Think your business is squeezing every penny out of its activities to keep expenses low and the cash flowing? Think again.
Waste is rampant in just about any company. But most small business owners don’t take the time to see where changes can be made until they feel the pinch in cash flow.
We get used to doing things the same old way. We get comfortable with our business activities just like putting on an old worn shoe. But we can’t afford to do that. It’s important that you consistently assess what you are spending your hard earned money on so you can find ways to keep it in your business.
At least once a month take the time to look at what it’s costing you to provide your product or service. Specifically look for places that might be leaking cash because of waste. Ask your staff where the company could save money. You’ll be surprised and amazed at what they come up with. One company’s employees recommended they reuse paper in the fax machine by turning it over once the fax is recieved and ready to be destroyed. That’s saving them hundreds of dollars of paper cost each year.
You can also reap a lot of cash for your business by making sure your staff understands what expenses their job causes in the workplace. Then ask them to look at everyday activities to see where some trimming can be done.
What do you think? What little things do you do that add up to big savings for your company? Leave me a comment.