When it comes to boosting profits you have two options; bring in more business, or reduce costs. Now, chances are you have already committed full-time to marketing and to other PR strategies to boost business, so if you want to increase revenue fast you realistically only one option – to reduce your operating costs.
Now, before you start to look at your company roll to see which job roles you can cut down on, stop. There are so many ways to boost efficiency and reduce costs in your company that firing people in an effort to downsize should only ever be taken as a last resort. First, you will need to follow through these methods:
Reduce Energy Costs
The first way you should aim to reduce cost is through your utility bills. Investing upfront for a new fridge or light bulbs can end up saving you so much money down the line. If you own or have full control over your office space, you could even aim to become an energy-neutral business by installing a solar panel. Save money through energy savings, and you can not just benefit from the reduction in costs, but can actually use it in your favor with marketing.
With the ubiquity of digital devices there is no excuse for paper anymore, except perhaps to have a hard copy backup in case your servers go down (but really, you should be on the cloud at this point). By going paperless in your day-to-day operations, you can benefit so much in cost reduction. No more do you need to budget in the cost of paper, ink, or printer maintenance. You also don’t have to waste money on inefficient communications. Now, everything can be digital. Information can be accessed instantaneously and correctly stored from the get-go.
Become More Sustainable
Becoming sustainable means two things. That you need to:
- Close the loop on your supply chain
- Work toward the triple bottom line of people, planet, and profit
As you can imagine, closing the loop on your supply chain will be incredibly difficult. How can you encourage customers to recycle their purchases back to you? What materials can you use that can then be reshaped seamlessly without loss in quality back into new materials? How can you ensure there is no damage along your supply chain? As of right now, these are questions all companies are asking themselves, and getting too caught up in doing everything right from the start will be to your detriment.
Instead, start small. Instead of using plastic wires to hold packages together, opt for metal wiring from www.balingwiredirect.com which is more durable, potentially reusable, and recyclable. It is the small steps forward that will make a difference, and allow you to come up with the best options for your company.
Benefit from Recycling Programs
You can still take old bottles in for money back in many programs around North America. The same principle applies to other valuable materials like cardboard, metal, or glass. So long as it is easy and lucrative for recycling centers to process your waste, then you can actually make money back.
It is easy to save money by simply being a better business, especially if you have not analyzed your own practices yet and haven’t optimized your operations.