Top 10 Tips for Immediate Bottom Line Profit Improvement

1. Treat company resources as you would if they were your own:

  • Encourage team members to imagine how it would feel if they had to pay for their own materials/ utility bills/ travel costs etc
  • Explain current costs and the positive impact of reducing organisational overheads to team members

2. Encourage people to be more aware of the value of utilities:

  • Turn thermostats down by just one degree
  • Make turning off unnecessary lights a habit during the day and at the end of trade and consider investing in light sensors to automatically turn lights on and off
  • Only put enough water in kettles for a specific number of cups of tea and coffee

3. Recruit effectively:

  • It can cost up to half the annual salary of that role to recruit a new team member (this includes advertising/ interviews/ training/ administration etc) therefore ensure recruitment practices are robust
  • Ensure that you are clear about the job and person specification you are recruiting for
  • Train your recruiters effectively
  • Ensure you have a robust induction programme t is used consistently
  • Put regular reviews for new team members into your diary

4. Review how and where you spend your time:

  • Complete a time log to highlight where, when and how you spend your time
  • Be honest with yourself about what changes you can make to improve the way you use your time

5. Learn when to say yes and no more constructively:

  • Consider each request for your time carefully and be prepared to say no to activities that do not add value to your business

6. Look after the paperclips:

  • Stationary costs can soon significantly add up, set a standard by re-using stationary as frequently as possible
  • Print all your documents double sided where possible
  • Use spoiled printer paper as scrap and note paper

7. Encourage and empower your team to feedback efficiency ideas and reward them:

  • Set up a process (or group) that reviews how your business runs with a direct line to feedback directly to the owner or manager of the business
  • Empower your team members to deal with minor complaints about services or products from your customers

8. Review your policies and procedures:

  • Challenge all your policies and procedures – why do you have them and what are they trying to achieve? Is it for the benefit of the organisation or for your customers?
  • Change all policies and procedures to be customer-centric

9. Re-visit your internal and external communication methods:

  • Review how effective your organisational communications are
  • Identify the most effective communication medias for your business and use a combination of them (including email; meetings; informal discussions; tele-conferences)

10. Put tips one to nine into action and review them regularly – both by yourself and with your team

and of course:

Deliver a consistently exceptional customer experience!

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