By Dixie Somers
You often hear that a penny saved is a penny earned. In the case of time and money, companies that can save both earn more than pennies from such an endeavor. In a lot of cases they preserve thousands of dollars by making business processes more efficient in these two areas. The following are five ways your company can save time and money on its business processes.
Your company may have hired too many employees to do too little work during an average business day. By consolidating tasks under a single job description, your business can reduce the number of extraneous workers. This essentially saves your company loads of money by cutting down on having to pay employees that do very little and by reserving employee benefits for employees that carry a greater load to justify their employment status.
Automate Workflow Processes
When it comes to saving time and money with business processes, automating work flow processes is key to achieving these goals. Any workflow process you can automate frees up an employee’s time that could be better spent on more important tasks. This, in turn, means that at least two different work tasks are being done for the price of one: which is a huge savings for a company all around.
Instead of wasting gobs of money with traditional advertising, it can be far cheaper to get the same or better results with free online marketing methods. From a well-designed website to traffic generating campaigns, the way to reach the modern consumer is through the Internet. In fact, instead of paying traditional advertisers, your company could generate ways to get advertisers to pay you as a means to increasing revenue while marketing for next to free online. Rather than merely saving money, you might just come out with positive cash flow with this workaround marketing solution.
Your business might acquire a good chunk of its revenue through shipping products to consumers. By organizing inventory for easy location in your warehouse, this can save loads of time when putting together highly diverse orders to ship to your customers. Offering a discount on bulk orders can also help save money for your business as your company ships out more products in the process of encouraging higher sales volume. You should also consider working with a packaging company who can customize package sizes for whatever you happen to be shipping.
Reduce the Work Week
One way to save money is by shortening operating hours. Moving to a four day work week, instead of a five day model, can translate to huge savings for your company. It gives the impression that your employees need to get more done in a shorter work week time frame, and it cuts overhead costs by halting operations one day a week. Plus, it gives employees a longer weekend to rest up so they can give you consistent higher performance rates too.
Time and overhead expenses are two of your biggest enemies as a business owner. By learning to leverage these two factors to the advantage of your business’s bottom line, you will effectively overcome a huge hurdle that plagues your competitors. So, it is always lucrative to seek for innovative ways to save your company time and money anywhere you can.
Dixie Somers is an Arizona-based freelance writer. Follow her @DixieSomers.