5 Ways Businesses Can Save Time And Money
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New York State is a highly competitive business environment, and only the sleekest, most efficiently run enterprises survive and thrive. Wasted time and money are like holes in the bottom of your boat that regularly hinder your business and could even “sink” it.
That is why the business management is always looking for new ways to save time and money. Here are five ideas that many business owners will find useful:
1. Switch To An Online Time Clock
For many small to medium sized businesses, running their in-house time clock and managing payroll is a perpetually tedious task. Knowing when employees are working (especially remotely located workers) and preventing “buddy clocking” are difficult or even impossible.
Try using an online time clock and payroll tool like Clockspot, and all your time clocking troubles will disappear. You will save time, since it takes but a few simple clicks to run your payrolls. And you will save money due to the real-time and remote monitoring that keeps employees honest.
2. Customize Your Assembly Process
For manufacturers of all stripes, anything that improves the efficiency of the assembly process saves you exponentially. Even small gains per product, per employee, or per day add up fast.
Contracting with professional assembly services can help your business streamline its production process, whether it be manual, semi-automated, or fully automated assembly. Full automation can keep production running 24/7 to meet high-volume assembly needs, while manual and semi-automated work well with lower volumes. And your assembly service will work with you to customize each step of the process to your company’s exact needs.
3. Reduce The Effects Of Shopping Cart Abandonment
Some 75% of all online shopping carts at e-commerce sites are abandoned. That adds up to trillions of dollars of lost sales opportunities, and most agree that over half of those revenues are potentially recoverable.
Investing in any of the powerful software options that send follow-up emails to those who have just abandoned their carts, and improving your checkout process to reduce the rate of cart abandonment to begin with, are two ways you can save money by reclaiming lost sales.
4. Invest In Sales Automation Software
Another way many businesses can save both time and money is by automating their sales process as much as possible. In many cases, sales staff spend a meager one-third of their time speaking to customers and making sales. The rest of the time, they are handling mundane, rote tasks that could have been automated.
When you invest in advanced software like Salesforce, for example, calendars, appointments, customer records, prospect data, and more are all handled automatically. That means each sales agent spends more time selling, and you can either up the sales efforts with no extra expense or reduce sales staff while maintaining the same sales output.
5. Get Inside Data On Your Competition
A final strategy we shall mention is to run a New York Secretary of State Corporation Search in your industry or specific competitors. New start-ups can use this data to find an open niche or unmet need in the market. Existing businesses, however, can do the same and direct their findings to develop a new product/service line.
When you consider that ill-informed decisions can cost you money and waste time when, instead, you could have been pursuing the best opportunities, it’s crucial to use all the information wisely when running a corporation.
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