July 28 2019 - Ensuring that your employees have stable jobs and that they are valuable assets to your company is important to help to boost employee morale and make employees more motivated within their roles. However, in times of financial struggle, it can be difficult for businesses to reduce their costs without decreasing their staffing numbers.
1. Reduce Energy Expenditure
Reducing what you are spending on energy can cut your expenditure easily. You should invest in double glazing and draught excluders for your offices, as well as encouraging staff to turn off equipment and lighting after use. You can also consider switching your energy supplier, which Utility Bidder can help you to do through its comparison of cheap business electricity.
2. Create Efficient Rotas
Creating efficient rotas can also prevent you from needing to cut down on staff by ensuring that all staff are needed and working efficiently. Making sure that employees are on shift only when needed will mean that you will have no unnecessary expenditure on employing staff when they are not needed.
3. Swap Employees to Part-Time
Making employees part-time can help businesses to save money while ensuring that they have the number of employees that they need for busy periods. This means that you can cut costs without laying off employees and still make sure that you have the staffing and employee skills your business needs to grow.
4. Work with Holidays
You can also enforce holidays, giving employees the option to take unpaid leave that can ease the pressure of costs on your business. Many employees will be happy for the longer break, especially in connection with paid leave too, and this can limit the budget that you are spending on payrolls.
5. Consider Remote Working
By encouraging employees to see the benefits of work remotely, you will be able to pare down on the costs of office rent and energy expenditure. Through the increase in technology, this is now easy for employees to do, accessing materials and communicating with you online. In fact, many will be happy to work from their own home.
6. Use Necessary Software
Cutting down on the costs of software is important as many businesses now use an extortionate amount of helpful business software to automate their processes. As well as meaning that you only use what you need, only investing in necessary software allows your employees to take on more responsibilities to make up for this.
7. Cut Supplier and Transportation Costs
You should also try to negotiate new deals with your suppliers, many of which will offer a new deal in order to keep you as a customer. You should also consider the best ways to cut down on transportation costs, such as moving your warehouse location or stopping any international deliveries that you make.
8. Reduce Wastage
Wastage can also cost your business money as you will not be using the resources that you have invested in. To reduce wastage, you should align your stock with demand and rethink your processes, reusing or finding alternative uses for spare materials.
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