To maintain your growth, you need to consider reducing costs. But you know better than anyone else, you should never touch quality because you take the risk of losing your customers. Here are 4 ways to reduce your costs without impacting the quality of your products and services.
Renegotiate your supplier rates
First of all, check all your expenses on raw materials, supplies and services. Indeed, the supplier prices given to you are not final. If you have been dealing with a supplier for a year or more, the initial prices may have been established on a risk-taking basis with you or on a small volume of orders. So it’s up to you to renegotiate your supplier rates. This will reduce your expenses while keeping the same goods and services. You will have to study carefully what the competition is offering. You will certainly make substantial savings.
Analyze employees’ skills
Conduct an “evaluation” on your employees to determine which ones are the best trained or not. Once the two groups have been identified, put the most competent employees in key and essential positions, for the second group, all you have to do is develop their skills so that they can become effective. Avoid bonuses on working hours that could cause employees to hang around to do well-paying overtime, focus on bonuses over goals achieved or quality of work (less loss or error).
Never neglect maintenance
Do you sometimes repair the same equipment several times (printers, computers, big machine…)? You should start asking yourself questions and get to the root of the problem. Once you have found the cause of the problem, try to solve it or simply replace your defective equipment and then create a maintenance schedule. By keeping reliable equipment you will save money while avoiding production delays and maintaining the quality of your products.
Compare your insurance with that of your competitors
Depending on the Small Business Administration, you may pay more than you have in terms of insurance or you may be a carrier of services that you do not need and that cost you a lot. So review your coverage and contact competing insurers for better rates and an offer more suited to your needs. This way you can reduce your costs without impacting quality. Today, there is no longer any need to wait until the anniversary date to cancel your insurance, a new law allows you to cancel your insurance as you wish, while respecting the cancellation period. Price comparators provide a clear picture of what competitors are offering.