Inflation is the rate of increase in prices over a given period of time. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country. So, In this article you will learn about Some strategies for streamlining your company’s Running costs as Inflation Bites
When inflation takes hold, it can mean testing times for a business. As costs mount, the price of company products is often increased, by necessity. But this then can reduce sales numbers in an inflation-addled economy.
Businesses should seek to break out of the inflationary cycle by looking at how they can cut costs. In this way, an operation can stand out from the crowd, for all the right reasons.
Here are five ways your business Running Costs as Inflation Bites can do this.
1. Make a Budget (and stick to it!)
First strategy for streamlining your company’s running cost as Inflation Bites is Make a Budget and stick with that Budget. Set a stern limit on expenditure. Sounds easy. It’s not. In truth, any business bigger than a one-person market stall will have within it a series of competing interests, all vying to have money spent on their particular area. As a boss, you have to be in a position to say no to some (or even all) of them when finances aren’t exactly flourishing.
But many struggle with this. After all, you probably didn’t set up the business only to say no to people engaged in achieving the same goals as you. For this reason, it makes sense to employ somebody else to keep an eye on the figures and to dish out the negatives. Every good accounts department has a person like this. Get yourself one.
2. Energy Efficiency
Utility bills have been much in the press recently, for obvious reasons. Every establishment, from a multinational giant to a tiny, thatched cottage, can always find ways to trim their energy costs, so get on with it and conduct an audit of your company’s utility outlay.
Look in particular at your insulation and efficiency ratings. Don’t forget to see if you might be eligible for any governmental assistance.
3. Tech the Next Step
Another strategy for streamlining your company’s running cost as Inflation Bites is Tech the Next Step. Use new technology to make your business more efficient. For instance, your business communications can be revolutionised by putting everyone on the same system, incorporating all comms, from cloud-based IP phones to smoke signals (OK, maybe not smoke signals).
Find out more about what better communications can do to make your company lean and mean.
4. Outsourcing’s In
It may be the case that an external body can do what parts of your company do for reduced costs. They might even do it better. For instance, that design part of the business that you always seem to be a little at loggerheads with, it might be an idea to see if sending your design work elsewhere would work for you.
5. Shrink to Fit
Once you’ve got your team connected with the best comms tech, you can think about reducing the company’s physical footprint.
If people are happy and productive working from home, let them. 65% of workers would prefer there to be at least an element of remote working in their job, which means you can introduce hot desking, downsize the office and cut rent. Happy days.
Cost-Cutting – Not Glam, But Vital
Eyes can glaze over when the boss talks efficiency. But it’s got to be done, so grit your teeth and get with it. With determination and drive, you’ll get there with minimal pain, ensuring that everyone is on the same page when it comes to streamlining your company.
