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Finance

Ways to help your firm save money

Pretty much all firm operate to turn the greatest possible profit from the least outlay, but no matter how diligent you are in terms of trying to run a tight ship, all companies end up suffering from weak spots in terms of how they operate.

If you frequently find yourself wondering where the profits went and how the week could have possibly passed so quickly with so little actually being achieved, below are common financial drains that can hit even the most organized of firms.

Hold fewer meetings

Sure, there are times when a meeting is the only way to get a problem resolved, but it’s also all too common for excessively long or complex meetings to eat in your day, with very little resolution coming as a result. Also, in today’s world of online video conferencing, emails, group chats, etc., you’ll often find a lot more can be achieved a lot quicker by taking the digital route.

Save on the cost of your waste disposal by recycling more

All firms are different, so, by default, the cost savings you might make by taking a different approach to how you dispose of your waste will vary from company to company. Nonetheless, governments the world over are actively trying to encourage recycling over the traditional options of landfill and rubbish tips. Recycling in your firm could be as simple as setting up designated bins for particular types of recyclable products right up to investing in dedicated Recycling Balers.

Outsource more of your work

The world has changed markedly in the last decade or so. With vastly improved tech and considerably quicker, more reliable networking connections, there’s now no reason for you to be limited to working solely with the staff you employ in-house. There is now a huge range of freelancing sites online where you can post job details and wait for prospective workers to contact you.

Working with freelancers has the considerable advantage of reducing your fixed overhead while also streamlining your existing team. You might also find you can branch into other areas of production, depending on the particular talents of the freelancers you employ.

Allow your staff to work from home

Linked to the point above about improved tech, cloud services, and connections, it’s now possible for your team to work from pretty much anywhere. While remote working was slowly starting to gather ground over the last two decades, the recent COVID pandemic saw it skyrocket, making many firms sit up and realize their teams could work as effectively (if not more effectively) remotely.

Moving to a remote work (or even hybrid remote work) model will allow you to reduce your in-house staffing overheads like materials, heating, desks, etc, while also improving the work/life balance of your employees. And with team working apps and cloud services, you may even find you end up seeing an increase in productivity. In the majority of cases, employees that are allowed the flexibility to work from home report greater efficiency and happiness in their jobs.

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