To all intents and purposes, savings gained by a business through cost-cutting are not much different from earnings derived from sales. In either case, the result is a boosted cash flow and more money to put in your business banking account.
Contrary to popular perception, cost-cutting doesn’t always involve a reduction in quality. As we’ll discuss, you probably have at least a few opportunities for bringing down costs that won’t compromise your business’s output or your customers’ experience. Let’s explore a few unexpected tips that you can use to safely bring down your business’s operating expenses.
1 . Choose a Better Online Business Banking Solution
Partnering with a digital bank that offers good interest rates and free transfers is the simplest way to increase savings. Maya, for example, offers Maya Business Deposit, which is fast becoming the preferred banking solution for many Philippine-based startups and small businesses, thanks to its high 2.5% annual interest rate and free transfers through InstaPay and PESONet. With Maya Business Deposit, your business can earn more and save more on its daily online business banking tasks, effortlessly freeing up more funds to develop your business processes.
2. Automate Your Inventory and Payment Systems
Manual payment and inventory processing is both time-consuming and error-prone, making these areas major sources of money leaks for smaller businesses. Investing in solutions that seamlessly connect your inventory and POS (point-of-sale) systems will immediately create cash savings and allow you to focus on value-generating activities rather than data management.
If you run a physical storefront, the Maya TerminalPOS device might be just what you need to reconcile your online inventory and POS systems with your brick-and-mortar sales. With its easy ECR (electronic cash register) integration, you’ll have more ways to save cash in your business operations.
3. Provide Remote Work Opportunities
Offering remote work options for employees can dramatically bring down your office space and utilities costs. As a bonus, remote work may even lead to increased productivity, particularly for positions that don’t require manual labor or daily face-to-face interactions.
4. Cross-Train Employees
Startups and other small organizations can save more when they have employees who can effectively handle a variety of tasks and responsibilities. With a cross-competent team, you can cut down on payroll expenses and eliminate some red tape in your organization. As your business’s needs grow, however, it may eventually make sense to hire more specialized employees who can efficiently produce your needed outputs.
5. Negotiate Supplier Contracts
Regularly review contracts with your suppliers and see if you can secure better deals. Chances are, most long-term suppliers will be willing to give you better prices or terms if you expand your commitments. However, while you’re doing this, you should also be looking around for competing suppliers who may be able to offer you better deals for your production inputs.
6. Outsource Non-Core Functions
Outsourcing non-core functions such as accounting and IT support will almost certainly be cheaper and less complex than developing internal capabilities. As a general rule, tasks that are only infrequently done but need to be performed at a high level are best handled by specialized firms or experienced freelancers.
7. Utilize Open Source Software
Many open-source software applications are just as powerful as their better-known paid counterparts. Unless you need a specific feature or service, open-source solutions will more than likely do the job while saving you licensing fees and subscription costs.
8. Invest in Employee Wellness Programs
Healthy employees tend to be more engaged, productive, and less prone to illness. Meaningful investments in proactive employee physical and mental wellness can mitigate some of the losses associated with absenteeism while also helping to reduce your contributions to employee insurance premiums.
No More Compromises: Save More and Earn More with Maya Business Deposit
Maya Business Deposit offers you an easy way to save more on your daily business banking. With its top-rated interest rates, easy-to-use dashboard, and integration with the full suite of Maya Business solutions, choosing Maya Business Deposit for your small business is an easy decision. Sign up for Maya Business to get access to your very own Maya Business Deposit account.
Creating a Maya Business account instantly gives you access to a Maya Business Deposit account for managing your settlements and business savings. Your Maya Business Deposit comes with an industry-leading 2.5% per annum interest rate, allowing it to earn PHP 25,000 in interest per year on every PHP 1 million deposit. Maya Business Deposit also lets you enjoy free cash transfers to partners and suppliers via InstaPay and PESONet, giving your business more ways to save.
Signing up for Maya Business also entitles you to a Maya Flexi Loan offer valued as high as PHP 2 million within just 3 months, deposited right into your Maya Business Deposit account. Use your Maya Flexi Loan to develop more efficient processes that save your business money without compromising its trust or competitive edge. To receive bigger subsequent loan offers, just use Maya Business as your primary processor for all digital wallet and card payments.
Sign up for Maya Business to enjoy better business banking onlineand to activate more leading-edge Maya Business solutions.
