Cost Savings

6 Cost Savings Ideas for Your Business

Operating costs for businesses are soaring these days as the job market becomes progressively more competitive and technology costs tick upward with each passing year. Companies are looking for new and innovative ways to cut costs without missing out on productivity. No cost-cutting strategy is universal, but with a few good ideas and a commitment to change, your business will start to see a difference in its bottom line. Here are a few cost savings ideas for you and your business.

  1. Streamline the Decision Making Process

Watching a timeline fall victim to the office chain of command isn’t just a source of frustration for many employees and supervisors – it leads to wasted time and money. Rather than relying on a strict inverted funnel, start widening the chain of command and only relay the most important decisions to the very top. Making leaders accessible and efficient saves money not by virtue of cutting costs, but by making your company much more efficient.

  1. Go As Paperless As Possible

Studies show that some businesses spend as much as 1-3% of their yearly revenue on printing – and that’s limited to mostly black ink! If your business uses color printing you could be hemorrhaging even more money. The solution is to go as paperless as possible. It’s not just smart for your business – it’s good for the environment too. Eliminate paper by setting up servers and databases to store business documents and encourage employees to take notes on tablets or laptops rather than distribute printed copies of meeting notes. At the very least, do away with personal printers and run office printing through a centralized system. An outside group like Michell Consulting Group may be just what you need to get paper-free life off the ground.

  1. Manage the Thermostat

Any homeowner knows that fighting the weather can break the bank. Make an attempt to roll with the seasons and adjust the thermostat to be slightly warmer in the summer and slightly cooler in the winter. Don’t make the difference so noticeable that it affects productivity, but don’t turn the office into an icebox or oven just because the weather outside is frightening. Besides, too strong of a reaction to the season can give employees whiplash. After all, not many of us think we’ll need to bring a hoodie to work in July.

  1. Institute Remote Days

If your business doesn’t absolutely require the physical presence of employees in the office every day of the week, consider encouraging your employees to work remotely once a week. This offers an opportunity to shut down most of the office and slash the electric bill, but it’s also a great boost to an employee’s mindset. Make it clear that remote days are still a time for work, but embrace the idea that some people are most productive from the friendly confines of their home or favorite local coffee shop.

  1. Outsource Complex IT Work

It’s essential for a growing business to have at least part of their IT staff in house, but outsourcing larger IT tasks to independent groups like Michell Consulting ensures that your company won’t have to deal with attrition or inconsistency in the IT department. With us, you will always have a dedicated offsite team focusing purely on your organization’s technological needs. If you’re looking at going paperless, saving long-term money, and making life a little simpler, bringing in outside experts to manage your IT is a great place to start.

  1. Don’t Shut Down Personal Devices

Get on board with the rise of personal devices in the workplace. Encourage employees to work on their laptops or tablets part of the time if it’s what they’re comfortable with. Allowing personal devices at work makes employees feel more comfortable in the office and encourages productivity at home. This is especially true for younger employees. That recent college graduate may occasionally check her Twitter account at work, but she’ll also return your urgent email ten minutes after you hit send at 11 p.m. on a Thursday. Integrating personal devices may present a slight IT challenge, but it’s one of the best ways to blend work and life. It also makes instituting those remote days even easier.

Don’t be afraid of taking decisive action to cut costs. Some decisions may be intimidating, but with proper analysis and execution your workplace will end up happier, healthier, and much more productive.

Contact us today to learn more about how Michell Consulting Group can help improve cost savings and streamline your business.