3 Ways to Save Your Business Time and Money

Given that the purpose of a business is usually to maximise profits, sometimes the focus can too often be on the bottom line with everything coming secondary. Stories about companies that are terrible to work for because they don’t care about their employees, partners or the environment, are all too common, and in the age of the internet, these aren’t usually kept a secret for too long. There are a few ways that businesses can save time and money without negatively impacting their stakeholders and we will have a look at some of these below.

1. Consolidate work

Labour is usually one of the biggest expenses for a business and many times employees don’t have enough work to do to justify their full-time contract. As with most situations, prevention is better than the cure, so it is better to plan ahead and strategise whether or not it is worthwhile to employee someone for a specific role, or if you should spread those tasks between your current workers. By choosing the latter option, although you may be increasing their workload, offering those involved a raise can often make much more financial sense than hiring and training a new person. Time and money saved!

2. Implement technology that improves efficiency

This could be a blanket requirement for all technology – what is the point of technology if it doesn’t improve your business? However, there are many things out there that can over-complicate things and become more of a hindrance than an improvement. If you have an office with meeting rooms, implementing a room booking system is a brilliant way to streamline the process of booking meeting rooms. Recently, we required receptionists or secretaries to book meetings for us and allocate meeting rooms accordingly, but now we can remove them from the process and organise everything from our computers or phones! Again, such technology could come at the cost of a job, but in the grand scheme of the things, reducing inefficiencies now will give the business a better foundation for the future and therefore increase its longevity.

3. Change your marketing model

Marketing has historically been an area where money has flown freely with the aim of promoting a brand or product, and while this is still true, the channels with which to do this have changed drastically over the past decade. Where previously television, radio and print were the preferred mediums for marketing, the internet has turned it completely on its head, and is still far from its peak. Where businesses used to pay advertisers, it has completely turned around now with advertisers paying businesses to place ads on their websites, in turn generating income for both parties. Not only does this method save money, it actually makes you money!