Small Business: 4 Ways To Save Money Without Losing Quality

Thursday, January 26, 2017, 6:00 AM | Leave Comment

Staying within a budget is a big deal for small businesses. There are an almost innumerous amount of companies that failed because they could never get costs below their revenues.

However, sometimes slashing costs comes at the expense of quality. If quality is lowered, it may be detrimental for the business as a whole.

With that in mind, here are four ways your business can save money without sacrificing quality.

Small Business

  1. BYOD

    One method many businesses use to slash costs is implementing a BYOD policy. BYOD is an acronym that stands for Bring Your Own Device.

    Instead of providing your employees with computers, you let them use their own smart phones, tablets or laptops to complete work.

    If employees don’t have to handle sensitive information, this can be a good strategy for increasing productivity.

    People are generally more comfortable working with their own devices. According to ZDNet, 74 percent of companies are implementing a BYOD policy.

  2. Outsourcing

    Another good choice is outsourcing. Outsource tasks that must be completed but are not directly related to your core product.

    For example, many companies outsource payroll or the production of packaging for their products. This can slash costs and improve quality simultaneously.

    Companies that are outsourced for such tasks are staffed with experts in their fields. According to statistics, 54 percent of customer service tasks are outsourced.

  3. Combine Safety with Efficiency

    Choose efficient equipment as a cost saving feature. Such equipment can perform work faster and with less electricity or human intervention.

    However, you should insure that such equipment is also safe. Workplace accidents can result in huge lawsuits that drain away a company’s assets.

    For example, when dealing with volatile chemicals or flammable materials, using cheap equipment to mix such substances can be a serious hazard.

    Instead, choose a safe electric mixer for laboratories that can do the job quickly and safely by using an air mixing process.

  4. Perform an Efficiency Audit

    Lack of efficiency can be a huge drain on a company. However, lack of efficiency doesn’t mean you are producing a higher quality product.

    Often, it’s the exact opposite. One good way to save costs is to hire a third party to perform an efficiency audit of your facilities to find things that could be altered to save money without sacrificing quality.

While cutting costs is a generally a good idea, don’t do it if it harms the end product received by customers. In that case, the cost cutting measure could also be a profit loser since unsatisfied customers are unlikely to provide you with repeat business.

Author BIO

Kara Masterson is a freelance writer from West Jordan, Utah. She graduated from the University of Utah and enjoys writing and spending time with her dog, Max.

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