3 Ways Your Business Is Secretly Wasting Money

Eliminating waste in your business is one of the easiest ways to cut your overheads and increase profit margins. If you can find areas of the business where you can easily cut costs and increase productivity, you’ll function more efficiently and save yourself a lot of money at the same time. Sometimes, it’s easy to work out where to make those cuts because the waste is obvious, but sometimes it isn’t. These are some of the hidden causes of waste in your business and how you can deal with them.
Paper

 

Most people don’t realize just how much a business spends on paper and other stationery. It’s a big expense but these days, it’s not really a necessary one at all. With the advent of email and cloud computing, it’s so easy to create and share documents digitally. If you’re printing everything out all of the time, you’re spending so much money on paper and ink for no reason. It’s quite wasteful as well which is something that will really put consumers off. But if you just go paperless, you can save yourself a lot of time and money and increase your public image because you’re being more eco-friendly. Occasionally, you will still need to use hard copies of things but, for the most part, you can do everything digitally.
Badly Managed Technology

Technology can be used to increase productivity around in your business and make life easier for you and your employees. But if it isn’t set up and managed properly, it can have the opposite effect and make people less efficient, which is losing you money. If you don’t really know what you’re doing, it’s a mistake to try to manage all of your computer systems and software on your own. Instead, you should look for an IT company that offer managed services and outsource to them instead. They’ll be able to make sure that everything is running seamlessly and quickly fix any issues that may arise so everybody can get back to work as soon as possible. They’ll also help you to manage your cyber-security which is so important these days.

Poor Negotiation Skills

Negotiation is a very important part of running a business. When you’re striking deals with manufacturing companies or couriers to produce and ship your products, you need to make sure that you’re getting the best price possible. If you just go in and accept the first price they offer you, you’re wasting a lot of money. You need to learn how to master the art of negotiation so you can push the price down. Your manufacturing and shipping costs will have a direct impact on your profit margins so the better you are at negotiating a better price, the more money you’ll be making on each sale. Good negotiation skills will also be useful if you’re trying to partner with other businesses or maybe even buy up other companies as you expand.

 

If you can eliminate these sources of hidden waste in your business, you’ll be able to save yourself a lot of money.

How To Use A Pop-Up To Promote Your Online Store

If you’re running an online business and all of your marketing is done through social media and your website, there are some customers that you might be missing. Most people are active online a lot, but not everybody is. If you want to reach those people that don’t use the internet that much, you need a way to get out there and find them. Creating a temporary pop-up store is one of the best ways to do that. It’s a common tactic that food businesses use to expand their reach but it’s just as effective for online retailers as well. If you think that a pop-up could work for you, here’s how you can set yours up in a few easy steps.

Consider The Experience

When you’re thinking of ideas for your pop-up store, you need to think about the kind of experience that you want to present. If you’re a clothes retailer, for example, it’s not enough to just set up some rails with clothes on and leave it at that. You need to think about what your brand represents as a whole. For example, if you’re selling high-end fashion that people tend to wear on a night out, you can channel that in your pop-up store by creating a nightclub vibe. If you sell coffee online, you can create a small coffee shop where people can taste the product and then buy some if they like it. It’s important that you think about the experience and the brand associated with the product, rather than just focusing on the product itself.

 

Find A Location

A pop-up store relies heavily on foot traffic. You’ll be promoting it online but that will mainly attract the attention of your existing customers. If you’re going to catch the attention of new customers, you need to find a location where it will be visible and you’ll get a lot of foot traffic coming through.

 

Don’t Forget Logistics

It’s important that you find the perfect location and cultivate and experience in your pop-up, but don’t forget the logistics of running a physical shop as well. You’ll need to get basic things like a credit card reader, a till, price tags, and shopping bags. It’s easy to forget about these things that you don’t normally need when you’re running an online store but without them, your pop-up is going to be a big disaster.

 

Promote The Pop-Up

Foot traffic is important but you need to fill the store out a bit if you’re going to get people to come inside. People are going to be put off by an empty store so getting some existing customers in by promoting online is always good. You also need to get out onto the street and try to drum up some interest. Printing some great business cards that you can hand out to people is a great way to do this.

Pop-ups are a great way to catch the attention of new customers that wouldn’t normally find you online so if you’re struggling to increase sales, it’s worth a try.

The Biggest Threats To Your Office Interior

If you’ve got a business on your hands, then you’ve got an office in some kind of shape or form. Maybe it’s a converted living room at your own house, maybe it’s a cubicle you’ve rented in the city, maybe it’s a block you’re renting out or have managed to full out buy based on your resources. Whatever the space you’re using to operate the nerve center of your business, there’s going to be some internal (and external) threats prowling around it.

Of course, missed investment opportunities, a dip in the stock market, and rival businesses are going to be your main threats, but there’s a physical side to this idea too. You need to be sure you don’t have any mishaps in your office, to make sure you’re always operating at maximum effectiveness, and are never missing out on a chance to make a profit.

So let’s go through the most common, and biggest, of these physical threats below. Be sure to be on the lookout for them within your own office.

Not Using the Correct Equipment

This is a big health and safety issue, but often enough, it’s simply because we pay no mind to the very real threat of trips and falls that could happen to us throughout daily work life. Sure, you may think standing up on your desk chair to reach a top shelf will only take a moment, and is easier than going all the way to the store room to fetch the step ladder, but it could end up with you flat on your face and an injury or two. And if anyone else is standing nearby, and you end up falling on them, you could have a lawsuit on your hands!

It’s a simple case of negligence we’re all guilty of, but it’s one we can put a quick end to. After all, if you do get injured from a topple like this, you could end up out of commission for a few weeks, losing money every single day you’re away from your desk. Of course, you should always take time to recover, but this kind of accident could have been easily avoided. And if any of your employees get similarly injured in similar accidents, that’s a huge loss of manpower, and a lack of customer service on hand at the least.

So always be sure you get the right equipment out to use in the office. If you need to ascend to reach something, use that ladder. If there are wires all over the floor around the desks, get your employees to store them neatly in the provided wire receptacles or plug boxes. Make sure the fire exits are always clear and never blocked up by excess inventory or employee belongings, etc.

 

A Pest Infestation

Pests are a big concern if you work in a city centre. New York City alone has a huge problem with pest infestations, and there’s a whole website dedicated to the insects dwelling in and out of these boroughs. Seeing as these populous areas have hundreds of company buildings operating in them, and there’s little room left for even the commuters to try and get through, then it’s only a matter of time before the bugs and the rodents start moving in too.

Pests can eat through all your important equipment faster than you ever thought possible, so even a potential infestation is a big problem. As soon as you notice signs of little critters coming to join you in your working environment, then it’s time to get your cleaning staff on the phone and ask them to do a double shift for today or for the next week. Make sure your staff are aware of the potential problem at hand as well, as the bugs could be going home with them on their clothes and belongings.

It’d be a good idea to have a commercial pest control company number on hand. Seeing as they’re the professionals with the big roast blasting or termite terminating guns, they’re going to be the people to rely on in a case of emergency. You never know when you’re going to walk into the break room to find a whole hoard of ants feeding on a sandwich that’s been left in the communal fridge for a couple of weeks, and that means you always need to be prepared for infestations to occur.

There’s a lot of threats to your office interior, but keep an eye out for these ones particularly.