Commonly Overlooked Ways of Reducing Business Costs
October 19, 2015 § Leave a comment
An accomplished sales operations professional with proven leadership and organization skills, Diane Kaern has worked at such large, multinational corporations as Hewlett- Packard. Throughout her career, Diane Kaern has become familiar in a wide range of business functions, including cost management and reduction.
Reducing costs is an important part of keeping businesses profitable and operational, however, there are several cost-cutting ideas that many companies may overlook. While cutting staff seems like a simple option, it may not be the best solution. Instead, companies can try cutting their equipment costs. This may require a bit of creativity, but reducing outlay can improve cash flow. Additionally, certain services can be pooled to obtain lower prices. By joining with a few other businesses who use the same service, it may be possible to secure a discounted bulk price on the service.
Telecommuting is another way companies can decrease costs, especially if they find that certain tasks are not being done on time due to employees taking more time off. By setting up telecommuting opportunities, employees can still take time away from the office to be with sick family members or go to a doctor’s appointment while also juggling their schedule to complete an important project. If telecommuting is not possible, companies can encourage staff to take a mix of unpaid and paid leave to help save in the long run. However, if holiday times are not structured properly, a business may experience too many interruptions and lose money instead.