Gahan & Co. has released its top 3 tips for reducing costs in 2018 so let us look these top 3 tips for decreasing your costs so that you can earn more money.
1. Use technology
There's so much software available now to help you be more successful so invest some time searching for technology solutions. Think about the elements of your company that take your time and which don't lead straight to income such as chasing debtors, sending out statements, documenting your time, clearing emails or advertisements to new customers.
Describe the task that you despise the most on your company which takes up precious time
Work out how much time you spend on this task and write down what you need to achieve.
2. Chasing debtors
(I don't know anybody who enjoys this). This takes 2 hours per month, bad debts put your business under money flow strain and you wind up with a chore that you place off. You would like a painless debtor collection system.
Implement the change.
Feel smug that you have discovered a tech solution that takes a hassle away and brings more cash into the company.
Overview 3 cost codes in your Small Business
Often price just starts to add up into your small business. You're busy in Your Company and not watching every payment or invoice and several things can occur:
- You keep paying smaller balances, even though you know they're not supplying any fantastic service for you personally, but it takes too much energy to examine and cancel smaller quantities.
- You're paying too much to get some goods and services since you feel loyal to your provider, also it's takes too much energy to review.
- Better options have come along but inertia is maintaining you with the exact same old option.
So select a rainy day and if you're good with your accounts, select any 3 cost codes and also look at all the trades for a single quarter. If you don't feel confident about finding this information, you will find two opportunities here. First, ask someone to teach you where to locate the information and second, look through each of the trades.
- This isn't an invitation to fire individuals or reduce salaries for people! Many companies are constrained by the number of good people they could find. This is a tip around using the decent ones you need to better effect.
Inefficiencies can creep into businesses, in spite of the best folks.
We get comfortable doing the very same procedures and it will become difficult to change them.
This is all about creating more effective systems for your great people to function in:
Spend some time with your key people, discussing where they spend time, what amuses them if they have any suggestions for change.
Write down the changes they've suggested and review them - do they make sense to you?
If the answer is yes, then enable change on your team. Let the individual who suggested a change, lead it, with your support.
3. Set a goal for improvement, say 5% less time on a job.
Ensure that you have some way of measuring the improvement in order that you (and your staff) know when it is achieved.
Celebrate with morning tea and after work drinks and thank whoever came up with the fantastic idea! Hopefully, this will inspire other people to come up with their own fantastic ideas.
Gahan and Co loves helping our clients earn more money so if you've got a great tip, share it together and we will pass it on! Contact email@example.com if you want to share tips or get more information from us on any of the above.