Tag: business practice

  • The Secrets Of A Speedy Supply Chain

    The Secrets Of A Speedy Supply Chain

    If you want your business to function well, you need to center it in the middle of an efficient, robust supply chain. When demand patterns shift, you want to be ready for whatever customers throw at you.

    However, that relies on fostering a nimble network of relationships with suppliers. Supply chains are great when they can adapt to your needs, but a nightmare when they can’t. 

    The key issue here is speed. The faster the supply chain can react, the better it is for your customers and business. But how can you improve reaction times? Here are some secrets. 

    Only Work With Reputable Suppliers

    The first step in building a robust supply chain is to only work with suppliers who can actually deliver the results that you want. You’re looking for firms that offer a combination of speed, reliability and communication. 

    Before you start creating relationships, ask suppliers how long it will typically take to complete your orders. Then, if you have a trial period, stress test them. See whether varying your volumes affects delivery times or shipping dates. 

    Build A Comprehensive Supply Chain Strategy

    The next step is to build a comprehensive supply chain strategy – something that will allow you to reduce process costs. 

    First, you’ll want to think about which supply chain strategy is appropriate for your business. Some will want to adopt a dropshipping approach, while others will benefit more from wholesaling. 

    You’ll then want to think carefully about who you’re going to work with. Some firms will be able to manage everything in-house whereas others will need outside support. 

    In many cases, you’ll want to use a supplier to keep your operations well-fueled – something you can learn more about if you click here. The goal is to keep your fleet moving without incurring the usual administrative costs of doing so. 

    Take Advantage Of Software

    Demand planning software is improving all the time. Managers can now get access to real-time information from firms elsewhere in the system. They can then crunch all the numbers and create more reliable forecasts of order volumes in the future. 

    Needless to say, demand planning software is a godsend for a lot of businesses. It keeps them abreast of all the developments in their industry and allows them to respond to challenges faster than their rivals. 

    Eliminate Data Silos

    Data silos are a big problem in the supply chain and they don’t benefit anyone. However, because the global supply chain is a disparate network of firms, it is an issue the industry struggles to resolve. Firms would like to work together, but they struggle to develop the systems that will enable them to do so. 


    That’s where inventory management platforms can help. These allow you to see what you have in stock and what other suppliers are processing right now. These systems help to avoid things like double ordering and coordinations with 3PLs. 

    In summary, modern technology makes achieving a speedy supply chain possible. However, it requires investment in both services and software to function adequately. 



  • Sorry, What Did You Say?

    Sorry, What Did You Say?

    Whether you are running a meeting in the office or sending an email to a client, your focus is to share valuable and important information. Unfortunately, there can be a huge difference between what you believe you’ve communicated and what your audience remembers. As a professional intervening in an expert quality, the last thing you want is people asking you to repeat what you’ve just said. 

    First of all, let’s cut the audience some slack. People are never actively trying to ignore communication. There could be a variety of reasons why they are not able to recall information. However, intentional inattention is never one of them. When the audience forgets your message, it could be because they are already mentally drained or experiencing technical issues that affect the good message delivery. Yet more often than not, the audience is not at fault. Here are 4 things you could do to improve your communication style and help people remember information. 

    Communication falls into two distinct categories, being synchronous or asynchronous. According to this source, these communication types fulfill different purposes. For instance, synchronous communication means real-time such as asking a work-related question to a coworker. On the other hand, asynchronous communication introduces a time lag between the message and the response. The delay is necessary as it provides plenty of time for your interlocutor to digest the information and come back to you. Choosing the wrong method to convey your message can make it hard to assimilate. 

    Time is of the essence

    Human beings have a limited attention span. If you organize an important meeting to share new information, you need to consider people’s natural concentration ability. Indeed, according to studies, people can digest information effectively when it is presented in 7 minute chunks. In other words, if your meeting is too long or if you try to share too much over a long period of time, your audience is unlikely to remember anything. Additionally, it’s best practice to time information so that you can capture everyone’s attention. If you say it too early in the meeting, for instance, late participants could miss it. Too late, and people may not be paying attention anymore. Ideally, you want to announce the big news, accompany your audience to the detail of the big news, and finally repeat it once again at the end. 

    Don’t mix topics

    You can’t kill two birds with one stone. Whether you are sending emails or organizing meetings, you need to stick to one main topic per agenda. Mixing topics that are not related in your communication will lead to confusion for a variety of reasons:

    • The audience doesn’t see a logical link between the different topics, 
    • The audience tends to remember the last thing they’ve heard or read (meaning, they forget the first topic), 
    • The communication lacks structure

    You are sharing conflicting information

    This can happen because you are discussing a constantly evolving topic. Therefore, yesterday’s audience may have received different information compared to today’s audience. Additionally, you should research each topic ahead. If you don’t understand the message, your audience will soon forget it. 

    As a communicator, it is your responsibility to understand how to avoid mistakes that encourage forgetfulness. Making it easy for your audience to understand, remember, and use the information you share begins with you. Do the hard work to bring the message in the clearest and most digestible way to your audience. 



  • Energy Tips You Should Try As A Business Owner

    Energy Tips You Should Try As A Business Owner

    As a business owner, there are many things to think about and a lot of plates to balance. One of the biggest things you will always endeavour to do as a business owner is to save as much money as you can as well as make as much money as possible. 

    One of the ways you can save more money in the office this year is to be more conscious about the energy use as well as how you power your office building. Today we have some tips you can try this year as a business owner to help you save energy as well as use it more consciously in the office. 

    Try a secure generator 

    The first way to improve the way you power your office is to use a generator that is protected by good quality industrial electrical enclosures. It is so important that you have a backup source of energy should you have a blackout and this is something that can help you when you are working in an office where lots of things are always happening. 

    Install solar panels 

    Saving energy is about being good to the planet and considering how you can be more conscious of your surroundings. As a business owner, installing solar panels above your building is a good way to rescue your energy bills each month as well as to have a better impact on the environment as you work every day. Make sure that you consider installing solar panels this year and if you inform the government you may even be paid for doing this. 

    Invest in LED lights 

    Halogen lights are a thing of the past, and they use a lot more energy as well as give off lower light than LEDs. Consider, instead of investing in new lighting for the office of the same style instead investing in new LED spotlights all over the office which will be brighter as well as more energy-efficient. 

    Try motion-sensing lighting 

    Motion sensor lighting is one of the best tools you can bring to an office space if you want to save money on energy. Think about how many workspaces, meeting rooms, kitchens, bathrooms, and corridors you have over the office, and now consider how many people will use them throughout the day. It is safe to say that during the middle of the day significantly fewer people will be using the corridors and this means that the lights don’t always need to be powered on. Keep them on motion sensors and this means energy is only used when people are around. 

    Print less 

    Now is the best decision you will ever make – limiting printing. It is a sad fact that the older generation in your workplace think they have to print out every single document, email, and correspondence they ever have but this is not at all the case. Instead of printing everything and anything, limit people either by pages or documents each month and this will reduce energy and ink usage.

  • What Every Office Building Should Have

    What Every Office Building Should Have

    Looking to buy an office building for your business? This can be a great investment and one that becomes a key asset for your enterprise. An office building gives you a headquarters for the business as well as a place for people to visit you and come for meetings. Having an office building can be useful, and it will allow you to house more employees as well as do more in your business. 

    But when you buy an office building, what do you need to include? If you have bought an empty shell of a building and you are looking to transform it into a stunning office for your business, there are several important elements you need to build and install. Here are the things you need to do to build your perfect office building this year. 

    Elevators  

    Elevators are a key part of your building because they allow easy access for your employees who may be less able-bodied to the different floors of the office. If you have a building that already has older elevators installed, consider getting some new elevator sheaves or bringing in an engineer to fix up the elevators and ensure they are safe. Once you have elevators in your building you will be able to hire a wider range of people and it will also make everyone’s life easier. 

    A cafe 

    Not every office has an in-house cafe, but every office absolutely should have this commodity. A cafe is an essential part of modern office buildings because it allows people to get refreshments throughout the day as well as provide people with a place to meet up or sit during their lunch hour. It doesn’t cost too much to run a cafe, and with the profits, you’ll make from food and drinks sales it is worth doing to make your working environment more comfortable. 

    An outdoor seating area 

    Another important area of an office building is an outdoor seating area where people can get some fresh air at lunchtime. Outdoor space is so valuable and fresh air and sunshine can be very good for your employee’s health and wellbeing. It is important to invest in seating, tables, and also plant displays to make the space more open and colourful. 

    A workout room 

    One great room to add to your office building if you have the space this year is a workout room. A workout room will give you the chance to do yoga, HIIT workouts, or even weightlifting during lunchtimes when space is booked. This is a great way to promote a healthy lifestyle in your employees and not charging for this service is a good way to ensure more people stay healthy and happy during their working environment. 

    Secure parking 

    The most important commodity you can have as an office building is secure parking for your employees. When working in a city particularly, free secure parking is a huge benefit and one you should invest in this year for yourself and your workers.

  • Simple Ways to Generate More Leads for Your Business Quickly

    Simple Ways to Generate More Leads for Your Business Quickly

    You’ve done everything you can think of to increase brand awareness, but you’re still not generating the leads that you need to grow your business significantly. While there are literally hundreds of ways that you can generate leads, the following strategies will help to increase your leads in a short period of time significantly.

    Create a Newsletter

    If you don’t already send out a regularly scheduled newsletter, then you’re missing out on one of the easiest ways to generate leads for your business. Not only do you have a captive audience when you send out a newsletter, but connecting to your prospects through email is a great way to keep from getting lost in the Internet noise. You want to make sure that you place your signup form for your newsletter in every possible place on your website that makes sense. 

    Create and Maintain a Blog

    One of the best lead generating tools that your business can use is having a blog. Not only does this allow you to have complete control over what is said, but it also provides the opportunity to have your reader’s undivided attention. Make sure that your blog is fully optimized to generate leads by providing a sign-up section for your newsletter and by using the margins to promote your business. 

    Get on Twitter

    If you’re not already utilizing Twitter for business, what are you waiting for? Twitter is a dream platform for generating leads because you can use it to reach out to influencers in your niche and start valuable conversations with them. The influencer’s followers, who probably match your target audience, will see your interactions with them and are more likely to follow you or visit your site.

    Create an Engaging Video

    Spend some time developing a great idea that promotes your business, while at the same time engaging your potential customers. Once you’ve uploaded your video, you can use StumbleUpon to drive traffic to your video for pennies per view. YouTube and other video sites will allow you to put links directly into your videos, so use this feature to link back to a specific landing page on your site. 

    Hold a Webinar

    Webinars are a cheap tactic to get your message to thousands of prospects. Many services provide you with the tools to broadcast a webinar quickly. Come up with an idea that will help your customers and then start to promote it on social media, your network, and your newsletter.

    These five strategies will help you drive more traffic to your company’s website and generate more leads quickly. 

  • Safe Business – How & Why

    Safe Business – How & Why

    When you are setting up your business, there are several things to think about. Some of them might seem more important than others, and something that you can often leave at the bottom of the priority list is health and safety. After all, surely everyone can just be careful around the workplace and no problems will occur? 

    Although that might have been the way business owners used to think, the world has moved on, and now, thankfully, it is down to them to keep their staff and any members of the public who might be in or near their place of work, safe. In fact, it’s even the law. Yet why has it been made law, and why is it so important? Read on to find out. 

    You Will Protect Your Staff 

    One of the reasons you need to make your business a safe place to work is to protect your staff. Hiring an expert Caslec commercial electrician instead of having an unqualified employee fix any wiring is an excellent example of being safe and taking precautions because, without proper training, your employee could be seriously hurt. If you take this way of thinking and extend it to every part of your business, you’ll see that there is potential for injury in many different areas. 

    When you are careful about your health and safety, you will protect your staff, meaning there is much less chance of them becoming injured or unwell. Quite apart from taking care of people being a part of decent human nature, it’s good for your business – with fewer people off from work due to injury, you can be much more productive and have a better reputation.

    Retain Staff

    No one is going to want to work somewhere that doesn’t take its health and safety seriously. They will feel unsafe and uncared for, and eventually – perhaps very quickly – those staff members will leave to work somewhere that has a much better health and safety record and that does think about its employees. They will do this even if you are paying a higher salary for the most part because they won’t want the stress and discomfort of feeling as though they could be hurt (or worse) every day they are at work. 

    This is a big problem. Taking on new staff is an expensive thing to do; it costs far more to find a new employee than to keep an old one. Plus, you need to think of the time taken to train the new person and for them to settle in. Productivity will certainly be affected. The more this happens, the worse your profits will be. If you’re a safe place to work, you will be able to keep your staff (and not have to pay too much to do so).  

    Save Money 

    Every good business owner will be looking at all the ways they can save money in their business; this is all part of how a business works – the less you pay out and the more you bring in, the better your profits will be. Therefore, the last thing you will want is to have to pay out more for your insurance, but this is unfortunately what will happen if there is an accident at work and you have to make a claim. 

    Insurance companies have to look at the risk they are taking on when they insure you. Those businesses that don’t have a poor health and safety record and haven’t made a claim are seen as a lower risk, so their insurance will be cheaper. Those that have made claims and where people have been hurt are a much greater risk and will have to pay much more. If you want to keep your costs down, you need to keep everyone safe. 

  • 3 Factors That Will Determine the Business’ Make or Break

    3 Factors That Will Determine the Business’ Make or Break

    Black Calculator Beside Coins and Notebook

    The birth of entrepreneurship is usually triggered by a business idea that longs to be nurtured. A business success story will often have its ups and downs due to internal and external factors. The unpredictability of these events plays a significant role in determining which you will write a success story under your business name. 

    Simple things like the tagline, motto, or business location will largely influence your business’s progressiveness over time. You need to ensure you align your business vision and mission with its operations to achieve positive results. 

    Every entrepreneur needs to learn about business management and growth tips for manipulating the departments into maximum productivity and efficiency. Despite being the founder or owner, you need to take a keen interest in the business activities to help you in your decision-making and management process.

    Reliable Employees

    Ensure you have a reliable task force that you can rely on during different times of the year. Be specific with the type of employees you hire to help you in managing and running your business. It would help if you highlighted specific characters and qualifications you will prefer for each post to ease your hiring process. 

    You should also ensure each employee learns of the business culture you intend to pass along. Schedule numerous training sessions that will sharpen the employees’ skills and knowledge to increase the company’s level of service and productivity. 

    For extra motivation, ensure you choose an office layout that will promote teamwork and understanding between the employees. Please provide them with ID cards that will help customers easily identify and build a rapport. It is easier to build and enhance the customer-client relationship when you can easily converse with each other. 

    Financial Discipline 

    Starting a business requires high levels of discipline where you can differentiate the company’s needs and wants. You need to have a plan and budget to utilize your capital to build the business till it breaks even. 

    Though patience is key in business, you need to regularly inspect your finances, sales, and expenses, to analyze how you are faring. Sometimes having constant sales may not be indicative of business growth. It would help if you ran your figures against your expectations and expenses to know your company’s financial position. Take time to educate yourself about successful financial practices

    Decision Making

    Despite being an efficient entrepreneur, you need to learn how to make rational decisions even during high-pressure incidences. It is a skill you need to master if you plan on enlarging your business territories. It would help if you learned how to analyze and take calculated risks. 

    You need to be on the lookout for new opportunities that may be the key to your success. Interact and associate yourself with people who will challenge your school of thought and push you to your limits. It will broaden your thinking and increase your potential. Have a mentor who will guide you in your journey. 

    Above all, believing that you will achieve your dream will keep you grounded in this journey. Be proactive and work on maintaining the balance among these three factors, and you will be sure of success.

    Working conditions

    What could bring jeopardy to the longevity of your business? One of them is working conditions. Not only do you need to prove to regulators that you are taking action, but you should also be showing this to employees. For example, undertake an Ambient Air Sampling test where you can see just what your teams are breathing in. Then use this evidence when it comes time to report on improvements such as air quality after you have installed new air conditioning and ventilation systems. 



  • How To Improve Your Logistics Facility’s Security

    How To Improve Your Logistics Facility’s Security

    You’re likely reading this blog post because you own or manage a logistics company, and you oversee a facility such as a depot or a warehouse. But, you’re worried about inadequate security at your premises and want to streamline your operations.

    The truth is, boosting your logistics facility’s security isn’t as complicated or frustrating as you might think. Take a look at the following inspirational ideas to help you increase your facility’s security for the benefit of your employees and the goods that your company transports:

    Employee Background Checks

    As a responsible business, you will undoubtedly do some checks on the people you wish to hire. But, how comprehensive are the checks that you conduct? You must have proper checking mechanisms in place before onboarding any new team members.

    One of those checks should be on criminal backgrounds. Let’s face it: you need to ensure you can trust your facility employees 100%, especially when they’re managing and transporting valuable goods from other companies daily.

    Take a look at this guide from https://www.goodhire.com for further information on the types of background checks you might need to conduct. It might surprise you to learn there are some things you need to start doing from right now!

    Access Control Systems

    You don’t want random members of the public entering your facility and potentially stealing goods stored at your premises. Similarly, you want to limit employees’ access to various areas in your facility.

    That’s why it makes sense to have good access control systems in place. Here are some examples of access control systems that are appropriate for logistics businesses like yours:

    Keycard Access

    It’s not viable for most companies to have teams of security personnel posted in most areas of their premises. The good news is you can use technology to limit access only to people who have a legitimate reason to be there.

    It makes sense for employees to have lanyards for their keycards. They allow people to keep their keycards prominently on themselves at all times. Take a look at https://www.dynamicgift.com.au to see examples of lanyards your team could have.

    Biometric Access

    As you can appreciate, there’s a lot of confidential and sensitive information on your IT systems. The last thing you want to happen is enabling that data to end up in the wrong hands.

    You will undoubtedly already use some access controls for your computers, such as passwords. But, biometric access controls take things a step further. Computer hackers cannot log into your systems using passwords alone when you have biometric security.

    Your team will typically need to use one of the following in addition to passwords:

    • Fingerprint or iris scan;
    • USB dongle 
    • Facial recognition;
    • Signature scan.

    GPS Tracking

    One final security provision to consider is GPS tracking. Your logistics company undoubtedly uses vans, trucks, and semi-trucks to move goods to and from your facility, so it makes sense to have some way of tracking them.

    GPS tracking is useful for identifying where your drivers are if you need to redirect any of them. Plus, it provides a way of locating your vehicles in case they get lost or stolen.

  • Top Tips That Will  Grow Your Sole Trader Business

    Top Tips That Will Grow Your Sole Trader Business

    Every sole trader will tell you that at times it can be very lonely working on your own. While many entrepreneurs can be incredibly successful in working independently, others need external input and advice to help them figure out their business growth strategy. If you are a sole trader, here are some things to consider which could maximize your profits and maintain your business growth sustainably. 

    Pay Anywhere Options

     With more and more of us, every year using digital payment devices such as credit cards, debit cards, and even our mobile phones, the ability to accept cashless transactions is a must for any trader working in the 21st century. If you can accept credit cards, make sure to advertise this, especially if you are in a business that goes into people’s homes like a plumber or a window cleaner. Many people might not have cash on hand but would appreciate the convenience of paying there and then rather than waiting for an invoice. It will also save you the hassle of chasing up unpaid customers. 

    The other added benefit of accepting credit cards anywhere is you can set up stalls advertising your products or services at local events, and you can secure customers with payments there and then. 

    Keep Good Records

    While this advice might seem obvious, it is easy to overlook its importance with the hectic schedule of running your day to day operations. Make sure you set aside time to keep your records up to date. This makes sure you are getting all the income you have worked for, but it will also help you gain an excellent overview of the business. Good records allow for good analysis. If you want to predict when you will get busy, you can look over previous years’ workflow.

    Similarly, if you want to know how your expenditure breaks down as a percentage, you need accurate and up to date records. If you are continually wrestling to find the time, pay for a bookkeeper. The benefit will undoubtedly outweigh the small expense, especially if it will help you spot cost savings elsewhere in your business. 

    Analyze Your Competitors

    Competitor analysis doesn’t need to be a lengthy process, even keeping occasional tabs on their websites can be useful. Competitor analysis is as much about figuring out your strengths as it is theirs. What can you do differently that will give you the edge? If a competitor is cheaper, try and find out how they can give those cost savings to customers. Can you make the same price cuts or advertise how your service retains higher quality. Knowing what your competitors are doing also allows you to speak with credibility to customers who are shopping around. Remember that your competitors can be your friends as well as your rivals. There might be mutually beneficial services you could offer each other. Perhaps when you reach capacity, there is a competitor you can refer potential new customers to and vice-versa. 

    Analyze Yourself

    Any competitor analysis is only useful if you can use it as a comparative tool. You need to know your business strengths, weaknesses, and potential growth markets. Don’t let pride get in the way of profit. Ask your customers for open and honest feedback, and take this on board. If one customer thinks you could improve your service, likely, they are not the only ones if you need to ask friends in other fields to give you feedback. This can be on simple things, like how easy your website is to use, or if you feel robust enough, you can ask about your sales technique and whether they think your approach needs to change to attract custom. Don’t be afraid to make significant changes if it has the potential to have a big impact on your profitability

    You Don’t Need To Stay A Sole Trader.

    Finally, if your business has experienced rapid expansion, then there might be too much work for one person to do alone. If you see this as a problem, then you are likely to become overstretched and potentially burnout. However, if you are willing to invest in an employee, you could see your capacity expand, and your growth potential grow exponentially. An employee can benefit you by providing skills that you might not have. So if you are incredibly creative but not well organized, then hiring someone who can help keep your systems in check while allowing you to dream big could be a huge advantage. Remember, two heads are always better than one. 

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  • Significant Business Costs & How To Reduce Them

    Significant Business Costs & How To Reduce Them

    Income minus cost equals profits! It’s a simple enough equation to understand. Of course, things get a bit more tricky when you are running a real-life business and need to provide the best products and service to your clients while also maximizing the former and reducing the latter. The good news is that this post is all about how you can reduce the latter. That is, you can find out how to effectively cut your costs to make the profit equation tip in your favor. Keep reading to find out more. 

    Lease

    Rent or property costs are often the most significant expense that a business will come across. Some people believe that it’s cheaper to lease their premises, while others consider buying a property a better value for money option. The truth of the matter is that both will set your business back a considerable amount. However, that doesn’t mean that there aren’t things that you can do to lower this cost. 

    For example, if you are leasing a property, be sure to negotiate with the landlord. After all, you can often get a reduced monthly rate if you agree to take the property for a more extended period such as 2-3 years instead of the usual 2-16 months. 

    For businesses that have bought the property they operate from, things are a little different. However, shopping around for the best mortgage and insurance rates can help to lower the costs. Additionally, leasing out any additional space that is not currently needed can help to cover at least a part of the mortgage each month, and so tip the profit equation in your favor. 

    Equipment and heavy machinery 

    To be successful in business, you not only need a place from which to run your company but the right equipment and machinery as well. The good news is that when it comes to saving money on such things, there are several tactics you can use. 
    The first of these is to lease equipment rather than buying it. The advantages of this being that you will have only a set amount of money you need to pay out each month for the things you need, which can make budgeting much more manageable. Additionally, when you lease equipment, you don’t have to worry about the hassle of needing to sell it when it comes time for it to be replaced. Indeed, most providers will upgrade you at little extra cost, so you will always have access to the most updated equipment that you could need. 

    Alternatively, much like the situation with buying a property, you can invest in your pieces of equipment, but then lease those out when they are not being used. This is something that can generate an additional income, something that can be used to offset the cost of the equipment and so tip the profit equation in your business’s favor. 

    Maintenance 

    Equipment and property will need to be kept in good condition for your business to be able to run effectively. Indeed, as many business owners have discovered through experience, and to their detriment, if you do not take care of your property, and equipment assets, it will cost your company over the longer term. In terms of a dip in productivity, and that the longer you leave repairs, the more serious they are likely to become. 

    With that in mind, if you want to keep repairs cost to a minimum training, your staff on correct operation and care of equipment and property is vital. Additionally, setting aside some money to pay for regular maintenance is a sensible investment for the future. 

    Supplies 

    Many businesses require raw materials and other supplies to be able to operate. Sadly, such things do not tend to come for free; in fact, they can make up a significant part of any company’s budget. 

    The trick to keeping supply cost low is all about how much you pay per unit. After all, the lower the per unit, the lower your overall costs will be. Of course, it’s much more likely that you will be able to negotiate a low per-unit price with your suppliers if you agree to buy in bulk

    With that in mind, it is vital to make sure you have space and a system in place to manage any stock that you need to keep on-site. Smart businesses will always compare the costs of doing this to ordering as the need, to see which option will work out cheaper. 

    Pay 

    Aside from all the practical costs discussed above, the largest outgoing for any business is the money they pay to their employees. Indeed, no matter how positive the working environment you create is, you will have trouble getting anyone to do turn up to or do any work without decent wages. 

    The good news is that there are many strategies that you can use to calculate and lower labor costs in your company. The first is to offer a handsome benefits package instead of an exceptionally high wage. 

    However, for such a package to work, you will need to identify things that have a monetary value to your staff, but that you can get for a reduced price. 

    One smart example of this is to include a gym membership as a staff benefit. This is something that can cost $360-840 a year if your staff were to pay for it. However, as a company, you can buy a corporate membership for much less than that per person. Therefore this means fewer costs for your overall. 

    Another way that you can reduce the cost of wages is to keep your employee team as lean as possible. That is, it is better only to recruit people that you genuinely need to be on-site every day. For other tasks, projects and functions you can outsource your needs, which means you will only have to pay a set fee and not find an entries year’s wage. 

    Security 

    If you run a business, it is well worth your time and the costs involved to make sure that it is as safe and secure as possible. To not do so is a false economy because you will end up paying out way more than the cost of prevention if something does happen. 

    With that in mind, you will need to consider both the physical aspects of security and the online ones. When it comes to the physical CCTV, and alarm systems both for break-ins and fire are vital to keeping your assets and staff safe. 

    IT security is a little different, although there is no need to break the bank when it comes to preventing hacking and cyber attacks. Instead, some thorough training and regular refreshers for your staff on IT security protocol should be enough. Although you may wish to add regular updates of all your software as well, which is free and will make sure even the most innovative of cybercriminals are denied entry to your systems. 

    Marketing

    Finally, most businesses encounter high costs in the form of marketing as well. The reason being that to generate enough customers to be sustainable, considerable efforts must be made to market their products. Indeed achieving the correct level of expenditure with marketing can be a difficult balance to strike. 

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I’m Lena Benjamin—global growth strategist and author of NIFTY, expanding into sustainable fashion and film. With 25+ years of experience in over 30 cities, I advise on UK buy-refurb-sell property ventures and have worked with startups, corporates, and SMEs. From Amazon interest to FT recognition—let’s unlock your next move.

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