Efficiency is one of the most important objectives in any business. Growing sales, expanding the customer base and building the brand may be the more glamorous elements, but increased efficiency can have a major positive impact on profitability and long-term cost reduction. As the nature of business changes, so too do the optimum ways of achieving efficiencies and we’d like to share our observations with you.
Reduce Energy Costs
We anticipate huge energy price increases in 2022, so there has never been a better time to look to sustainable sources of power such as solar. Renewables may not have always been the cheapest option but they may soon be markedly more affordable than fossil fuels. If you run vehicles, then you’re likely to remain dependent on petrol and diesel. However, there are savings to be had by partnering with a company such as Fuel Card Services, which offer various benefits as well as discounts. Most operators offer a choice of cards, many of which, like the BP fuel card, can be used at competitor filling stations.
The efficiencies made possible by AI and automation are extensive. The vast majority of repetitive, routine administrative tasks can now be taken out of the hands of employees, freeing them up to contribute more meaningfully to your company’s bottom line.
Digital Technology and Cloud Computing
We’ve moved into the next generation of IT and businesses can save money and resources by making use of cloud technology to streamline software procurement, data processing, archiving, and retrieval. Data analytics can replace the labour-intensive market research processes of old, yielding richer and more accurate customer intelligence.
Your employees are your most valuable resource and now that the world of commerce has woken up to the potential of flexible hours and remote working, it’s time to offer these benefits to your workers, whose work-life balance can be improved along with their commitment to your company.
SMEs account for some 99% of the workforce and 50% of UK private sector turnover. Forward-thinking enterprises have discovered the value of networking, collaboration and partnership. Competition no longer means existing in silos – the opportunities for mutual advantage between complementary businesses are numerous. By sharing experience and market knowledge, everyone can benefit.
After two profoundly challenging years, 2022 is the time to adopt new practices and see your efficiency and profitability grow.