Cutting costs and keeping productivity at an all-time-high can be difficult. There are some actions you can take to cut costs in your business but still keeping productivity levels high.
Cut Perks and Benefits
Employee benefits are the first place employers look to cut costs. Although it isn’t very nice cutting benefits and perks it’s a lot nicer than cutting jobs. By simply reducing the benefits your employees have access too can cut costs and keep productivity at a constant level. Your employees will understand cutting free tea and coffee if it means they can keep their job.
Work from Home
When times get tough you want to save as many jobs as you can so try cutting the working week to four and a half days that way you could save on office bills and payroll. Another option would to simply ask your employees to work from home on a Friday which will save on office costs if you’re your employees don’t mind working from home on a Friday see if they can permanently work from home. Transforming your business to a virtual presence is an easy way to cheapen expenses as you won’t need an office to pay out for.
Make use of Machines
Reducing costs could be as simple as making use of machines and printing double sided copies or managing employees printing uses. Franking machines sort, process and stamp mail quickly and efficiently this can be cost and time effective for your business.
Eliminate Low-Value Meetings
Some meetings are needed, but if you can cut down on the amount of meetings it won’t necessarily cut costs but it will cut time so your employees can get on with high priority tasks. When you do have meetings get your employees to nominate a team member to feedback the outcomes of the meeting to the rest of the team.
Cut Business Trips
Business trips are great if they’re guaranteed to create revenue. If your business is uncertain whether a business trip will be a success cut it and organise an online conference instead. An online conference will reduce costs as well as having a constant working relationship with clients.
Sell Old Equipment
If you have lots of equipment that is being wasted why not sell it to smaller businesses? Smaller business will happily buy other companies office equipment and furniture that is being sold at discounted prices. Selling equipment frees up space as well as generates some money. When it comes to your own business supplies and equipment shop around for the best price.