As a business owner, it can be difficult to monitor and keep track of all the various expenses needed for operations, some of which may not even be necessary. Taking a detailed look at your business’s finances will help you determine areas you can cut back on in order to reduce waste, increase productivity, and ultimately improve profitability.
Below, we have compiled a list of five categories that you can implement into your cost savings strategy today. While we don’t recommend implementing them all at once, they can be helpful in guiding you through what expenses you do have the capacity to cut back on. After all, the goal is to cut costs without compromising quality.
1. Reduce Energy
First and foremost, we recommend looking over your energy costs. This is one of the easiest ways to cut costs without cutting quality. We know that as a business, gas, water, electricity, and other utility expenses can easily pile up without notice. However, the sooner you make changes, the faster you can start saving. For simple ways to cut back on energy, we suggest–
- Turning the lights off in rooms that are not being used
- Switching to energy-efficient light bulbs, such as LEDs
- Shutting down computers at the end of the work day1
2. Go Paperless
Second, go paperless and print only when necessary. There is plenty of software available for both document management and customer relationship management which can help improve the quality of your work. You’ll no longer have to spend time sorting through folders and papers to find the information you’re looking for. Some of the benefits that come with switching to paperless include–
- Enhanced security
- Ability to monitor and analyze trends
- Access to important information 24/7
- Collaboration
- Going green
3. Buy in Bulk
Another great way to cut costs is to buy in bulk. When ordering items in bulk, you’ll pay lower unit prices for them and less in shipping costs. You can also repurpose the time spent on contacting your vendors for restocks towards more important tasks. However, some factors to consider before buying in bulk include storage costs and its impact on your business’s cash flow.2
4. Improve Operational Efficiencies
Next, if you have any equipment or machinery that aren’t performing up to standards, or are simply outdated, it is probably a good idea to replace them now. The difference will likely show in how much faster and more productive your business’s operations will be.
Another suggestion we have is to determine what tasks you are outsourcing and see if it is viable to transfer those tasks in-house. The downsides of outsourcing are that help is only available as needed, and that person may not be as involved in your business.
By moving in-house, you can automate a number of different tasks like social media, customer service, payments for subscriptions, and accounting, which will then free up more time and save you from the costly services of hiring outside experts.3
5. Provide Excellent Customer Service
Lastly, excellent customer service is a timeless skill that spans across multiple industries. By investing in your customer service training, you’ll be able to improve the skill set of your current employees, the quality of assistance you provide to your clients, and prevent employee turnover.
Having knowledgeable and reliable staff members that can effectively communicate your business’s value proposition and build a loyal customer base will ultimately help your business out in the long run. In doing so, you will be able to save costs on the hiring and onboarding process and efforts spent on training new employees.4
Start Now
There is no time like the present. Once you’ve figured out what strategies make sense to implement into your business, it’s time to take action. However, don’t go overboard with budget cuts, as the main goal is not to compromise quality. Reduce expenses in a way that will not negatively impact your business, but instead, have a positive impact on both your cost savings and the quality of your service.
Quality Worth Investing In
It is also important to note that while cutting costs is great, it should only be done in the right areas. As we approach the one-year mark of the ongoing pandemic, it is vital that we continue to uphold the standards of cleanliness in order to stop the spread of COVID-19. We believe that having your facility professionally cleaned and disinfected during these times is quality worth investing in.
On top of your regular cleaning and disinfecting regimen, we recommend taking a good look at your facility to find areas that benefit from a professional cleaning. Commercial Cleaning Corporation will gladly provide your facility with solutions regarding janitorial work, carpet and floor care, commercial kitchen cleaning, window cleaning, and more.
For suspected COVID-19 cases or if you are interested in taking preventative measures, we also offer electrostatic disinfection. Electrostatic disinfection is a tool used to apply disinfectants and sanitizers to 3D surfaces for a 360-degree complete clean and is performed by our BSCAI COVID-19 certified technicians.
Trust a commercial cleaning company that’s been disinfecting for 20 years. Stop the spread of disease and find help in 4 hours—the industry’s fastest response time. If you are interested in scheduling a free consultation or walkthrough, contact us now by clicking here.