KIP Digital Media, LLC

Penny Wise

Posted by randi - 12/07/09 at 09:07:19 pm

In these tough economic times, everyone’s looking for a few ways to save. And while it’s just good business to eliminate waste, it’s possible to overdo things.

As companies seek to cut costs from office supplies to telecom it’s easy to lose sight of some common sense principles.

First, Do No Harm

It may seem harmless to slash the office coffee budget. But few employers realize how disproportionate an effect the cutting of employee creature comforts may have on company morale. As any good CEO will tell you, a company’s greatest asset is its workforce. It often pays to look for ways to cut office costs without cutting amenities. One clever (and green) idea is to replace disposable coffee cups with personalized ceramic mugs and plastic stirrers with metal spoons. Employees will appreciate a personalized mug and will gladly help reduce waste around the office.

Protect Your Brand

Perhaps the second most-important asset every company has is its brand. It’s equally sinful to allow budget-reducing strategies to impact your company’s image. Come budget season, every expenditure may come under intense scrutiny. Time and again we’ve seen clients eliminate redundant or defunct domain names and toll-free numbers. Before deciding to retire these assets, however, consider the impact. Once these assets are gone, you’ve got no control over them. A competitor (or worse – an adult site) may snatch up the domain names or toll-free numbers you’ve relinquished – to the detriment of your brand.

Measure Twice, Cut Once

Be sure to audit your digital and print marketing collateral before giving your unwanted numbers the axe. Consult your analytics to make sure your old sites are really dead – you might be better off redirecting the traffic to one of your other properties instead. And whatever cost-saving measures you decide to implement -be sure you’re being penny wise and not pound foolish.

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