The financial well-being of your company is probably high on your list of concerns especially during this time of drastic economic change. The very idea of investigating your company’s money flow could create anxiety. Contrary to some common money fears, saving doesn’t have to be a big source of stress. In fact, sticking to a budget often involves keeping track of the small unnecessary losses that can easily fly under your radar but quickly add up.
If your objective is to save money this year, before taking drastic measures, try examining some of the subtle ways your money might be sneaking away and consider implementing some helpful tools.
So, what are some unnecessary expenditures you might want to keep an eye on? Well, you might find that you’re going over budget because of costs related to a lack of organization, poor communication, and low productivity. Not what you might expect!
Save Money With Organization
It’s important to be able to thrive in chaos when you’re part of a dynamic team. However, from an economic standpoint, staying organized is always worth the effort. Why exactly is that? Well, a disorganized team falls behind on important tasks. For example, client calls and emails go unanswered, perhaps deliveries are made to the wrong address because of an internal mistake.
While errors occur from time to time even in high-performing workplaces, too much disorganization can cost you valuable company time and capital by eroding efficiency. More time and money are spent on less-than-optimal results. What’s more, over time, a reputation for being disorganized can hurt your brand.
Save Money With Communication
The success of a team depends heavily on the level of sharing and transparency that goes on. Are you keeping your team members in the loop regarding the general company vision and the details of day-to-day tasks? The best way to evaluate this is to schedule regular team meetings which allow you to check in with team members and continue to make your expectations clear.
Save Money With Productivity
Holding regular team meetings can also help you to ensure that all team members are pulling their weight. Just one disengaged unproductive employee making an average salary will cost you almost 16, 000 dollars a year. By ensuring that your business is only investing in passionate, efficient workers, you will both reap higher-quality results and save money in the long run.
What’s The Best Solution?
The good news is that it can be very inexpensive to make adjustments in these three areas. Your best bet is leveraging technology. Look for a solution that will facilitate organization, productivity, and team unity.
Navo takes the basic bookmark tool to the next level. It simplifies the sharing of important files, webpages, and sources. This keeps everyone on the same page, eliminating a lot of the money-wasting that comes with a disorganized workplace. It facilitates effective management and collaboration. By taking control of your business operations with NAVO’s help, you can save money and enjoy better results.
Start your 30-day free trial today and take advantage of Navo’s money-saving benefits.