Less cost = more profit. But lowering costs does not always mean reducing expenses. You have to work both sides of the equation. Raising revenue can increase profit. Investing in your business can increase productivity, which leads to more profit.
- Invest in technology. Faster computers cut your time to get things done. Donate your old machine or recycle responsibly.
- Invest in the highest speed of Internet. Small increases in speed add up to a large impact in productivity.
- Invest in software that automates processes within your business. I love Studio Designer. It is designed for our business, it simplifies the whole process, and you operate with fewer employees. It is easy to learn and is well worth the investment. You can also outsource to bookkeeping firms that specialize in Studio Designer so you don’t have to add full-time employees to your business.
- Invest in education, and then practice and implement. Action leads to better results.
- Chunk your activities. Most waste in business has to do with time poorly used. If you do similar activities at the same time, you reduce the friction of switching to different tasks and remembering where you were when you left a task incomplete. (Could that lead to getting your work done faster and having more time to play?) Efficiency and productivity leads to more money in less time. Teach your employees how to plan their time.
- Use couriers. Your time is better spent billing or learning or playing. Pay a courier to do errands or tasks that aren’t necessary or high leverage activities. You’ll reduce your car operating expenses and time involved in under-productive activities.
- Rather than throwing out paper if it is printed on one side, cut it up and use it for notes. Many stationery or office supply stores will make notepads out of scrap paper for you.
- Turn your file folders inside out or use a new label on them rather than throwing them out.
- Buy a nice espresso machine instead of going to Starbucks. Use real coffee cups instead of paper or Styrofoam that sits in the landfills for years and just see how much money you save (and you’ll save the environment).
- Plan your shopping trips and errands so you do them all at once rather than a few each day. Better yet, have someone else do those for you so you can concentrate on higher leverage tasks.
It doesn’t seem like much, but little things add up over time. If you need more help with creating your success plan for your business, our Strategic Business Transformation program has helped designers double their business and more. Though we can’t guarantee that you’ll get the same results, we know that when our clients implement what they learn, they get great results. For more information on Strategic Business Transformation…