Tag Archive | business mistakes

4 Business Mistakes You Don’t Realize You’re Making!

mistakesIf you are in business, then it’s likely that you want to be as successful as possible. But how can you do that if you are making errors that you don’t even realize you are doing. That are going to cause you problems and cost you money? Well, you’re not. That is why you have to be super aware of the thing that could be problematic as well as the thing that could be profitable. Keeping reading for some examples of what these things might be.

Not providing the right facilities

One major mistake that any sort of business can make is not providing the right facilities to their employees. Things such as changing rooms, lockers and safety gear.

Not only will this create a resentment between the workers and the owners. But it can also get you into serious trouble with the law. That is because it’s essential that you provide things for your workers’ health and safety.

In an office environment, this might be things like wrist supports for when they are typing, or back rests to help reduce strain on their joints. In an industrial environment, it may be things like providing the right signage, warning of dangerous, or giving them protective clothing to wear. Such as ear plugs.

Not disposing of waste properly

Another mistake that you will want to avoid with you business is not disposing of waste properly. Waste might not seem like a big deal to you, but there are few businesses out there that produce no waste at all. So you will need a plan in place of how to get rid of it.

In fact, some businesses produce a great deal of waste both in terms of items like boxes and paper, as well as dirty water waste that needs to be disposed of in a controlled way.

That means you need to be on top if the legislation about recycling and waste disposal. As well as offering things like separating bins, and installing tools like an Abest electronic water meter. To ensure that your waste disposal is running safely and effectively.

Not paying your employees enough

Now, as a shrewd business person, you may think that keeping wage low is the best way to maximize your profits. But this can be a real mistake, as it is only a false economy. What you save on wages you will probably spend on hiring anyway. As if you are not paying enough you will likely constantly have to re-recruit and train workers to meet your needs.

That is why it makes a lot more sane to pay a reasonable wage in the first place. As you have a better chance of keeping them in the long term.

Not investing in you marketing budget

Lastly, another mistake that you will want to avoid that can seriously affect your profit margins is forgetting to invest in a decent marketing budget.

Marketing, especially the online variety is vital for the success of any business in the current market, and you ignore this valuable way of generating revenue at your peril.

So ensure that all of your budget projection account for a decent marketing budget. That will allow your products to be placed in front of the people that are potential customers.

 

Advertisements

Costs That You Can Easily Chop Down In Your Business

 

 

calculator-scientific-largeBusinesses are expensive. We know that. You need to have a close eye on your expenses and overheads at all times. But making a financially stronger business isn’t just about counting pennies. It’s also about implementing real change that will reduce how you spend on a daily basis, as well as for the bigger purchases.

Here, we’ll look at some of the big costs in your business as well as how to reduce them.

 

Staff

Don’t worry; we’re not going to recommend that you start firing people left, right and centre. Rather, it’s about changing your approach to hiring. For one, you need to think about whether a permanent hire is the right idea. For a lot of tasks, outsourcing can be the cheaper option with better results.

Similarly, you actually want to keep staff when you can. To retain them by giving them a good work environment. Easily the most expensive part of dealing with a workforce is hiring and training. Avoid doing it too often.

Energy

Every business has need of energy, but neglecting how it’s spent is an easy way to wind up with a huge bill. Train your employees to be more energy effective in how they do their work. Don’t leave lights on in rooms that people aren’t using.

If someone’s leaving their desk for an extended period, get them to turn off their electronics. If you use HVAC in the office, then keep it regularly maintained so it doesn’t start becoming significantly less energy efficient.

Inventory

Every office also has a need of quite a bit of equipment. There are a few ways to reduce the costs of them. For one, you can buy used. Just make sure you use trustworthy vendors like Grangewell Management Ltd.

Stick to established businesses. Don’t go to those who might not even sell you working equipment. Relying less on paper and more on digital systems also cuts storage and printing costs. We know it’s not possible for a lot of businesses to convert entirely, however.

Services

You’re going to likely have a lot of service providers. Electronic companies, network providers, suppliers among others. If you’re a loyal customer, you’re in a good position to negotiate your deal with them. These businesses rely on long-term relationships. Use that knowledge/experience well and you might find they can give a lot of wiggle room.

Mistakes

How much time would you say is wasted in the office? How many mistakes made? How many work interruptions? Time is most definitely money. Stop spending money on inefficient work. Instead, try using tools like workflow management from Eclipse. This way, you get an overview of everyone’s tasks and how the day’s workload is progressing. That makes it much easier to spot a problem and intervene to help solve it.

Some of the above may not directly apply to your business but at least one of them will definitely help you spend less. Just don’t go too crazy with slashing costs or else you might end up sacrificing the quality of work done as well.