The costs of running a business don’t just involve money – they also require your time. And time, as we all know, is money anyway! With this in mind I thought I would have a look at some simple ways that will help you manage your time and money better. These ideas should help you reduce your spending and increase the time you have to concentrate on boosting your sales.
Create A Line Manager Position
Although this is an investment, it will quickly pay for itself. If you have taken on too much in running your business, you will need to let go of the reins at some point. And the best way to do that is to delegate. Look at your staff members and decide who would be a best fit. Increase their wage slightly and give them more responsibility, with set targets. Once they are achieving those goals you will be getting more profit, and you can pay them a little more.
Look At Your Supply Chain
Most companies in the world can improve their bottom lines by looking at their entire supply chain. The costs of receiving inventory, stock control and delivery charges can all be reduced if you look hard enough. It might even be worth getting a logistics specialist in to help you. Head over to the IESA website to see the type of services that are on offer. If any of them apply to you, then search for a respectable firm in your area. It will take so much time – and pressure – off your shoulders, too.
Communications packages can cost a fortune to run, but there are alternatives to the traditional phone line. Services like Grasshopper are cost efficient and can be used by any number of employees on their on smartphones. It’s a great way for a business to grow without the substantial investment and temperamental nature of an entire communications package.
Managing your own time, and that of your staff, can reduce costs. It helps people be more productive. Any periods in the workplace that are spent waiting for the clock to move forward are wasting your money. Head over to our article on time management for some great tips, and ensure that everyone is as productive as they can be.
Many businesses operate from premises that are not cost-efficient for them. Sometimes this is driven by pure ego; sometimes it is through ignorance. But, as your premises is likely to make a significant mark in your P&L, you should consider its effectiveness. Is it too big for you? Are you renting in an expensive area? It could even be too small, which will affect productivity. Make sure you find a more suitable alternative – and do it quickly for maximum effect.
I hope you have found this article helpful. There is plenty more business advice on my blog, so feel free to have a look around. And don’t be shy! I love hearing your comments!