According to finance experts, money-saving is one of the important chapter in profit management. Especially for startups a sure shot cost cutting practice allows you to keep the production cost lower and you can offer the product at less price than your competitors and that is one of the four pillar of successful business startup. You can read number of articles on cost reduction for business but in this article I have only shared five direct cost cutting ideas. By applying all these tips in practice you can experience a distinct drop in overall cost.
Now let me come on the stage…!!
1: Use digital technology instead of traditional one
Like instead of sending mail via courier or post to dealers, distributors, retailers and other relevant channels you should use email as your primary medium of correspondence. Same as mail, you can avoid phone conversation, you can try Skype and other chat messengers instead. I am likely to suggest online chat facility on your website instead of call back feature.
2: Switch to economical energy suppliers
As per energy conversation consultants a smart entrepreneur must understand the importance of potential energy deals and switching to there from existing one. Today the switching is very easy because you don’t need to contact each supplier and get quotation, you just need to enter few basic information of monthly usage and current energy plans and suppliers in price comparison website. The website will populate the best business energy deals for you and also give an approximate amount of monthly saving. From there you can drop an inquiry too.
3: Just say goodbye to apathetic employee
Employee retrenchment is common while we are talking about cost cutting but here I strongly suggest to dismiss only apathetic employees. Workaholic and enthusiastic employees’ retrenchment lead your organization to a great loss. First do the complete reassessment of all the employees and find out the rotten mangos!! And simply dismiss them. Don’t be sentimental if you really want to cut the cost.
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