The changes in the economic climate can be so unpredictable that at times you don’t quite have enough time to properly plan for a down-cycle and it happens upon you just too fast for you to effect some institutional changes. It’s common knowledge that in the leanest of times, the first thing companies and businesses do is cut staff in order to reduce their expenses and maintain profits, but that really should be the last resort if you have plans to ride the economic down-cycle and keep on going in anticipation of some better days to come.

The trick is to let your employees in on your cost-cutting efforts just so that they remain grateful of the fact that you didn’t resort to cutting their jobs and so that they also chip in with their own efforts to save costs.

Consolidate Your Business Insurance

Those insurance companies which offer collective insurance coverage for all the individuals working for one company often deliver some solid services and are willing to bend over backwards to get even more of that company’s business. So you can consolidate your business insurance by perhaps negotiating with them to extend their services to cover those areas of your business insurance not provided by them. A few pounds saved per month on premiums can go a really long way when times are a bit hard economically.

Get Employees to Sign out Their Stationery

This is nothing but a psychological ploy to ensure your employees are on board with your cost-cutting efforts. In addition to them being made aware of the economic situation you all have to go through in order for all of them to keep their jobs, introduce a signing-out process which targets anything that falls under ‘consumable goods’. Stationery in particular often makes for a hidden cash vortex through which employees somehow appear to be eating those free pens on offer and drinking those staples in the heavy duty stapler. It’s not so much about getting them to stop using so much stationery, but rather about just making them conscious of the fact that they have to be less wasteful. If you know that your job could be in jeopardy as a result of your company going through some turbulence, you’re likely to take better care of that seemingly unimportant pen you took out of the cabinet, for example, especially if there’s some sort of method in place to document the records of what you use.

Encourage Health amongst Employees

Healthy employees are productive employees, so promoting health amongst your employees is a very simple way of bumping up productivity and perhaps even sparking the innovation and creativity to fast-track your navigation through the hard times. So in the same way that you’d negotiate a consolidated insurance deal from your existing insurance service provider, you could perhaps get a gym membership discount for your employees and use that as grounds for reduced medical aid or medical insurance premiums.

The idea is just to isolate those small actions all round which can really add up to some huge savings in all your business expenses.

Related Posts Plugin for WordPress, Blogger...