Keeping operational costs low whilst maintaining high service standards can prove difficult during busy periods, especially for businesses that find themselves reliant upon casual workers to provide the extra manpower they require. This is a common issue experienced by many businesses, one that can be addressed satisfactorily in a number of ways, some of which are sure to be applicable to your business.
Keep Track of Your Expenses
With more money coming in, it can prove all too easy not to keep adequate watch over what is going out. To keep track of all your expenses, you may find it necessary to improve upon your current accounting and bookkeeping practices, which will not only prove advantageous during the periods when your business is at its busiest, but also all year round.
Keeping track of your expenses may seem like another task to add to a growing list, but it is an essential aspect of cost-effective operations management and could therefore make a significant difference to the health of your business’s bottom line.
Expense tracking software is an option you may like to look into and there are a number of excellent expense tracking software programs on the market which you can pick up for a trifling sum. When you consider how much you stand to save by using these programs, the miniscule financial outlay involved is unquestionably worth it. Some of the most popular expense tracking software products in 2015 are:
- A great software program for businesses with employees who travel. Reports can be created online or off, there are both desktop and mobile apps available, and the program is fully automated for convenience.
- A popular cloud-based expense management platform that has been widely praised for its ease of use, Xpenditure provides an automated flow to help you manage all your business expenses.
- One of the most professional expense tracking software products on the market at the moment, this online invoicing and time tracking service makes keeping tabs on your expenses, hours, etc. quick and easy.
These are three of the most popular expense tracking products at the moment, all of which are cost-effective, very easy to use, and offer free trials. If you don’t outsource your accounting and bookkeeping, or even if you do, software products like these are excellent tools to use and empower you to keep much better track of your expenses.
Invest in Technologies that Improve Productivity
Software products that empower you to keep better track of your expenses are just one of many great examples of the technologies that you can invest in with the aim of operating cost-effectively and improving productivity. The problem often is, however, identifying the best technologies to invest in whilst simultaneously keeping your outgoing expenditure to a minimum.
For a retail business, investing in POS (Point of Sale) software is a great move because automating the cash register and linking it to, for instance, their website, their stock inventories and warehouse, and even their suppliers, helps to reduce the manpower hours required to operate effectively, it increases efficiency in numerous areas, reduces the human error factor as a result of automation, and also has the effect of helping management reduce their reliance on fulltime employees as well as well as the casual employees they would have to hire to get through the busy period.
These are examples of technologies that can be employed in most industries, the trick is deciding which ones will prove the most advantageous to invest in and utilise.
Don’t Overstretch Key Staff Members
A mistake that management often makes during busy periods is overreliance on key members of staff. This is a common problem in small to medium sized businesses, one with far-reaching consequences for any organisation, including increased absenteeism and staff turnover, two areas which can really hit a business where it hurts.
Thinking about your employees and their wellbeing during the busiest times of the year is therefore exceptionally important and you must make every effort not to overstretch your key members of staff, or any member of your team for that matter.
Overreliance on particular people tends to wear them out, it grinds them down, and as a result they simply can’t perform to their usual optimum levels, which not only reduces productivity, but also increases the chances of them not turning up for work or giving notice, and hiring a new employee is generally an excessively costly affair.
The cost of a new hire can run into the tens of thousands of pounds, with a report published by the Centre for Economics and Business Research (CEBR) and the UK’s Federation of Small Business stating that the average employment cost for a business with one employer and one employee was £35,500, and for a larger business with 20-49 employees, an average employee cost of £25,100 per worker.
Outsource Non-Core Business Processes
One of the best ways to maintain high service standards during busy periods and not over rely on your key members of staff is to outsource what are known as non-core business processes, processes which are not essential to your business’s value proposition to your customer base.
There are many examples of non-core business processes that could be given here, including overflow call handling, a service Netcall Solutions provides that empowers your key members of staff to concentrate on what they do best by diverting your incoming calls to our team of experienced call handlers in our modern UK call centre.
Outsourcing non-core processes like telephone answering offers many benefits, and this popular solution that many businesses regularly utilise works best when the arrangements you make with a service provider are flexible and you are not tied into a binding contract with the service provider.
With access to the right tools, like expense tracking software products, and the right services, such as overflow call handling and message taking services, you too can operate your business cost-effectively during busy periods whilst maintaining your usual high service standards.