In order to save as much money as possible and ensure maximum productivity from your employees, you need to understand where your business is being wasteful.
There could be ways for your company to save time and money in ways you have not even considered, but by doing so you will increase the overall effectiveness of your employees and, in turn, meet your goals at a faster rate.
We have compiled a list of ways in which your company could be wasting time or money and how to combat it.
Is Your Company Being Wasteful?
Are your employees spending a large amount of time waiting for meetings to start?
Even if it is a mere five minutes a day, that can really add up over time, which leads to a waste of time that could have been using more effectively. In order to ensure that employees are not spending a large amount of time waiting, encourage people to walk together to internal meetings once everyone from the group is ready to begin.
This can cut down on people sitting idly in a conference room waiting for someone who may be running late. Also, encourage employees to communicate with each other if they may be tardy.
Are your employees printing materials that they could easily be using electronically?
Printing costs – between the equipment, paper, and ink – can certainly add up for your company. Encourage employees to go “paperless” where they can in order to cut down on costs associated with this. Less paper also equals less physical waste, which is good for the planet.
Your company may want to think twice about the informational emails blasted out to the entirety of the office. Inc reports that a study revealed that employees spend almost a quarter of the day reading and responding to email.
While it is certainly a vital tool for any business, to cut down on any wasted time, ensure that you are not sending frequent informational emails that may be irrelevant to some.
Try compiling information into a recurring newsletter where you can rather than sending it in smaller, more frequent notes.
If your business holds a stock of unused equipment or inventory, this could be wasteful. This includes but is not limited to things like computers, machinery, or even office supplies.
Be sure to be realistic in what your company actually needs extra of and minimize the bulk orders to assure money is saved where it can be.
The Bottom Line
As a business owner, it is important to think outside of the box to recognize where your company could be more efficient and less wasteful. Saving money and being productive are important to the health of your company and its success.
For help identifying wasteful areas that could use improvement, your PEO is there with the experience and tools needed. We can match you with the best PEO for your company in order to maximize your productivity and money saved.