Operating a business means keeping an eye out for profitable opportunities. It is, however, also about watching your operations so that they don’t lead to wastage. You have to save as much as possible; otherwise, your business is not likely to remain profitable for a long time. To help you figure out ways for your business to save on resources, follow these tips.
Improve Your Security
Theft is one of the leading problems of any business attempting to save on resources. To minimize the likelihood of theft – whether in the form of pilferage or shoplifting – invest in proper security measures. You don’t have to hire the most expensive security firm; you need some good protocols in place. The presence of security personnel is often enough to discourage would-be violators. For instance, CCTV camera setups are more affordable these days, and they’re pretty simple to set up. As long as you have cameras in strategic places, you reduce the chances of losing items. Make sure the cameras are visible, as those who are tempted to steal are less likely to give in if there are visible cameras in place.
Outsource Whatever You Can
Know why many U.S. companies are outsourcing a good number of their operations? Savings. It’s a lot cheaper to outsource different parts of your operations. For instance, answering services can meet your customer service needs for a fraction of the price you would pay if you had in-house personnel manning your phones. This is why the call center industry has grown year after year in many countries. Well-trained, and properly equipped representatives can take calls as if they are at your business premises. You don’t even have to invest in the telephony infrastructure to enjoy this service.
Encourage Telecommuting
Many businesses these days offer their employees the option of working outside the office. Telecommuting is a growing industry. You’ll often find employees working on their laptops at coffee shops. Your people can have their setup at home. This can help lower your overhead expenses. For some startups, telecommuting is a useful tool to avoid having to set up new offices for a growing workforce.
Hire Young People
Experience is essential, but the enthusiasm of youth can also be a good factor in making your company thrive. Young people are eager to get that experience and show that they’re worth hiring. You can spend far less money than what you’d need to hire veterans, especially if you’d have to “poach” them from other companies. Find smart, young people who are not as “jaded” as their older counterparts and let them work their magic as they earn your trust and confidence.
Drop the Meetings
Meetings are perhaps the most counterproductive part of working. They kill plenty of time that you and your employees could use working on essential projects instead. Some companies devote a specific day to a long, drawn-out meeting every week, and in many of those meetings, food and drinks are ordered, adding to the cost of every meeting. Of course, this is not to say you should drop all meetings; just change the way you do them.
For example, if you have to meet, invite the people who have a direct part in that conversation. Don’t invite assistants and secretaries or worse, an entire staff. Don’t order anything; keep the meeting short. Do it for less than ten minutes. Some CEOs even have their meetings while walking from one destination to the next in their company premises. Making your meetings last longer than a few minutes is a sure way to let gossip and other nonsense creep in, and that’s not helping anybody, least of all your company.
There are many easy ways to keep your company expenses within reasonable limits. Do some more research, apply what you learn, and watch your business thrive.