In business, watching your bottom line is the most important part of being successful. Your total expenses generally tie in directly with your profit margins, and the total profits that a company sees at the end of the year can play into bonuses for management and the ability to hire more employees in subsequent years to continue expanding the business. While this sounds pretty cut and dry, most businesses have already done the basics of finding the cheapest suppliers and taken other measures to make sure they are producing product at the lowest possible price. However, there are other things to take into consideration that just may save you more money than you ever thought possible.
Though you probably don’t want to think of your employees in this light, the fact of the matter is that one in three employees will steal something from their workplace at some point during their career. This can range from something really small such as a box of straws from the back room to something expensive like a case of high end vodka. Rather than suspecting all of your employees and treating them like criminals, it is easier to put in basic security checkpoints to weed out theft. Most theft is bred from opportunity, so by making it difficult to steal using a single monitored entry point and surveillance cameras throughout the business, you can discourage your employees from attempting theft and lower your business expenses.
Energy expenses can be a business’ biggest enemy; especially if you operate a large venue such as a restaurant or nightclub. Nightclubs are usually filled to the brim with computer POS stations, lighting, and sound systems which all suck energy like it is going out of style. One of the best things you can do is to have all of the computers and other equipment setup to power down at a certain time unless there is human intervention. This will save you a ton of energy costs over time, yet still allow for employees to stay late to finish up any necessary work.
For restaurants, energy efficiency is the name of the game. While it may seem to be a good idea to stick with a piece of equipment that is still working fine, you may be able to offset the cost of a new piece of equipment with the energy saving alone. If you can produce more food in a shorter period time while also saving tons of money on energy, that new piece of equipment can sometimes pay for itself in just a matter of months. Make sure you crunch all the numbers and leave no stone unturned when finding ways to save on energy because it is only going to become more expensive as we move forward.
Another technique that can save you money is to monitor your inventory very closely. The more accurate you are with your stock levels, the less you need to order and have sitting around on your shelves. There are many great inventory tools that allow you to determine the right amount of a given item to keep in stock so you never run out but never order too much, thus you keep as little cash tied up as possible and eliminate the risk of losing money if certain items are perishable. There are even inventory systems that allow you to monitor how much liquor you have on hand using the camera on a smartphone or tablet, so there’s really no excuse anymore. Good inventory control procedures will also factor into the employee theft problem because you will notice a discrepancy sooner than later.