In recent years companies have been doing a great job of keeping cash on hand. This is because cash is better than credit. Credit can be taken away, and interest on debt can mount very high if one is not careful. In business there are tons of ways that you can lose money, but luckily there are also a lot of ways that you can save. Here are just a few ideas to help you get started on your road to increased company savings.
Create a Volunteer Program
Volunteers are more likely to think in ways that create a more profitable environment, which includes savings. By encouraging your staff (perhaps with a paid day off) to help in the community it not only breaks the monotony of the everyday grind, but it also creates a culture of caring. This can help give your employees a break and help them refocus so that they can work more effectively and efficiently. It also is a great way to help out your community.
Recycle Trash Into Energy
Saving on your utility bill is a great way to save money, and there is a unique furnace that actually converts recyclable trash into heat. Just as a wood stove can keep a room warm, so can shredded paper, cardboard boxes, etc. It really is amazing how much you can do with recycled materials. Another energy alternative is to switch providers if you can. Try to utilize companies such as Lumo Energy to help you save as much as possible on your energy. Seeking out professional help is never a bad idea when it comes to things like this.
Make It a Team Effort
Ask your team how the business can save money. Many employees are desperate to help improve the business where they work because they want to make a positive difference, and perhaps even be considered for a promotion based on their ingenuity. You will be surprised by who has good ideas, and sometimes they are so simple you won’t believe it hadn’t been done years ago. Do not limit this to management alone. Managers are sometimes too far from the weeds to know how to treat them most effectively. Ask from the lowest employee to the highest.
Switch Payroll Providers
You are likely paying more than you have to for payroll costs. We found this out by calling a payroll company in Buffalo, NY, and were connected to sales professional Robert Kropczynski who is among the top performers in his region. Robert told us he has consistently found that companies are simply complacent when it comes to their payroll. They have a vendor who they randomly picked, or one who their cousin once worked for, and then they never changed. Most are blown away by the level of savings he helps them get, and it is a seamless transition.
By enacting these 4 methods you can increase company savings. This savings can be used to pay out bonuses, hire new people, or expand your operation to a new territory.