Originally published by Run The Money. Reposted with permission.
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As a business owner, you’re always looking for ways to boost profitability, whether it’s by increasing income or reducing expenses. If you need ideas for ways to make cuts that can boost your bottom line, here are four top tips to get you started.
1. Streamline Reception
While it used to be standard business practice to have a worker positioned at your front door to receive guests, if you don’t have enough work to keep a receptionist busy all day it makes sense to replace your lobby employee with an automated greeting platform. Look into a Check-In Software for Business system to help you process incoming visitors efficiently without wasting payroll. The best options are easy for both you and guests to interface with, provide scalability, and can handle everything from simple arrival notifications to ID scanning to badge issuance.
2. Hire Freelancers
Another way to reduce payroll is to engage contract or freelance workers for tasks or projects that don’t require a full-time hire to complete. You’ll pay for only the work you need done and save on ancillary personnel overhead like insurance costs, sick and vacation leave, and training. Everything from social media maintenance to human resources to accounting can be done by specialized freelancers. Employers with seasonal booms have been using this method for years, helping them avoid paying year-round for help that’s only needed sporadically.
3. Reduce Energy Usage
Utility bills can run outrageously high in a commercial building, so finding ways to limit the consumption of electricity and water can reduce your monthly outlay. Encouraging common sense conservation measures amongst your employees is a good place to start. Try requiring lights to be turned off in unused spaces and ask staff to watch for costly faucet drips and running toilets. Discourage the use of standby mode on computers and other equipment, as they still draw significant power as long as they're on.
For even more impact, swap out inefficient bulbs and appliances for updated options, close gaps around windows and doors, and install automated taps to reduce water waste. Adding insulation can make your building feel cooler in the summer and warmer in the winter without having to adjust your thermostat.
4. Scale Back Printing
Not only does cutting down your office printing reduce your paper-buying expenditures, but it can also positively impact your electricity bill when you don’t run your copy/fax/print equipment as frequently. While it takes some getting used to, challenging staff to rely solely on electronic communications, using document signing software, and doing away with filing cabinets for storing mountains of paper may end up saving you thousands of dollars a year. Plus, it’s better for the environment!
When you’re looking for ways to improve profitability at your company, following one or more of these tips can help you save money. Whether you implement check-in software to replace your lobby receptionist, use freelancers in place of full-time employees, or cut back on energy, water, and paper use, these actions will reduce expenses and help you run a leaner and meaner operation.