Four Simple Ways Your Business Can Save Time and Money
"The longer you're not taking action the more money you're losing." – Carrie Wilkerson
In an ideal world, your sales are ever on the increase. It's the most rewarding sensation, knowing that all your hard work is paying off and you can now reap the benefits.
But that's perhaps not how the cookie will crumble all the time. There will be periods when sales may not exactly be rocketing - and even if they are, it always makes sense to look at ways you can streamline your operations in order to maximize profitability.
And so, if we combine the age-old saying 'time is money' with a few simple ways to cut down costs, this two-minute read will cover a few simple ways to save both time and money.
This relates to everything from making sure all appliances and lights are switched off when they're not needed to reducing the amount of paper you use in the office. Other ideas are to source locally, limit the need for office space and renegotiate salaries by offering remote working options to employees... Not only are you reducing costs, but you're also doing your bit to protect the environment. According to the most authoritative research to date, a staggering $26 trillion could be saved by 2030 through a global shift to sustainable development - which just goes to show how much room there is for improvement!
Buy in bulk
It's pretty obvious that most things are cheaper when you buy in bulk, so it's a wonder more businesses aren't doing it. If you have the storage space and the short-term cash flow to allow, buy in bulk whenever possible. Of course, you need to be judicious about what you buy in large quantities or this could have the reverse effect and end up being uneconomical. The other benefit of smart bulk purchasing is that it helps reduce your carbon footprint - 39.9% of the plastic generated in the world is for packaging purposes!
Eliminate bottleneck-causing tasks
If your business has tasks vital to running, but that takes too much time and causes delays, you need to figure out how to overcome them. Whether it's by outsourcing the tasks to another company or training your current staff to handle tasks more efficiently, the delays are costing you time and, therefore, money.
While training employees may take longer in the short term, having a business that operates at optimum efficiency in the long term is ultimately far more cost-effective.
Have fewer meetings
It's almost guaranteed that at some point you've been in a meeting and thought "this is a waste of time". And yet, there are still so many businesses that are holding meetings just for the sake of it.
Instead, compare the amount of time your employees spend in meetings to the hourly wage they get paid. If the meeting is not vital, cut it out. The decrease in interruptions to your and your employees' day will also positively affect productivity. One study of 20 organizations from the automotive supply, metal, electrical, chemical, and packaging industries found that dysfunctional meeting behaviors (including wandering off topic, complaining, and criticizing) were associated with lower levels of market share, innovation, and employment stability.
Cutting costs doesn't need to be done out of necessity. In fact, businesses would be more successful if they put cost-saving practices into place from the beginning rather than waiting until circumstances are dire.
"Do not save what is left after spending, but spend what is left after saving." – Warren Buffett