Log Cabin Rustics
A penny saved is a penny earned, the old adage attributed to Ben Franklin, only tells half of the story. A penny saved is really better than a penny earned, because you dont have to pay taxes on it. Here, then, are some time-honored ways for you to save money and improve the bottom line for just about any business:
1. Review and Update Your Business Goals
Many people are adept at staying very busy while accomplishing nothing of value. Dont fall into this trapand, if you do–dig out as quickly as possible.
In order to succeed, you must set clear goals. If you have employees, those goals also need to be communicated to them. While there are many good and noble goals you can set for your business, one of the most profitable that I often ask myself is what can I do that will make the most money the fastest?
This doesnt mean that other goals such as contributing to good causes or providing excellent customer service arent important. If you dont provide excellent customer service you wont be in business very long anyway. But goals can often be clarified by setting them in order, and determining which will bring the quickest, most long-lasting financial results to your business is a great place to start.
2. Find your Niche and Develop a Competitive Edge
While its hard to compete with the big boys, there is plenty of room for small businesses to find their competitive niche. My competitive niche happens to be log furniture. While there is competition in that niche, I dont have to compete with the big boys such as Walmart when it comes to selling log furniture. Tracking down Amish suppliers on lonely country roads, developing relationships with those suppliers, picking up, packing and shipping log furniture just isnt part of their business plan. And it probably never will be.
Your niche will probably be something different than shipping log beds, but you can be sure that there is a niche open to you. The key is to find the profitable activity that your business does best, and focus on that.
3. Hire Superior Employees Who Share Your Company Culture
If your business is large enough to require employees, be careful who you choose. In my experience, its better to pay more for top-notch employees who wont require daily baby-sitting, than to nickel and dime it with job-hoppers who are perpetually unmotivated, late to work, or enmeshed in personal problems so deep that they cant perform their job.
Everybody goes through difficult times in their life, and you need to be sensitive to that. Your company will be miles ahead, however, if you can find employees with the emotional energy to buy into your vision and get excited about their jobs.
You can find, develop and keep that kind of employee by investing significant amounts of time to recruiting and training. Make sure your compensation package is attractive, and, if at all possible, offer health insurance. Incentive compensation or profit-sharing plans can also be quite helpful in motivating employees to previously unheard of heights of achievement.
4. Standandize and Simplify your Procedures
Its amazing how much time developing a simple form can save a company. The more people involved in your business, the more important it is that you have a set of standard procedures to follow. This will reduce training time when employee turnover occurs, lower the chance of errors, and increase efficiency in all aspects of your business.
5. Measure the Results of Your Efforts
Company and personal goals need to be quantified to determine if the desired results are being achieved. Key areas of measurement include the cost, quality, quantity and timeliness of work to be done. Each of these areas can have a profound impact on the bottom line of a business.
Cost: It goes without saying that if two Amish furniture suppliers offer similar quality, furniture design and delivery timingbut one is substantially lower in cost than the other, I go with the lower cost supplier. There are a few exceptions to this rule, but not many.
Quality: Quality is everything in most businesses, and log furniture is no exception. Im not the least bit interested in shipping defective furniture from Michigan to California and back again, all because a customer wasnt happy. That is a total waste of money, and hits the bottom line directly. This is why we are such sticklers about quality control, and why its been nearly four years since a customer even thought of returning an item.
Quantity: Generally speaking, if you sell more, you make more. This is certainly the case with rustic furniture suites, especially with the high cost of shipping today. As a result, our website is focused around selling larger orders. Were always happy when somebody orders a log bed, but we try to make it appealing for them to buy a nightstand and dresser too, by offering truly significant discounts. Regardless of your business, you can likely do the same. Its generally easier to sell more product to an already existing customer, than to go and find new customers.
Timeliness: Late deliveries cost moneyat least they do in our business. It costs money to overnight packages that could have been sent by UPS ground or the postal service. It costs big money to expedite pallets of furniture. In addition, there is the stress, hassle and disorganization that comes with rushing around to do things at the last minute. This is why I try to leave a timing cushion in every furniture order I process. Regardless of what youre selling, you should too.
Doing things in a timely, organized manner gives a sense of professionalism and controland that practice, together with the other suggestions mentioned in this article, can also have a direct and positive impact on your companys bottom line.
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