Generating revenue is half the battle for running a successful business; spending as little as possible is the other half. While it takes time to find out how to best streamline your operations, there are a few steps all businesses can take to save money. Here are three to keep in mind.
Focus on Communication
In many ways, running a business is about communication. In the office, ensure your employees can reach each other promptly. Messaging apps on smartphones and computers can be effective, and mobile two way radios remain a great option for people in the field. One of the greatest inefficiencies in many businesses is staff members waiting for others to respond to emails. All businesses should take the time to develop guidelines for communication that prioritize important messages and ensure employees respond in a timely manner.
Cut Energy Bills
New technologies have made great strides in using less electricity. If your businesses hasn’t had its lights audited in recent years, it’s time to take another look: LED lighting is far more efficient than older technologies. Furthermore, investing in better insulation can cut back on your heating and cooling bills. Another option to consider in telecommuting. Because many employees spend most or all of their time working on a computer, many are capable of working from home over the internet. Telecommuting saves on energy bills, and it allows employees to spend less time commuting. Furthermore, you might be able to hire additional employees without having to move to a larger office, saving money on rent.
Sensors and Analytics
If you’re unfamiliar with the concept of the Internet of Things, it might be time to investigate. Modern, low-cost sensors and associated software can allow businesses to streamline their operations much better than older analysis tools could. A low-cost sensor can help you identify places in your supply process that are holding up overall productivity, for example. Advanced analytics programs can seek through large volumes of data to identify bottlenecks preventing your company from operating as efficiently as possible. Bringing in a traditional analyst will likely help your company find ways to improve, but making sensors and analytics a part of ongoing operations will lead to long-term, sustainable improvements.
The basics of running a business have evolved over the years, and incorporating both new and old means of saving money can help your business meet your goals. Most importantly, ensure you’re always looking for areas of improvement. Major changes get the most attention, but small optimizations add up over time.
Emma is a business strategist-turned blogger. She lives in Auckland, New Zealand. Emma is a passionate traveler and yoga aficionado. She is in love with coffee, interior design, books, and good vibes. 🙂