Even though your business might be considered profitable for you, there will always be room for improvement. Cost-cutting strategies are one of the best ways to increase your financial gain.
Check out for 5 tips to achieve that bottom line!
1. Review your expenses
Analyse, allocate, and keep track of your expenses. Taking a look at your annual or seasonal trends might help your examination about which expense will be worthwhile or need to get rid of for your business.
2. Analyze your stock intake
Now, this is the time for a product profitability analysis. Determine which products aren’t selling well at particular franchise locations. Keep in regular contact with franchisees to inform them about which product to reduce or completely cut-out or which popular product to increase in stock.
3. Find suppliers with better deals
Lower prices can be great, but know that when you change suppliers, your decision will not be without any fees associated with switching such as contract terminations and contract negotiations. But you can also negotiate a longer-term or reduction in prices with your current supplier.
4. Have virtual meetings
Keep in touch with your clients, franchisees, and potential candidates. Even though a physical meeting would bring some benefits, it can cost you hefty travelling expenses. Utilise new technologies to have meetings for follow-up with clients, potential suppliers, etc.
5. Limit the use of paper and printing
Use online productivity tools such as Google Suits and utilize digital reporting & issue tracking features from technology such as Nimbly. It’s much more time & cost-effective, and of course, eco-friendly.
Nimbly transforms manual operational audit processes into app-based checklists for front-line workers to generate reports instantly, centralize insights in real-time, and ensure thorough issue resolution.