09/21/2017

5 Ways to Cut Down Business Cost

With the ongoing economic problems it is becoming increasingly important for businesses to look for ways to decrease their cost in order to remain competitive. How do you do that without compromising on the quality of your products or services? In this article I will be sharing 5 simple ways that you can help cut down your business cost and I hope that you will find it useful.

Training Cost

Training is really important for your employees and for this reason I will not advocate on removing training from your organization. But there are some simple ways that you can use in order to decrease your cost. For example you might want to shift to online training where your employees may learn from their comfort of their own home or during spare hours instead of losing productivity through classroom-style training

Alternatively you might want to ask a senior employee to conduct the training especially when it comes to the basics rather than asking for a professional person to carry on the job training.

Advertising Cost

Nowadays there are many free alternatives that exist to the costly advertising medium. Instead of using the radio or television which can be quite expensive, it might be more cost-effective for you to advertise online. Pay-per-click for instance can be quite effective as you will be paying only for the traffic on your website and not for users only to view your ads. This can bring some substantial savings in the long run.

Travel Expenses

With the rising cost of petrol, travel expenses can turn out to be a major part of your business expenses. This is why it might be important that you limit your travel to the maximum. Instead of visiting clients or your partners often, it might be useful that you make use of technology such as email, video conference and Skype communication to the maximum. Indeed there is some occasions where you will need to meet someone in person but as much as possible we should try to keep this to a minimum.

Telecommuting

As much as possible you should try to use telecommuting in your business. A lot of jobs in your business do not require that your employees to be physically present in the office. They might as well work from their own home. This can indeed help cut down the cost on electricity bills (laptops, aircons or heaters and lighting) and also on office space. You will not have the need for a big office and also save on furniture.

Go Green

Do you know that being ecologically friendly can be good business? For instance making use of solar energy for lighting or reducing the use of paper in the office can help you to cut down business costs. Rather than printing each and every document, it might be a good idea that you encourage your employees to use tablet pcs or their smartphones in order to keep valuable information with them. Some training and incentives can really work magic to encourage your employees to make the shift.

Do you want to get more information on the author? Karen is a freelance writer that like to share her knowledge of management and also some tips when it comes to choosing the best media recruitment agency to help you land your dream job.