With the Coronavirus economic crash, companies are scrambling to reduce costs. For many online and technology companies, however, the shift to online work and online learning and streaming media means their services are more in demand than ever. So how do you address the need to scale back your spending and at the same time scale up your services? Here are some suggestions:
Assess Your Team and Resources
Personnel costs may be your largest expense right now, but they are also the only way of driving down all your other costs. You will need to reduce your technology costs through your engineering team and its core competencies, so you need to understand those competencies clearly as you construct your plan to reduce costs. Before you start laying people off, make sure you understand what your teams are capable of, and who will be instrumental in helping you weather the economic storm. You need to have a team that will fit your technology, and vice versa.