In any business, you have several different costs slowly cutting away your bottom line. Direct (wages), indirect (accounting and legal expenses), and operating costs (production) are just a few of the necessary expenses needed to run any business. But as the demands on businesses continue to grow, you’re probably looking at ways to do the seemingly impossible: cut costs while increasing efficiency in your organization.
No matter how large or small your company is, you should always look at how you can reduce unnecessary expenses. From altering workplace culture to onboarding new technologies, there are plenty of ways to make this happen. And if you’re going to have the budget to remain competitive in this digital era, you need to know the best ways to reduce costs without limiting your company.
Most people pay for something they don’t really use, and businesses aren’t that much different. Businesses often waste money on tools, vehicles, applications, services, and even excessive fees. Sure, there’s always the off-chance that you might need to utilize all the features a platform offers or use some unique app or tool one day. But the reality is that when that day comes, you could have probably outsourced it for cheaper.
Without unused products, services, and equipment bogging down your business, you can redirect resources to where they’re needed. Expand services. Train staff. Optimize workflows. With more money to spend on growing your organization, you can increase organizational efficiency quickly.
More people now work remotely than ever before. Taking advantage of that trend can be a huge cost-cutting asset for your business. To begin with, you’ll save money on not having to either rent out an office space or pay for a coworking office. Studies show that you can save $10,000 per employee per year in real estate costs alone. Additionally, you don’t need to provide benefits to contractors either because freelancers and contractors are often self-employed.
Studies also show that remote workers are also happier in their jobs and as a result, more effective. On-boarding more remote staff means fewer sick days and higher productivity levels as well. It’s a win-win for everyone.
Increase Transparency Throughout Your Workplace
Data siloes can ruin your business. You’ll lose valuable data and risk making lasting mistakes because you don’t have a full picture of your organization. The more siloes, the more blind spots. And the more blind spots, the more likely it is for waste, rampant maverick spending, fraud, and theft to occur in your business.
By integrating systems and applications in your organization, you’ll make it harder to hide waste. You’ll also gain a better understanding of your organization and how to better serve your customers.
Go Green as a Business
If you do have an office space, look for green options to cut costs. Energy-efficient appliances, lights on timers, smart thermometers, and treated windows can help cut down on energy costs. Speaking with your staff about optimizing their energy use to lower your company’s carbon footprint is a great way to inspire your workplace culture around savings.
Believe it or not, employees notice energy inefficiencies. Standing out as a company that cares about more than the bottom line will help inspire your employees to care more about the work they do. In turn, they’ll be more productive and invested in your company.
Take Advantage of Vendor Discounts
Many organizations miss out on opportunities to save through procurement. When you’re on top of your invoices, you can negotiate with vendors, giving you more leverage. Whether you save on bulk purchases or you receive early payment discounts, optimizing your procurement processes is key to easy savings. With a better picture of your supply chain, you may even be able to leverage the market for further savings.
Staying on top of your invoices also means that your vendors will prioritize you. If you’re a customer who pays early, you can use that position to your advantage. Leverage that to get your vendors to prioritize you for shipments and services. This will allow you to always make sure you have stock and that you maintain a fully-functioning company that’s ready to handle customer demands.
Invest in Efficient Applications
More and more these days, there’s a technical solution to the problems in your business. Rather than hiring people to cover growing needs, find software to optimize workflows and delivers on business demands. Take procurement, for instance. Rather than manually processing invoices, procurement software allows you to automate many of the processes involved. Doing so reduces the time and cost to process each invoice.
Automation makes things easier and more efficient for all parties as well. With less menial tasks, your employees will have more time to focus on high-level issues facing your business. Keep in mind that automation alone won’t fully optimize your business. You’ll need to work with your employees to establish a positive work culture after automation shifts their tasks.
In other words, they’ll need to know that the bar is still high and they’ll have to work hard to deliver on customer demands.
Use Low-Code to Streamline Your Business Workflows
Every day seems to bring new applications that can grow your business. And companies looking to remain competitive need to add and create these assets while integrating them into existing systems. Traditionally, that meant either hiring developers or outsourcing software development. With low-code, that has all changed.
Low-code provides an easily approachable solution to reduce inefficiencies while cutting costs in businesses of any size. The low-code platform allows staff with little to no background in IT the tools needed to rapidly design and build their own applications and integrations. As a result, you can build the apps you need and connect them to your existing systems at a fraction of the cost of traditional, custom app builds.
Cut Organizational Costs with Low-Code
While low-code can significantly reduce costs in your organization, it’s not always easy to onboard the platform. Low-code itself is approachable, and it can quickly be put to use in your company. But knowing what systems to integrate, what apps to build, and in what order to do it requires trained professionals.
Quandary Consulting Group leverages the power of Quick Base and Workato to help organizations build cost-cutting, low-code solutions for their business. From procurement to custom builds, our staff pulls from a range of industry experience to create the most cost-effective plan for streamlining your business.
With a 100% approval rate, our results speak for themselves. For more information on how you can rapidly reduce costs with strategic low-code solutions, Contact us today.