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In today’s economy, this is a burning question for most of the small businesses that often work on tight margins.
To increase profits, businesses must do two things: boost revenue and reduce costs. The act of reducing costs can be painful, as it often means doing without something you would prefer to have.
Increasing revenue by pressurizing sales team or sacrificing the quality of services may not give positive result. The second option, reducing expenses, has more challenges as well.
So what are the best ways to reduce operational costs? Let's find out three effective ways to achieve your target without compromising on the quality and performance.
1. Embrace Technology
Take a look at your current administrative processes and identify areas that could automate using technology, instead of costly human resources. The business world is changing rapidly and keeping up with the latest advancements by harnessing technology will result in significant reduction of operational costs.
There are several web based solutions that can automate various small business functions at a fraction of the cost involved in employing expensive human resources. By automating repetitive tasks, you can save hours of manual efforts every day. Your employees can utilize the time to improve the business productivity.
A leading consulting company based in Dubai has decided to implement Business operations software two years back to automate their business operations whereby they could improve operational capabilities and reduce administration cost. This has resulted in 37% operational margin in first year according to their finance manager, which is a good example of the power of technology migration.
Technology can help you reduce your workload or make procedures more efficient, but there are a few things to keep in mind.
Mainly, you’ll need to do some shopping around. Not every solution will be the right one for your company, and you could easily end up spending more on a piece of software that may not even be the best fit for what you’re trying to accomplish. Don’t be fooled by flashy presentations or go for expensive ERP solutions that you may not need actually. You may need a basic user friendly business operations software only. Understand your needs and always look for a good fit within your limited budget.
2. Trust your employees
When your business is in crisis, put more trust on your employees. Introduce a work from anywhere office operations management software system if you don’t have one now. It’s a world wide trend. A remote and flexible work schedule increases employee productivity, entrepreneurs and business owners are increasingly looking at the potential gains of adopting a work anywhere culture.
According to a recent survey of 25,000 employees across 12 countries by Morar Consulting, 98% state that a ‘work anywhere’ culture has a positive impact on productivity, and business leaders are increasingly warming to the idea. Both employee and employer stand to gain in a number of ways such as job satisfaction , lower stress, reduced sick leaves, higher productivity and better staff retention. Work from home policy will help you to reduce real estate cost to a large extent as dedicated desks are not required for all office staffs.
A leading management consulting company based in Jebel Ali Freezone in Dubai with 50+ staffs have benefited lot after implementing work anywhere culture that has helped to improve their employees overall health, well-being and happiness. Earlier most of their staffs were foregoing the stress of 3-4 hours daily commute in hectic Dubai traffic resulted in high stress and hypertension.
3. Make your office operations Systematic.
Some businesses lack clearly defined processes and procedures that enable them to run more efficiently. The consequences can be substantial. In most of these cases, business owners end up spending more on employees. They hire more employees than they need. The employees make mistakes in their work because of a lack of established protocol and they defer all questions to the business owner, even if they’ve personally handled those problems before. Meanwhile, you could be running a leaner operation if you had processes and procedures your team members could follow.
There are many business operations software solutions available that will help you to implement and automate your business processes and procedures effectively.
Best team, tools and process; these are the three key ingredients for the success of your business. If you have done it correctly success will follow.
BOSS, Business Operation Software Solution from Beveron Technologies is a perfect tool for you to achieve your goals within your limited budget.
If you think your busines needs automation please get in touch with me for a meeting. I can provide you some proven tips for improving your business operations and business profit.
firstname.lastname@example.org or +971 55 764 8808 (Whatsapp)