There’s a simple business formula that all companies need in order to be successful. Profits must be greater than expenses. At the end of it all, if your business is not generating revenue, it won’t survive for much longer. Now, more than ever, it is important that your business is operating as efficiently as possible.
As an employee, you only have control over so much. However, you can make positive suggestions to your boss about what can be done to make improvements. Not only will this help you gain favor in their eyes, but it will also improve the workplace for everyone.
Here are seven cost-saving suggestions you can offer to your employer.
1. Implement Project Management Software
You can suggest your team starts using project management software to streamline workflows. In short, this software boosts communication and helps coordinate projects with greater efficiency through the use of dashboards, analytics, and task management.
In business, time is money. The longer it takes to complete projects, the longer it takes to generate revenue. Optimize your time, and you’ll be cutting operating costs.
2. Put Together a Group Purchasing Organization
You can suggest joining with other companies to form a group purchasing organization or GPO. The groups have more bargaining power when dealing with vendors by working as a single unit. For bulk purchases, this provides hefty discounts that will significantly cut costs.
There are some hoops you’ll need to jump through to join a GPO, but it’s relatively easy and definitely worthwhile. Your boss will be very pleased if you’re able to take the initiative and save the company so much money.
3. Start a Social Media Account
Creating a social media account is free. Starting an account at zero cost provides additional exposure at no cost. Work on building your social media presence and your marketing campaigns can be much less expensive.
Social media has become an integral part of the lives of many, making it a platform where you can reach thousands. Paid campaigns are relatively inexpensive, and working with influencers and other brands can expand your reach further than ever possible. Your boss will love the attention his or her company receives thanks to this initiative.
4. Exchange Services
Offering your goods or services to another company in exchange for theirs is often cheaper than paying or hiring someone for the same job. These exchanges benefit both parties and can develop lasting partnerships.
Your boss is likely more eager to exchange services than sign a check. Reach out to some local companies to find deals to complete projects without spending huge amounts of money.
5. Provide Your Own Research
Offer to do some research for your boss to analyze production and purchases. Perhaps you could find better vendors that provide materials at a lower cost. Research takes time, something your boss might not have. They’ll be grateful you stepped in to help.
When you get several quotes on the jobs you need to be done, you can be sure you’re getting the best deal to reduce spending. You can also research equipment that you need to find deals or used offers to curb spending.
6. Cut Down On Meetings
Everyone will be grateful for this one; who doesn't like the sound of "fewer meetings". Frequent meetings can be tiresome both for those leading them and for those attending. Cutting down on meetings will save resources and maximize that precious time you have.
This tip is especially helpful for businesses that employ a number of hourly employees or that contract work out to independent freelancers, agencies, or vendors. Even though work is on pause, hourly employees still get paid during meetings - and in many cases, contractors and agencies still bill their clients for the time they spend in meetings.
Focus on the quality of the meeting over the quantity to maximize efficiency. You can even utilize video conference tools to organize quick meetings at home. Nothing will make your boss happier than smooth sailing and cost-saving. Your boss will notice your efforts and be grateful for them. Evaluate your work environment and prep that sales pitch to your employer so you can get the ball rolling.
7. Make Office Space More Efficient
Utilities will rack up every month, especially once your office reopens. It’s an unavoidable cost, but there are measures you can take to minimize your bill. This is a project that your boss probably hasn’t prioritized, but would like to see happen. Taking the initiative to draw out a plan to lower overhead costs will greatly impress them.
Here are some ideas you can use to make your office space more efficient:
Some changes might require a little investment, but over time your boss will love the savings that pile up. They’ll definitely notice the difference in the long run.
Given the mounting job losses, stock market volatility, and general economic uncertainty, it’s easy to worry about your money and be confused about what to do with it. Of course, everyone’s financial situation is different, but there are certain actions to take that can benefit almost anyone.
There is one question you can always expect during your legal job interview: Do you have any questions for us? Preparing thoughtful, well-researched questions for this part of your interview is a great way to show your interest in the legal employer and that you have done your homework.