Staying profitable is becoming more challenging for many businesses thanks to rising costs. Overheads are on the increase, supplier fees are getting higher, and the demands on the workforce are soaring. What can you do to save money and secure your cashflow without getting rid of much-needed staff?
At Propolis, we know efficient processes are key to improving your profits. That starts with the way you and your team work – so we’ve highlighted five common culprits to cashflow concern and what to do to prevent them.
Stop duplicating tasks
It’s a common practice: that catch-all, copy everyone into an email and then you’ll know every base is covered. Yet in reality, company-wide emails tend to have the opposite effect. When everyone receives the same task, it’s often the case that more than one person picks it up believing it’s a job for them – and the work is done twice.
Save your resources and help everyone to work more wisely by assigning tasks correctly. Make it clear who’s responsible for doing what, so only one person takes ownership and you’re not spending on salaries for duplicating work.
Use systems efficiently
One of the biggest complaints businesses face is feeling like they’ve invested money in new software only to find it doesn’t work for them as they hoped. However, it isn’t usually the software that’s not performing – rather, you may have not yet realised its full capability.
In these cases, there’s typically no need to reinvest in new or updated technology. A little bit of system training may be all you need to start using the software in the right way, revealing its capabilities and ways of working that suit your business’ needs. That way, you’ll stop wasting your valuable time trying to figure out new systems and start using them effectively.
Reduce site waste
Bits of paper here, small piles of rubbish there: it’s all insignificant, surely? Quite the opposite. Getting rid of waste is a huge problem – and a major expense. Not only does it have a big impact on budgets, it also adds to your carbon footprint, making your business less green and more costly to run.
A process for minimising and managing waste tackles both these challenges. Reducing the waste your company uses saves the time and money your employees are currently spending disposing of unwanted products. And minimising your on-site waste decreases your environmental impact, which has both immediate and long-term cost benefits for your business.
Manage customer queries
Securing a new customer takes time, effort and expense. So when clients are complaining, you worry they’ll take their business – and their cash – elsewhere, costing you money in lost income and time spent replacing it.
You’ve already brought in the business, so keeping your existing clients happy is a great way to save money. Therefore, it pays to have a clear process for managing customer queries. Make sure everyone knows which steps to take, following up on every call – good or bad – in a set timeframe to ensure clients feel heard and valued. That way, you’re resolving issues and recognising loyalty to retain key customers and protect profits.
Train new recruits
Searching for new employees is hard work. It’s time consuming and you’re left ineffectively managing resources with a skills gap to fill. Therefore, a clear process that trains new team members effectively is vital.
Put a step-by-step plan in place to introduce new staff members. Show them what to do and assign them their key roles, making sure you’re using valuable wage budgets to fill much-needed gaps in the workforce. Not only does efficient team training decrease the likelihood of having to recruit again, the staff feel secure and supported in their role so are more likely to understand what they need to do to work more efficiently and profitably.
At Propolis, we understand any investment in your business has to be the right one. It’s why we’re focussed on streamlining your processes so you can work more efficiently. Pinpointing areas of concern, whether big or small, and identifying clear and actionable ways you can make immediate changes to the way your team are working gives you easy-to-implement processes designed to reduce your costs and increase your profits.
To start cutting costs from your business today, contact Sarah: firstname.lastname@example.org.