Every commercial organisation, from the smallest family-run enterprise to the largest multinational corporation, needs to work hard to remain successful in the modern business world. Every initiative that could potentially streamline a process or increase efficiency needs to be taken seriously, if only because competitors are looking at the same options all the time. The old phrase about survival of the fittest rings truer these days than ever before. If your business is looking for savings at the moment – and it should be – here are four options which could help it to become leaner and, in the long run, stronger.
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Ask every department for a self-audit
Your company’s senior management team have probably already looked at each department to see where savings can be made, but in most organisations these individuals are too remote from the daily processes, and as such won’t really know the sectors in depth. Therefore, you should choose one or two reliable individuals from each department and ask them for a thorough audit of their relevant operations. This could unearth some truly impressive efficiencies in no time at all.
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Stop buying cars – lease them instead
In recent years, a growing number of CEOs and directors have reached the conclusion that buying company cars is not the best way forward. Leasing offers the company a chance to take ownership of a fleet of cars without having to make a substantial initial outlay. And the best part of all about leasing is the chance to plan budgetary requirements with confidence and accuracy. The subsequent peace of mind is almost impossible to put a price on. In a wide number of firms, the cost of keeping employees on the road is astronomical, so every opportunity to make this issue more manageable and more affordable should be taken with both arms. There are also potential tax advantages if you choose the right cars.
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Make better use of the Internet
It seems a little strange that some companies are still not fully embracing the worldwide web, and this will almost certainly be affecting their profit margins. The Internet represents a market-place on a scale that has never been seen before, a resource that enables commercial organisations to speak to millions of potential customers on a daily basis, and it should not go to waste. Any company which doesn’t make full use of this amazing opportunity is under-selling itself from the start. And with the increasing use of social media platforms in recent times, there are even more chances to enhance sales and lift brand awareness.
Question every single penny that’s being spent
This may seem an all too obvious point, but there are a great many companies which have not embraced this philosophy yet. If the spending isn’t monitored closely, things can soon get out of control. Managers should be brought to account for departmental spending on a regular basis, and any initiative which brings in savings should become an immediate must. Nobody can be sure when the current economic climate will start to feature sunshine and blue skies again, so it’s vital that expenditure remains a closely-monitored aspect of everyday business life.