- Track and budget: Analyse your short-term, long-term and fixed costs, and devise a plan for the best way to make your money work for you, while still paying the bills.
- Maximise efficiency: Review processes and procedures to see if waste is affecting your bottom line. And while you’re at it, set simple polices to ensure work gets completed, orders filled, and so on; and build in ways to make employees accountable.
- Utilise technology: Are there areas of the business that could benefit from a more efficient solution, such as customer relationship management (CRM) software, automated job scheduling or mobile payment processing? Consider a short-term investment for long-term savings.
- Find hidden costs and simple savings: Review contracts annually, dig into what you’re actually using and identify if changes could be made. Also uncover the little things (like printing or air-conditioning) that can result in savings if controlled. You may get a utility bill audit to determine the areas where you can make adjustments and yield additional savings.
- Outsource and change pay structures: Evaluate contractors or freelancers for specific projects rather than hiring full-time, and check into commission-based pay for the appropriate circumstances and employees. These are only some staffing solutions you can consider for your company.
Remember, a sustained approach will serve you better over the long haul than the immediate benefit from a slash-fest.