When it comes to cutting the cost of running your business, a lot of companies automatically presume that the first thing to go will be staff. If you’re heading down this route yourself, then think again. However expensive they may be, your staff are the heart and soul of your operation; and until we invent robots sophisticated enough to fulfil their positions, they have a huge part to play in determining the relative success or failure of your business. Here are some practical ways to reduce your costs, without losing the lifeblood of your organisation.
Thing About Losing Some Perks
Throwing decadent staff parties every quarter is great for morale and keeps your employees loyal and happy. However, the reality is that your company might not actually be able to afford them. So as much as it may pain you to do so, consider losing some of the perks which you offer to employees. Sure, they might not love you for it. But if it’s the difference between them having a job or not, they may just come round to your way of thinking. Incidentally, if you can downgrade instead of remove perks altogether, your employees will feel less like they are getting a raw deal.
Rent Instead of Buy
Having an office decked out with brand new Apple computers and a garage full of gleaming, high-end business vans looks very impressive. But is it necessary? Often businesses will invest too much money in things that aren’t required regularly enough to warrant a flat out purchase. Given, computers are needed in most businesses. But you’d be amazed at how many companies invest thousand in brand new vans, when actually they could get by fine on occasional rentals from Hitachi Capital Vehicle Solutions. So consider whether a purchase is actually warranted within your business.
Don’t Be Too Social With Social Media
Everybody uses Facebook, and in truth, it can be a very effective tool for businesses. That is, if it’s actually used for business and not pleasure. Have a look around your office for time-wasters. It may be time to clamp down of employees being a little too social with their social media.
Many businesses deal with financial hardship simply by firing staff. Obviously it solves one problem, but it creates another. You can’t run a business on a skeleton staff. And nor should you, when there are plenty of practical money-saving alternatives.