3 Cost-Saving Tasks to Tackle in 2014
A new year brings new opportunities and new challenges for in-house counsel. If you're not sure where to turn your attention, focus on finances. Kick off 2014 with cost-saving goals.
Here are three goals to focus on to make 2014 a bigger and better year:
- Perform a security audit. By now, companies recognize the connection between cybersecurity and an organization's financial well-being. Target's recent data breach made that message loud and clear. This year, make it a point to brutally vet your security prowess: get educated on cybersecurity, train employees about security threats, look for an outside security firm, and prepare for the worst with a damage-control plan. Taking steps to reduce the chances of a data debacle can save the company from massive costs related to a landslide of lawsuits, lost consumer confidence, and a slow recovery (or a rapid demise).
- Calculate your social media ROI. If your company's social media activities grew its sales pipeline or translated to other meaningful success, you should be able to back off a bit and allow the company to increase the budget in the following quarters based upon solid knowledge that the company's social media spend has a strong return on investment. By contrast, if your social media ROI is less than stellar, it may be time to revamp your social media strategy. Since 2014 is the year of social engagement, take some time to review your company's social media policy and update the company's best practices.
- Improve efficiency. Many companies struggle with efficiency, which can lead to frivolous spending. In the new year, consider performing some legal legwork that would accommodate delegating administrative tasks to contractors, virtual assistants or full-time employees. Also, look into other unexplored opportunities for increased efficiency, such as switching suppliers, going paperless, embracing new technology, and hiring from within.
Cheers to turning over a new leaf that's perfectly crisp and green that you can rake in.
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