Managing and watching how your company operates is the most important thing. This is crucial for you as owner, the capability to have an overview of where your business is heading.
- where your money goes?
- Are there other ways to decrease cost while increasing your productivity?
The term might sound like you are searching for a unicorn, but don’t have enough finance or shall we say human resource in your company to ensure that your employees will have the right tools needed for them to achieved the goals you have made.
With these questions, we have here our six easy powerful tips for you to get started.
1. Checking your Insurance benefits
- When was the very last time you made an audit in your spending?
- You might be paying much for your insurance or do you have the suitable insurance?
- Are you able to adjust deductable in your insurance by lowering down premiums?
- Have you check past claims and loss ratio of the paid claims with premiums?
2. Go on Video Conferencing as way of Communication
If you are an old school type of person with systems on schedules meetings in person or by phone, well, those were effective in the past but for now, they are not that necessary anymore, we are already in the new generation and technology is improving.
Thanks to the people who invented the video conferencing.
Thinking on the rapid growth of your local landlines and phone systems, this will make you realize that continuing it does not make any sense at all. The best thing to do is to develop an encrypted conferencing that includes audio, video, file sharing and remote capabilities.
You can have a conferencing system with super HD features. Remember that
you need to connect with your people in the same time making it more effective.
The most important is the quality of the call and the video that will make things become more efficient, added with applications suited for your business is much a plus.
Thinking of these things to implement on your business are not that difficult anymore compared to the past as the availability of the technology becomes at hand and affordable.
3. Using Generic Office Related Supplies
This is the time for you to consider potential vendors for your needed office supplies, remember that if you are buying your office supplies from a certain store, and if the add-ons are not that good as you are not getting a bang in your buck.
This is now a reminder that you will have to move to a new vendor for you to purchase your supplies. In terms of purchasing supplies, we suggest that you use the “knock-off” type of goods.
Not just spending prices on full on regular office necessities. You have to think differently and consider that there are other options for you who offer top quality supplies and components if you try to find out.
So if your needed supplies are just paper, pens and more, why pay full price?
Take note that organizations now are becoming conscious in terms of cost and saving cash will be the first consideration before they buy things.
4. The Paperless operation!
Running a business is costly. Entrepreneurs and top management are now finding ways for them to minimize cost.
Is adjusting operational cost really that necessary?
Many businesses now whether how big or how small are using papers on all of their daily related activities. And now they are switching on the paperless office.
They are re-organizing operational transactions that can be integrated electronically in order to minimize operational cost.
As what we said, organizations are making use of digital transactions. Cash transaction is indeed included, remember that mobile payment is already available now, take not these systems are inexpensive.
Hard cash is not just necessary this time as people are now turning to mobile systems allowing them to secure their funds and with super easy to adopt system.
5. Keep Your Employees!
Unless you have employee who have underperform that would let you terminate them, it is still best to keep hold your workers, for what reason?
The idea is simple, getting new employees to work with your company is time consuming and expensive, so why not keep your old one if you can.
According to study, it will take around 6 to 9 months of your employee’s current salary as average when you decide to hire new employee in replacement for the old employee, the expenses will be used in recruiting and training for the potential employee to be hired.
And this even goes up when it comes to top level personnel’s (we assume you get our point here).
So therefore, it is important to equip your staff with trainings at the same time make them happy so they become productive in their work.
You can look for training opportunities whether outside or in-house giving your staff the right tools for them to maximize in becoming more productive in their work.
6. Have a look on your shipping expenses
The total cost of your shipping can be shocking, especially when your dealings involves overseas. But you don’t have to worry. There are other ways for you to cut down cost.
We highly recommend schedule an appointment with your partnered shipping carriers, they might help you with your delivery to and the possible transportation options whether air or ground.
Failure to evaluate the right costing of your shipping operation can boost out expenses up to 40 percent more.
Doing this is the best way for your business to save extra funds while increasing productivity of the worker. If you want to get into details, we strongly suggest meeting up with the business manager involved in a bank meeting.
Or you can work with other organization or vendor that has special department that will cater your small businesses operation needs. You just need to explain your basic needs for them to offer the right advice.