Businesses that are making more than enough money ignore the areas where savings can be made. They are often too busy to think about saving a mere dollar here and there. In this case you should delegate. You could almost employ someone like me just to do this job and I guarantee that I could pay my own wages with the savings.
Here are some of my money saving tips for a business
- Reduce waste. You would be amazed at what staff call rubbish. Do not let them decide what to throw out because they do no care. People are very careless and wasteful with items that they did not personally pay for.
- Organised roster – Overstaffing accounts for a huge waste of money in almost every business. Its all about knowing your business and understanding what is needed.
- Offer staff a chance to buy your product wholesale plus costs to reduce theft. Make your staff feel like they are privileged and let them have an unbelievable discount, therefore increasing the guilt factor if they do decide to steel something. The item was so cheap anyway!
- Ask your bank for a discount on merchant fees. If they say that they cannot do this then try another bank. After you have a few firm quotes in hand go back to your bank and see if they can beat it. Try and stay with the same bank, as changing can cause delays and problems that your business can’t afford! A small discount of 1% on merchant fees can add up to hundreds or even thousands of dollars in savings.
- Hold a meeting with your staff and ask them for ideas on how to save your business some money. Give them an incentive. Shout the winner to out to lunch. This is a great way to get your employees to think hard and even sometimes realise what they are doing to waste money. You also get some great ideas to use and put to action.
- Don’t keep staff on when they are not doing their job to your standard. This is the biggest waste of money. Half a good staff member is worth two of these ones in a bush, doing nothing. I cannot stand people that conveniently avoid actually doing anything too strenuous. This is just as bad as steeling, because they are blatantly accepting wages for doing nothing at all.
- Monitor internet and phone usage in office situations. I must have spoken to at least 200 people over the years that use the bosses phone to call long distance relatives and friends. Most people also use work time to read emails and chat online. Just make sure you let everyone know that these are being monitored and then they cannot accuse you of spying or eaves dropping.
- Office supply stock. It really pays to have an office supply manager that is responsible for ordering and distributing office supplies throughout the office. You would be surprised at what staff will take home and waste at work. Unnecessary or mistakes with printing can cost big dollars.
- Employ your own computer geek. Do you know how much it is to pay a computer technician to fix a computer in your business. They cost a fortune. And everything is so much more expensive through them. I would hire a computer geek of my own. This way you know how much he costs because you already employ him. Computer geeks can usually do an array of other jobs as well.
- Free Advertising. One of the best forms of free advertising is word of mouth. Don’t ever let a rood or uncaring staff member ruin you reputation. The customer is going to remember the business name, not the person who was rood to them in the first place. One bad word can turn into 20 lost customers.
- Setup remote access for your staff. You would be amazed at how many people will complete work outside of working hours. Then they will be free for the next project.
I would love to here some of your ideas? There must be a million ways to save a dollar in business.