Top business executives like Louis Gonzalez Jr. Advise other business owners to understand that to have a successful business you must work on the two most important things, increasing profits without increasing your costs or actually lowering your costs.
Many businesses will focus on one or the other. When a business is flying high there is typically less focus on cost control. The thought is that perhaps some of those costs are directly responsible for the success of the company so do not cut them. But if you do not control costs you will needlessly spend money on things that you should or pay more when less will suffice. Alternatively when revenue is down, companies look to cut costs when they should many times leave costs alone and focus solely on increasing revenues.
Deciding on which one to choose to focus can seem difficult until you realize that your company should focus on both at all times. Here are a few things you can do at your company that will both lower costs and increase your revenues.
Outsourcing
Outsourcing is a relatively old phenomenon that’s become new again. Today companies Outsource employees because it is cost effective. You don’t have to pay for employee training, insurance and state and local taxes when you outsource your employees. The employees show up at your company trained and ready to work on a contract. When the contract is completed there are no longer employed at your company and you do not have to pay things like disability or unemployment for them. In other words you get all of the positive benefits of having more employees, and none of the downsides.
There are outsourcing companies in every state and in every Big City. You can do short and long-term contracts with them and the more they get to know your business, the better they can anticipate ramping up employees for you. Additional you can hire employees that turn out to be great for you long term.
Update Office Equipment and Appliances
Some companies tend to hold on to the office equipment in appliances as long as possible thinking that he’s sometimes Big Ticket items are too expensive to replace. This is a bad strategy though because office equipment and appliances like copiers, air conditioners and computers use more electricity over time costing a company more money every month.
Also each new generation of appliance or equipment is typically much more energy efficient than the one it replaces. So although there’s an outlet cost, the ongoing monthly cost will be less expensive and your employees will have higher productivity with newer and better operating equipment. In other words you save money and make more money.
Taking on this commons sense advice can improve your company’s bottom line by increasing revenues and saving you money every month. Try them at your business.
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