After all, the more money you can save, the more money you can reinvest back into your business. In this blog post, we will discuss some common ways that business owners can save money on expenses. Keep in mind that every business is different, so you may need to tailor these tips to fit your specific needs. But read on for some great ideas on how to reduce costs and improve your bottom line!
Use A Travel Management Company
If your business frequently sends employees on business trips, you may want to consider using a travel management company. Most travel management companies can benefit your business in several ways, including negotiating better rates with hotels and airlines, booking flights during off-peak times, and more. In addition, a travel management company can take care of all the details of your business travel, so you can focus on running your business. This can save you a considerable amount of time and money in the long run.
Outsource Non-Core Business Activities
Outsourcing is a great way to save money on non-essential business activities. For example, if your business doesn’t have its own IT department, you can outsource your IT needs to a third-party provider. This can save you a lot of money, as you won’t have to hire and train in-house staff. In addition, outsourcing can free up your time so you can focus on more important tasks. When choosing to outsource, be sure to select a reputable provider that can offer quality services at a reasonable price.
Review Your Insurance Coverage
Many business owners don’t realize how much they could save on their insurance premiums by simply reviewing their coverage. In most cases, businesses are over-insured, and they could save a lot of money by reducing their coverage. Of course, you don’t want to reduce your coverage to the point where you are underinsured and at risk of losing everything if something goes wrong. But a thorough review of your business insurance needs can help you identify areas where you may be able to save some money.
How To Save Money On Supplies
One of the biggest expenses for any business is the cost of supplies. If you’re not careful, these costs can quickly add up. There are many ways to save money on supplies, including:
- Buying in bulk: This is a great way to save money on items that you use frequently.
- Shopping around: Don’t just buy from the first supplier you find. Shop around and compare prices before making a purchase.
- Negotiating discounts: If you are a regular customer, don’t be afraid to ask for a discount.
- Using generic brands: In many cases, you can get the same quality with a generic brand as you can with a name brand. So, don’t be afraid to give them a try.
- Buying used machines: If you need expensive equipment, such as copiers or printers, consider buying them used. You can often find great deals on lightly used equipment.
Hire People With Experience
One of the best ways to reduce business costs is to hire people with experience. Experienced employees are usually more productive and require less training than entry-level employees. In addition, they are often more likely to stay with your company for a longer period, which can save you money on turnover costs. When hiring new employees, be sure to take experience into account. It may cost you a bit more upfront, but it can save you money in the long run.
Go Digital
In today’s world, there is no need to waste money on paper and ink. You can save a lot of money by going digital. For example, you can send invoices and other communications via email instead of regular mail. In addition, you can store documents electronically instead of printing them out. This can help you save money on paper, ink, and storage costs. When it comes to marketing, you can also save money by advertising online instead of in print. This is often a more effective way to reach your target market, and it can be much less expensive than traditional advertising methods.
As you can see, there are many ways to save money on common business expenses. By taking a few simple steps, you can reduce your costs and improve your bottom line. Make sure to do your research and find the best way to save money for your specific business needs. With a little effort, you can free up a lot of cash that can be used to invest in other areas of your business.
Having an emergency fund can give you peace of mind, especially during tough times, so if you want to stop losing track of your spending and start saving up a generous nest egg, here are the top five money-saving tips.
1) Open an ISA
Opening an ISA, which stands for ‘individual savings account’, is a no-brainer for those who want to easily save money. There are many different types of ISAs, which you can discover on the Wealthify website, but the one thing they have in common is that you can save money tax-free.
One of the most popular ISAs is the Cash ISA. With this savings account, there’s a limit to how much money you can deposit in each tax year - you can ultimately save up to £20,000 tax-free in each tax year. A Stocks and Shares ISA is an investment account where you can choose your investments or pay a fee to have them managed for you. If you’re saving for a deposit to buy a house or saving for retirement, a Lifetime ISA will enable you to receive a 25% bonus from the government if you use your money for these purposes. And, finally, a Junior ISA is a great way for you to save up to £9000 each year for your child.
2) Create a budget
Budgeting is an essential part of saving money. If you always seem to overspend on payday and leave too little money for the rest of the month, then creating a budget could be especially helpful for you.
A simple budgeting trick is the 50/30/20 approach, where you spend 50% of your money on necessities, use 30% for fun purchases and entertainment, and save the remaining 20%. If these ratios aren’t possible for you, then you can always adjust them to reflect your current financial situation.
3) Set aside money each month
Whatever ratio you use for your budget, it’s important to get into the habit of setting aside a particular amount of money each month if possible. This will allow you to steadily build up your savings in a sustainable way. Try moving this money into your savings account right after payday if you’re worried you’ll be tempted to spend it.
4) Stop buying branded products
If money is tight, one of the first (and easiest) changes you could make is buying the supermarket own brand products instead of popular branded ones. Often, the own brand products are just as good, and they’re so much cheaper too! For extra savings, check out the discounted yellow sticker items in your supermarket.
5) Walk more
To help you save a lot more money each month, you should cut out some of your car journeys and replace them with walks. Of course, not every journey can be accomplished without a car, but for shorter trips, you should resist the temptation to take the easy option.
Saving money can be hard, but with the right tips and tricks, you can start seeing a significant increase in the amount you save each month. Try out the ideas in this article to see how much you can save!
Implementing technological solutions to your business is one of the best and smartest ways for you to save money. The world is filled with companies trying to sell you the latest and most innovative methods for you to use their technology within your operations, so it is difficult to decide what is best for your business. The following are five ways technology can save your business money.
Fleet Safety Programme
If you are running a logistics operation, the safety of your fleet and keeping down costs will be some of your largest concerns. Building a video-based fleet safety programme is a way to reduce costly accidents, avoid false claims and save money. Real-time footage can be used to provide drivers with effective training and address any bad habits they may have. Potential legal costs are also a worry for any fleet, and with this system, you will mitigate all risks as you have easily accessible evidence should any legal problems arise. You can review a guide online that will answer all your questions and show you how to implement a video-based fleet safety programme.
AI
The use of artificial intelligence is one of the smartest ways to reduce your business costs. Machines are now able to do many of the menial, repetitive tasks that were often given to low skilled workers. Using AI will save you on the costs of employing workers whose tasks can easily be done by computers. You can use that money to invest elsewhere in your business and employ people who are highly skilled and bring value to your company.
Marketing
If you want the best marketing solutions, you are going to have to invest in technology. Beware of some of the biggest marketing mistakes you can make if you do not research properly. Despite this initial investment, in the long term, your business will reap the rewards of having a more effective marketing strategy. There is software available that can help you with the analytical side of marketing. This is especially useful for social media marketing where analytics are a crucial aspect. You will be saving money on employees while also increasing your profits by having more effective marketing campaigns.
Remote Working
Remote working has come to the forefront of working practices. In the current, pandemic influenced world, businesses have had to find ways to allow their employees to work effectively from home. Remote working has been the solution and it has the added benefit of reducing overall costs. Office space can be reduced as it may no longer be needed and workers are more productive when working from home. Assess whether you really need certain employees in your physical office, if not, remote working is the answer.
Training
Technology provides an abundance of training opportunities. Video conferencing allows you to connect to anywhere in the world which reduces the costs of having to pay to bring an expert to your business. There are vast amounts of resources available, too. Some training videos are available for free, and learning resources are easily available for certain skills such as new languages. Using these training resources will save you money and reduce your operating costs so use them to their full potential.
Next up we reached out to a professional that we have had the privilege of interviewing before - Jeffrey Puritt from TELUS International, the global arm of the multibillion dollar Canadian telecommunications company, TELUS Corporation. TELUS International is a global contact center and IT outsourcing company with more than 25,000 inspired employees serving clients in over 35 languages from delivery centers across North America, Central America, Europe and Asia. Here Jeffrey shares with us his insights on outsourcing, while also providing valuable advice for industry stakeholders.
Since joining TELUS International in 2005, Jeffrey and his team have delivered remarkable results, earning the company a more than US$1 billion valuation, adding more than 5,000 team members in each of the past two years, and engaging some of the world’s most iconic brands as clients, supporting over 200 million customer interactions annually via voice, email, chat and social media across high-tech, gaming, retail, e-commerce, travel and hospitality, health care, finance, and telecom.
Jeffrey was recently named “Executive of the Year”, receiving an esteemed International Stevie Award for his vision and leadership in redefining the global outsourcing industry. He is especially proud of TELUS International’s global philanthropy and volunteer efforts, which are making a meaningful difference in the communities where they operate.
Beyond cost-savings, how is outsourcing driving value for companies?
Outsourcing has traditionally been an industry predicated upon leveraging wage arbitrage to deliver services more cheaply; essentially, ‘Your mess for less.’ While the relentless push to operate more efficiently remains the main driving force, outsourcing has now also become a strategic marketplace tool, and is recognized as one of a handful of business approaches that can fundamentally transform a company and increase its competitiveness exponentially. Truly successful outsourcing begins with an understanding of your business’s identity and core competencies. If you understand your unique competitive advantage, you’re better positioned to consider what work you’re doing that could be outsourced. The next step is establishing a strategic outsourcing relationship to undertake this work in order to create the white space and free up your in-house resources to do things they previously could not, such as drive improved response times, speed up product development and foster innovation.
How has TELUS International maintained their status year-over-year as a global leader in employee engagement (81%) with attrition scores 50% below the industry average?
In an ever-increasing competitive market for talent, companies must go above and beyond to first of all attract the right people and then to retain and engage them. In addition to the more traditional employee benefits, such as state-of-the-art facilities and onsite daycares that we provide, TELUS International is a company with heart; as we say, #ItsDifferentHere. Our unique and differentiated culture is the enabler of our DNA, and I liken our approach to leadership to a quote by Antoine de Saint-Exupéry, author of Le Petit Prince: “If you want to build a ship, don't drum up the people to gather wood, divide the work and give orders. Instead, teach them to yearn for the vast and endless sea.” This quote speaks to how we share our vision for growth and success and inspire our team members to join the collective journey to be part of something bigger than their individual roles.
What’s your golden nugget of advice for other BPO providers?
Very simply, focus on who sits in the seat in your contact centers because the customer experience will never exceed the employee experience. At TELUS International, we call our frontline agents ‘heroes’: they are the face of our company with our clients’ customers, and they are truly the hearts and hands behind our commitment to giving back in our communities. An engaged team member is an inspired one – so our focus is to surround ours with what’s important to them, such as inspiring workplaces where they can unwind, exercise and connect with their colleagues, learning and development opportunities to advance their careers and family-friendly initiatives that include healthcare benefits for our team members’ parents and siblings, on-site daycares and flexible schedules.
As a thought leader in this segment, what does the future hold for outsourcing?
Today’s digitally-savvy consumers want the most advanced technology delivered with a human touch and not surprisingly, it’s also influencing how consumers expect to interact with their favorite brands and how customer service must evolve. Whether through their own channels or by investing in contact centers with skilled agents that have embraced this trend, it will be critical for companies to effectively leverage and combine the best of both the high-tech and ‘high-touch’ worlds in order to delight and keep their customers. We have found success by partnering closely with our clients to develop omnichannel experiences, using more “friendly” customer service metrics, making text and speech analytics actionable and incorporating a focus on both small and big data. At the end of the day, consumers want to feel understood, acknowledged and connected to the brands and companies they choose. Whether you can achieve this through human interaction or technology with a human touch, the strongest affiliations always come when you can create a strong culture that drives truly meaningful connections.
What are your thoughts on the recent anti-outsourcing sentiment in the US leading up to the election?
At TELUS International we’re committed to and are very proud of creating meaningful employment opportunities in emerging economies, however, we recognize that sensitivity regarding domestic job displacement still exists. I believe this entire view is predicated on the hypothesis that a job created in another country equals a job lost here - a zero sum game. While I’m cognizant of this concern, I challenge that paradigm based on our experience with TELUS, our parent company and client in Canada, where legacy jobs (particularly those in contact centers), that have moved offshore to the Philippines, El Salvador and Romania have been replaced with higher-value employment opportunities onshore. These are jobs that TELUS was able to create and underwrite by leveraging the significant savings and value created by outsourcing. I believe the re-investment of this type of savings being used to grow operations, create training and learning and development opportunities to transition employees to higher-skilled roles, is in fact a potential primary driver of the global economy.
‘Food for Thought’
What inspires you to press further into your work?
I’m inspired knowing that the work we are doing is making a positive impact in the regions where we operate. By providing meaningful employment opportunities, we are helping to end cycles of poverty by contributing to the creation of a middle class where our team members live, work and raise their families. I am also inspired by my fellow TELUS International team members’ excitement about upcoming opportunities for our company and their commitment to achieve even greater success in the months and years ahead.
What have you learned from your mistakes?
I’ve learned that mistakes and failures are inevitable in life and in business, but how you leverage the tuition from these experiences, to not repeat the same mistakes and to be innovative and agile in finding an alternate way forward, is a key indicator of future success. I also believe that as humans, we are inherently programmed to learn more from our own mistakes than the experiences of others. For example, touching a hot stove is a better teacher than simply being told it’s hot. So, over the years I’ve learned I may have to ‘touch some stoves’ – but also how to only get ‘burned’ once!
What do you feel you couldn’t live without?
First and foremost, I couldn’t live without my family. I consider it a true privilege to love and care for them, to celebrate their achievements and to be there to comfort them when they fall. On the flip side, I might say that I couldn’t live without my smartphone because of all the time I spend traveling internationally to meet with our team and clients. I may also add a bottle of white Burgundy or red Super Tuscan wine and a couple of my favorite movies such as A Streetcar Named Desire and Monty Python and the Holy Grail to my list of must-haves.
For more information, go to https://telusinternational.com
