Unnecessary Expenses
How much are you paying for energy? Is the electrical bill at your business over $100 on the monthly? That’s $1,200 a year. Did you know you could install a solar system and experience savings within two years? Current costs of solar energy put it at 70 cents per Watt. A 3.1 kWh solar panel system, enough for a typical household, will increase property value over $18,000.
If you multiply .70 times 3,100, the number of kilowatt hours required for such a value increase, the number comes to $2,170. After two years’ time, if you’ve been paying $100 a month on your energy, the solar switch has saved you $230. Within an additional eight years’ time, you’ve saved $9,830, total—and that not including the additional $18,000 in increased property value.
Granted, you’re going to have to put in energy sinks (batteries), charge controllers, and power inverters; but even if you go top-dollar on these, you’re still going to save a good $5k by the end of ten years. And that for a business no larger than a conventional household. If you upgrade a massive office or production facility, the savings compound ubiquitously.
Finding expenses you’re paying today, which you don’t need to pay, is a great way to curtail your yearly operational overhead. This will allow for increased opportunity in realms of expansion and profitability.
Additional Means of Saving
Another great way to cut costs and expand resources is the consolidation of timekeeping for employee payroll purposes. What is your current system? Is it a conventional “clock-in” system where an employee slides a punch card through a machine? Do employees log the hours themselves manually?
How big is your payroll department? Are there five people working in it? Ten? Twenty? Are each of those payroll employees drawing a regular salary that includes benefits? How long does it take them to do payroll? Is it a several weeks-long process?
Cut out all that noise. You can consolidate payroll down to a single individual, or even just do the dirty work yourself. According to ClockSpot.com, you can: “Manage time-sheets in real time [and] finish payroll in minutes.” This is done through internet technology that makes it so employees clock in and out automatically based on proximity. Of course, if you are using online technology to help with confidential information like payroll, you should ensure your digital security with tools like a VPN.
Systems like these take away the 20th century hassle of manually managing paperwork. Additionally, such measures eliminate a great deal of human error. If that weren’t enough, you can cut the salaried, benefit-rich payroll employees. They can either be moved to another department, or liquidated entirely as per your organization’s needs.
Number Crunching
Let’s look at some math to see just how much you could save simply by making a switch to some online payroll provision agency. If each employee in a 150 employee business milks the clock an average of two minutes a day over a twenty-day work month, that comes to 100 hours a month, or 1,200 hours a year. At only $15 an hour (excluding any benefit packages), that’s $18,000.
The Bottom Line
Between solar technology and advanced means of timekeeping, there are many ways modern employers today can save money. The more tight your budget, the more ultimate flexibility your business will have. When emergencies come, your organization won’t be thrown “off the rails”, as the saying goes.
One of the best ways to save money and expand your potential for profitability is to look at your existing business and determine where unnecessary expenses can be cut. Once you’ve trimmed this financial cellulose from operations, you’ll definitely see increased profit.
Author Bio
Kevin Bennett
Title: SEO Marketeer
Kevin is an SEO marketeer with OutreachMama and Youth Noise who designs value-rich content aimed at increasing clientele for expanding businesses. Networking, building partnerships, and providing quality products with shareable value make this possible. He’s an author (“Amphibian” and “The Thief and the Sacrifice” to his credit) whose professional writing follows business trends in technology, marketing, SEO application, and much more.
