When a business leader looks to cut their operational costs, they all too often overlook the little things. They jump to the extreme end of slashing, they look at moving location or making staff redundant or closing down a certain branch. But the little things add up. The little things can make a huge difference without you having to even consider making extreme adjustments. Basically, a large overhaul isn’t your only option. Phew, right.
It is just a matter of common sense a lot of the time. We’re not trying to undermine your intelligence, after all, running a business is an immense ask, and one that requires you to spin more plates than a circus clown. But if you want to improve your bottom line, well, it can just be a matter of stepping back and looking at your business practices.
Lower Your Supply Costs
Tiny tweaks to your supply operations can have a huge impact. It could be that you stop using fancy bottles to package your product and find a cylinder jar instead, which will be much cheaper, and tweak your labeling so that quality isn’t risked. It could be that you stop using traditional office supplies and start using discount suppliers like Amazon or BJs or even Walmart instead. Lower supplier costs mean better bottom line.
Use Your Space Better
When it comes to costs, space is one of the biggest factors. That is because the amount it costs to lease a space is based entirely on the usable space available. But, before you pack up shop and move elsewhere, why not consider consolidating your space better, or adjusting the layout. Another option, of course, is to lease any space you aren’t using or any space you manage to free up. Whatever option you choose, you are helping your bottom line, and that is the goal right.
Go Virtual Now
The small business costs are the ones that slip under the radar and add up, which is why we urge you to go virtual as soon as possible. Think about how much you could save in travel expenses, and stress, if you used virtual meeting rooms, and how much you could save physical office space you could save on or lease if you used virtual meeting rooms. Google docs too, that’s another one. Virtual may sound like a big change, but all it will change really is your savings. Winner-winner.
Focus On Your Employees
To be more efficient, you need to better use your employees. Each employee is different, each one has a different set of skills, and that is what you may need to maximize. If they are highly skilled when it comes to sales then don’t put them on a desktop crunching numbers. If they are good at crunching numbers then take them out of the design room. What’s more, don’t be afraid to swap around responsibilities almost ruthlessly. If someone is proving to be a more efficient leader, then give them a leadership role. You are running a business, not a charity.
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