It's National Savings Month! Use these two tips to save your business thousands
July is National Savings Month and what better way to celebrate than to save your business thousands of rands? Here are two smart saving tips from successful managers to help save money in strange and wonderful ways.
Since National Savings Month
is in full swing, you might be wondering how to save your business a little extra cash. Here are two great tips from 144 Smart Strategies for Managers
Business Saving Tip #1: Think outside the box
Why pay a consultant R20 000 when you could ask your cleaner for advice instead? This may seem like a crazy thing to say, but take a look at this example…
A popular art gallery was about to spend thousands on a fancy consultant to tell them which exhibitions were the most popular. Suddenly, the gallery manager had a thought – he went to the cleaner and asked him, 'Where do you have to mop the most?'
The cleaner pointed them straight to the most popular exhibits in the gallery. These exhibitions had the most foot traffic, so needed the most mopping!
Next time you need to hire a consultant, stop and think who in your company could provide you with the same insight for a fraction of the cost.
Business Saving Tip #2: Let everyone have a voice
Very often frontline employees have cost-cutting and streamlining ideas you've missed by focusing on the big picture. Hold a 'round table' meeting or send out a regular email asking all employees to come up with a cost-cutting measure for the company.
Not only will this lead to the direct benefit of getting your workplace costs down, you'll also enjoy the indirect benefit of engaging your employees and making them feel heard and valued. If the best idea gets a prize such as an afternoon off, or a meal voucher, the competitive spirit might get the employees to become creative and save the company even more money while boosting morale!