter that will take you exactly where you want to go in style and safety.

To extend your holiday celebration and maintain isolation, consider hiring a private yacht at your destination. For example, you could fly to Page, Arizona, and rent a houseboat for a private, calm break on beautiful waters.

Recent world events have a lot of us feeling very stressed out. A vacation may well be in order. To protect your family and the folks you come in contact with along the way, carefully monitor your health and the conditions along the way. Plan your trip to avoid viral concentrations and allow extra time to route around hot spots.