Saving your Company Money. Easy Tips to Cut Costs at Work.
By Mark Swartz
All workplaces spend money. So just about any employee can try to think up cost cutting tactics. The savings don’t have to be massive. Every dollar not spent needlessly goes toward the company’s bottom line.
Here are some simple ways you can help reduce workplace expenses.
Saving Costs Is Equal to Making Money
Eliminating excess costs is equivalent to earning revenue. Employers prize people who can add to net profits.
If you dream up an idea that saves $1,000, it’s similar to increasing sales by $10,000 (assuming a 10% profit margin). If you find a way to cut two hours a month on the production of a report, that’s 24 labour hours saved every year.
How This Helps You
These are the key reasons you should help your employer save money:
- It makes you look like a committed worker. Employers appreciate the extra effort made to improve the bottom-line.
- You can add it to your resume. This is something that can help you stand out during interviews, at performance reviews, and when making a case for your raise or promotion.
- Sharpens your thinking. Although many of the ways to save money can be modest, some really challenge you to be innovative.
- Less waste means less haste. When employers spend less money pointlessly, there’s less chance they’ll have to shave costs by other means, such a salary freezes and perk cutbacks.
There is also a possibility that you’ll share a portion of the savings. Some employers offer an incentive plan that rewards its people for ideas and actions that lead to cost reductions.
How to Reduce Expenses
The most direct route to cost cutting is to minimize expenditures. This can be accomplished by looking for savings opportunities.
Are you always pestering the boss to buy the latest release of software or newest model of device? Unless this can bring demonstrable productivity increases, work with the existing version longer. Or use your personal device(s) for business as well.
Scheduled to go on a business trip? Maybe it would be cheaper – yet still effective – to organize a video conference at a local facility that provides those amenities. If not, think about staying at a less expensive hotel (or with friends/family if available), and booking well in advance to get the best fare.
In terms of work routine, how about adding a day or two of telecommuting? Desk-sharing too. They reduce the need for expensive office space and they lower outlays for energy.
Whenever making purchases for work, ask to use the company credit card. It can cut a few percentage points off the bill. Or it can add travel points to be used for business trips.
Wasted resources squander an employer’s funds. Recycle, reuse, and repurpose whenever feasible. By going greener, costs get leaner.
Striving for a paperless office is a solid starting point. Don’t print out hard copies where electronic documents will do. Use two-sided copying. Distribute hard copies only to those who must have printed versions. These three steps alone will lessen paper, toner and storage charges.
If you work in a manufacturing environment, waste increases costs. Can you come up with any ways to use fewer (or less expensive) materials? Are there duplicated procedures, or production-slowing processes, that can be altered?
Cost Cutters Are Problem Solvers
Every time an employer overspends it becomes an issue. No organization has a shortage of these challenges, especially in the face of competitive and financial pressures.
You can be a dollar detective. It can be as simple as making sure the last person who leaves turns off lights and powers down devices. Or it can be more involved, like when reducing overtime or cutting the number of units that fail to meet specs.
Keep your eyes peeled for opportunities to be frugal. You’ll be helping to save money, waste, and (when times are tough) maybe even your job.