The world of business is all about streamlining. If you don’t keep your firm streamlined, then you can expect those costs to mount up over time. The problem is that the world of work is forever evolving. New methods and techniques are always being devised to help us make the most of every working hour. While this is a great thing – it means that we have several loose ends lying around, in terms of saving money.
With this in mind, the team here at Sugru wanted to put together a list of ways you can streamline those finances and cut down business spending. Of course, if you utilize our mouldable glue to preserve and repair your broken technology, this is a great starting point… but we wanted to go a little deeper than that.
Streamline Your Business with These Top Tips
All things considered; we thought the best way to showcase ways you can streamline those profit margins was just to dive straight in there. Let’s look at making the most of your ROI, by having a bit of a clearing out…
Check your Utility Bills
Do you know how much your office spends on bills? Your utilities – that’s heat, light, electricity – all take money to fund. Something as simple as a master switch to turn everything off at night can save you a small fortune the longer you do it for. Most offices contain technology that will never be switched off during their entire lifecycle. Change your business’s energy consumption and you change this for the better.
Identifying Weak Spots
Poll Everywhere suggests that running through each of your processes, in turn, gives you ample opportunity to scour them for improvements. This applies to manufacturing, distribution, and front-facing services. If you look at each thing your business does, then ask the staff responsible for doing said things to suggest ways you can improve them, you will be on the path to successful saving.
If you use suppliers, now is the time to renegotiate those prices. 2020 has seen some drastic economic changes to the world of work and if you aren’t on the same page, you are being left behind in the gutter. One of the most pro-active things you can do for a firm hit by the wave of Covid-19 is to renegotiate your business boundaries. New savings are there to be made if you are cheeky enough to go and ask…
Think Long Term
If you have any products or services that you buy one at a time, think long term. Could buying in bulk lead to bigger savings later in the year? Often, buying things in bulk is better for business. You may also want to contact any suppliers you work with regularly to see if there is a regular customer discount available. It’s worth a shot when your business is on the line…
Check your Software
Last but not least, this tip comes from Leader to Leader. While we have bypassed the years of outsourcing for cheaper deals, we haven’t all got round to updating our software yet. This is a huge area of business where you have the possibility to make massive savings. The software can be pricey, yes, but outdated software costs you extra time every time you use it. Express those costs in terms of productivity and you will soon see that it all adds up!
Last Of All…
Don’t forget to keep an eye on the books. If money is being spent on supplies or processes you just don’t use anymore, then be merciless. Your firm needs to survive this recession, you don‘t need to carry others through it. Good luck… may the rest of 2020 be calm, boring, and not contain any more viruses!