The most complicated part in managing a business is the management of its funds. Most entrepreneurs and even CEOs continually decide everyday to what they think is crucial for their organization, what possible things can be cut and the significant items that can be added in the future for more productivity.
The situation here that we are portraying is very much challenging especially for those who just started up in their business journey and aims to grow, but at the same time worries on the higher chances of failure and the risk involve along the way.
In short, failing to keep up the balance between company growth and business can place it in difficult situation. Especially when time comes that you will be presenting the current status or report to your stakeholders regarding investors’ earnings or the situation like the company is having hard time paying its people.
In order for you to trim down the chances of these discrepancies, there are ways available on how your company saves money while maintaining its bills paid.
1. Work from Home Implementation
Downsizing your work space is the best and the easiest strategy to save monthly expenses. This is done by letting your regular and non regular workers to work on their home. There are many organizations who have allowed its employees to work at their own comfort, meaning they can work where they want to work, or work at a flexible schedule.
Establishments with limited office space are doing this as an option, as they can’t accommodate their staffs anymore when gathering the workforce all together at once, this type of operational strategy enables the company to save money.
Upon our readings on business magazines, we found out that a “worker becomes more productive working at home”, and obviously most of them are happier than just reporting on office working eight hours a day.
According to survey, around 80 percent of the workers based in United States wish that they can work at home, meaning by just offering this type of working option, it allows you to hire skillful people making your business become more profitable in the long run.
2. Hiring Contractors and Freelancers
If you worry about your workers wasting time by spending work time doing unrelated things like watching TV or anything related into it. It might be best for you to hire freelancers or contractors on a retainer system. You can hire them in term of making expected sales per month or answer complaints from your clients.
In the same situation as working from their home, people are now embracing the new working situation in which it is identified as “gig economy” wherein they can work on different employers based on contract, doing this type of option allow workers to have a job security at the same time working in a flexible time.
In the side of the employer’s, it also allows them to save amount of money allotted for salaries and special benefits. Remember that with this type of option, it allows you as business owner to save on health insurances, taxes, etc. at the same time getting similar quality of job like to what a full time employee does.
3. BYOD (Bring Your Own Device) Policy
As your workers perform their job responsibilities on remote areas, consider implementing a working system like “bringing their own device,” so when they come on office for their rapport, time will be saved.
With this type of system it allows your worker to do their job using their own tablets, cell phones and computers instead of providing them with the needed tools.
Implementing this enables your company to save not just hundreds of bucks but even thousands annually, even if supporting your newly hired workers for them to buy the tools they need still enables the company to save money a lot.
People prefer to work using their device. On the other hand, they buy models of their choice than what their employer tend to provide, they can even buy more if they want.
This idea presumes that your workers become motivated to work and productive at the same time lessen the work load of your Information Technology department.
4. Investing in Software than relying on Staffed Branches
As your group grows and becomes organized, we suggest that you invest on a software platform that enables you to easily and effectively manage your employee.
For instance, in your human resources department, a special application that will let you as business owners check the potential candidates while you are on official business trip, with that application you can conduct HD interview online and send in job offerings. All these features in a single application interface (the essence of convenient and efficient tool).
There are special systems that will let you manage time by placing the right schedules with your team, for instance, getting answer from question about the insurance without directly contacting your Human resource department.
Your software designed for your accounting related items makes it easier for you to balance your finances and even with your employee’s regular salaries and commissions. The system makes sure that every worker will get their benefits on time, even if you are not actually there to do it or across country doing official business trips for investor meetings.
Another thing with using software’s is that the total cost compared to an employee is a fraction, considering the good things it can do for the success of your business operation.
As business owner or manager, you need to determine the available resources in which you believe important and should be at hand or implemented, so when optional assets becomes available specially for smaller companies that can’t afford to skyrocket business.
The methods that we managed to mention above somewhat provide you an idea and even to those aspiring companies for them to scale up their finances without risk of overspending and overstaffing.