Canadian Businesses Are Doing More with Less
When it comes to saving money and jobs, Canadian companies are doing it best.
More and more companies in Canada are finding new ways to cut costs without cutting jobs, which is grabbing the business world's attention.
When it comes to decreased costs and increased jobs, here are just a few ways your company can do more with less.
The Canadian Job Market
Management worldwide can learn a thing or two from Canada when it comes to successful business practices.
The Canadian job market is an impressive one and employee retention is above average. In fact, according to Canada's National Statistic Agency, the unemployment rate for the country is only seven percent.
A lot comes into play when a company performs well, including company management teams who concentrate on doing more with less.
Top Canadian companies like Dillon Consulting, Delta Hotels and Resorts and Omers Administration Corporation put employees and their budgets first, which is a recipe for company success.
Here are a few techniques management heads can use in order to extend the company budget without losing employees.
Concentrate on Retaining Customers
Finding new customers is always a good thing, but it also results in an increase in your company's marketing budget.
If your budget is tight and the company is in fear of losing employees, your management team should encourage the marketing department to concentrate on retaining current customers, not seeking out new ones.
It's not unusual for companies both large and small to spend 50 percent or more of the budget on marketing to new customers.
By decreasing this amount and shifting the focus to current paying customers, your company can stay afloat without having to let go of employees in the process.
Everything boils down to the budget, so your marketing department should always find new ways to budget wisely.
As the following article notes, there are a number of ways to get everyone on board with the company budget, which is “Why it's easier than you think to manage a budget” regardless of the company's size.
Basic cost cutting is the first step to budgeting success.
Your management team should go over the company budget at least once a month. This is the best way to find and cut unnecessary expenditures.
Likewise, it's a good idea to keep employees in the loop about the company's finances, especially when times are tough. Employees and executives are more willing to take a small pay cut rather than see the company go under or lose essential workers.
Take a Green Approach
There are a number of green approaches that your company can take in order to reduce overhead costs.
For starters, installing motion-sensing restroom and hallway lights in your office building reduces energy costs, which can result in major savings each month.
Reducing paper consumption by increasing email correspondence is also great for the planet and your company's budget.
Also, recycled office goods like post-consumer waste paper and refillable ink cartridges can reduce the office supplies bill. Your management team can create a green office routine by sending out eco-friendly work reminders to employees on a weekly basis.
Canadian management departments can save jobs and money by taking the "do more with less" approach for 2014 and beyond.
About the Author: Adam Groff is a freelance writer and creator of content. He writes on a variety of topics including business management and employee well-being.