When it comes to running your business, every penny counts. Even the smallest increase in revenue or reduction in expenses can have a significant impact on overall company profitability. Thankfully, to increase profits, a large-scale company overhaul isn’t necessary!
1. Reduce supply expenses
Saving money on office supplies is easier than you think! Contact vendors to let them know you’re shopping around for prices and look outside of your pool of traditional vendors. Sometimes, vendors will run specials that can translate into BIG savings! Take a look at large discounter prices, as well. Stores like BJ’s, Amazon and Wal-Mart often beat traditional vendor pricing.
2. Make the most of your space
Analyzing your current use of physical space can help you get the most out of your office. Overflowing storage, too many supplies, piles of paper files and inefficient placement of furniture and equipment are all common space wasters. Consolidate or centralize the different functions or departments in your business and use space for dual purposes—a meeting room can easily double as a break or copy/fax room!
3. Maximize your employees’ skills
Every couple of months, it’s important to take time to assess the current usage of employee experience and skills. Giving responsibility to the employees with the most skills and efficiency will help increase productivity, ultimately boosting your bottom line. Don’t use expert salespeople for word processing or “numbers” people on design tasks. It’s often necessary for one person to be responsible for a variety of tasks, but consider assigning some of those tasks to better-performing employees.
4. Take advantage of technology
You can significantly reduce business costs by operating virtually whenever possible. Minimize travel expenses by hosting virtual meetings, saving in-person meetings for instances when it’s most beneficial. Converting paper documents into electronic files is also a great way to save money!
5. Focus on quality
Whether your focus is a product or service, make sure quality is always in the forefront of your employees’ minds. Happy, satisfied customers increase sales through referrals and repeat purchases! A high-quality product or service and a solid reputation often means you can charge more, ultimately leading to higher revenue and an increased bottom line.
For more information about CFM Service Corp and how we can help you save, call us today!
CFM is a veteran-owned business that supports our troops and the civilian employment of veterans. With CFM, you can rest assured that your cleaning service and facility maintenance team can be trusted.
Have a question or certain topic you’d like to see addressed in our next blog post? Just leave a comment, or email us at firstname.lastname@example.org.