{"id":1034,"date":"2025-01-23T22:25:02","date_gmt":"2025-01-23T22:25:02","guid":{"rendered":"https:\/\/paysprint.ca\/blog\/?p=1034"},"modified":"2025-01-23T22:25:02","modified_gmt":"2025-01-23T22:25:02","slug":"how-to-cut-costs-in-your-operations","status":"publish","type":"post","link":"https:\/\/paysprint.ca\/blog\/how-to-cut-costs-in-your-operations\/","title":{"rendered":"How to cut costs in your operations"},"content":{"rendered":"
There are many ways to cut costs in your operations and increase\u00a0profitability\u2014find<\/span>\u00a0out more<\/div>\n
7-minute read<\/span><\/div>\n
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Beyond simply finding more affordable suppliers, there are a host of strategies you can take as an entrepreneur to cut costs in your operations. In fact, to remain competitive, it is essential to evaluate your activities on a regular basis to determine how to make the most of your resources.<\/p>\n

We ask\u00a0\u00c9ric Trudeau<\/span>, Senior Business Advisor at\u00a0BDC Advisory Services<\/a>, six questions to find out how to approach this process.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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1. What is cost reduction and why is it important?<\/h2>\n

Reducing the costs of your various expense items in your business is a strategy you can use to increase your productivity, and therefore your profits.<\/p>\n

\u201cIt\u2019s important because, especially in a\u00a0small-business<\/span>\u00a0context, resources are not infinite, and you have to make the most of them, whether they are human, financial, material or technological resources,\u201d says Trudeau.<\/p>\n<\/div>\n<\/div>\n

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2. What is cost elimination?<\/h2>\n

Cost elimination is a more drastic action that consists of looking at your various expenses and eliminating some of them.\u00a0The real purpose of this action is to increase profits<\/strong>.<\/p>\n

However, there are various ways to achieve that objective, with the following three strategies being the most common:<\/p>\n

1. Cost elimination<\/h3>\n

As the name implies, this technique consists of identifying and eliminating unnecessary costs. Depending on the costs identified, this technique may have medium- and\u00a0long-term<\/span>\u00a0implications. (For example, eliminating marketing costs may have an effect on sales in the long term. If positions are cut, staff morale may be affected.).<\/p>\n

2. Cost reduction<\/h3>\n

This technique consists of partially eliminating certain costs. It therefore has less of an effect than the first technique, and its impact may also be more limited. Examples of cost reductions could be reducing staff hours or redesigning certain products to reduce the cost of the materials used to make them.<\/p>\n

3. Increasing capacity<\/h3>\n

This technique has the greatest potential impact on an organization\u2019s profits. It consists of finding more efficient ways of using the organization\u2019s resources (human, material, technological and financial) to increase its overall capacity, and thus its sales. An example of this technique is\u00a0reducing operational waste<\/a>\u00a0to increase the efficiency of operations, the availability of production equipment, etc.<\/p>\n<\/div>\n<\/div>\n

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3. What techniques can be used to cut costs?<\/h2>\n

Performance indicators<\/h3>\n

With so many things you can do to reduce your business costs, you need access to accurate data to make informed decisions.<\/p>\n

Establishing\u00a0performance indicators<\/a>\u00a0for all your company\u2019s activities will give you a good idea of what is happening each day, week and month, whether it comes to health and safety, quality, costs, turnaround times, staff engagement, etc.<\/p>\n<\/div>\n<\/div>\n

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Companies that establish performance indicators achieve\u00a0a productivity gain of\u00a010 to 15%<\/span>\u00a0on average.<\/span>\u00a0That\u2019s far from nothing.<\/blockquote>

\u00c9ric Trudeau<\/p>\n

Senior Business Advisor, BDC Advisory Services<\/p>\n<\/figcaption><\/figure>\n<\/div>\n<\/div>\n

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Once you have the right information, you can benchmark it against industry data. \u201cIt\u2019s also a good idea to compare your current diagnosis with one from a few years ago to see how the company has evolved,\u201d\u00a0Trudeau says<\/span>.<\/p>\n

Performance indicators include three elements<\/h3>\n
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Clear objectives<\/h3>\n

To improve your productivity through these indicators, you need to give your employees clear objectives.<\/p>\n

\u201cThe clearer and more specific the goals we set, the more likely we are to achieve them,\u201d\u00a0says Trudeau<\/span>. \u201cFor example, telling your team that you will meet tomorrow in Quebec City is not the same as saying that you will meet tomorrow in Quebec City in front of the\u00a0Vid\u00e9otron Centre<\/span>\u00a0at\u00a02 p.m.<\/span>\u00a0With the second version of the information, there\u2019s a much better chance of the whole team being at the right place at the right time.\u201d<\/p>\n

Ideally, continuous improvement should be pursued by measuring the impact of changes on results as they are implemented.<\/p>\n

\u201cIt\u2019s always better to make efforts to cut costs a little at a time than to make a big move and then do nothing for the next few years,\u201d\u00a0Trudeau says<\/span>. \u201cAnd thanks to the performance indicators, you can quickly see if what you are doing is working. A day without improvement is a day lost. Because tomorrow, you will be doing the same thing as today if you are unable to improve.\u201d<\/p>\n

However, this\u00a0small-step<\/span>\u00a0approach should not be done randomly. It must be based on strategic objectives targeted by the company\u2019s management.<\/p>\n

\u201cDon\u2019t hesitate to seek help and consult with your employees to identify your priorities,\u201d\u00a0advises Trudeau<\/span>. \u201cThe best entrepreneurs are those who manage to go after more earnings. To do this, you have to be able to recognize that everything is not perfect, that you have to question yourself and that seeking help will make it easier to progress. This will help you avoid stagnating and being surpassed by competitors.\u201d<\/p>\n

Business dashboard<\/h3>\n

Dashboards provide an important way to cut costs. They help you keep an eye on your operations, and to track efficiencies and waste. Learn more by reading our article\u00a0How to use dashboards to boost performance<\/a>. Below is an example of a business dashboard.<\/p>\n

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4. How can a company cut costs through its human resources?<\/h2>\n

Target the right skills<\/h3>\n

While human resources are precious, and often scarce, you need to make sure you seek out employees whose skills are directly related to the company\u2019s needs.<\/p>\n

\u201cThe business environment is changing, business models are also changing, and the trades that were needed in the past may not be\u00a0100%<\/span>\u00a0what is needed today, so you have to adapt,\u201d\u00a0says Trudeau<\/span>.<\/p>\n

He gives the example of a company that does machining for the aerospace industry. \u201cTraditionally, this work was done by machinists, but now everything is automated, so we need mathematicians to do the programming instead,\u201d\u00a0Trudeau says<\/span>. \u201cThis is a big change in the type of workforce.\u201d<\/p>\n

Invest in training<\/h3>\n

To ensure that the skills of its workforce evolve with the company\u2019s needs, continuous training is important. Training must reflect the development of new products, the purchase of new equipment and the adoption of new processes.<\/p>\n

\u201cTraining is not an expense, but rather an investment, and it\u2019s essential,\u201d\u00a0says Trudeau<\/span>. \u201cThis is particularly true in the context of labour shortages. But often, we see that companies train their employees intensively for a certain period of time, then stop, fall behind and start again rather than making a continuous effort to stay on top of it.\u201d<\/p>\n

Engage employees<\/h3>\n

Making the necessary efforts to keep employees engaged is also a good strategy to cut costs.<\/p>\n

\u201cWhen employees care about the company, they are more productive, so you need fewer employees to get the job done,\u201d\u00a0says Trudeau<\/span>.<\/p>\n<\/div>\n<\/div>\n

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5. How can a company cut costs by how it structures its communications?<\/h2>\n

According to Trudeau, one of the biggest causes of inefficiency in a business is not having the right information available at the right time.<\/p>\n

\u201cFrom the construction site across the province to the office next door, people waste a lot of time waiting for information, or redoing work because they didn\u2019t have the right information,\u201d he explains. \u201cThe dissemination of information needs to be well structured from the bottom up and laterally, for example through regularly scheduled small meetings. These communications reduce inefficiency and therefore costs.\u201d<\/p>\n<\/div>\n<\/div>\n

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6. How can a company cut costs through operations management?<\/h2>\n

Optimize processes<\/h3>\n

It is worthwhile to dig into your\u00a0various business processes<\/a>\u00a0to find areas where you can make improvements and thus cut costs.<\/p>\n

\u201cReviewing work methods, eliminating\u00a0non-value-added<\/span>\u00a0activities and redesigning plant space to reduce movements are examples of effective strategies for cutting costs,\u201d\u00a0Trudeau says<\/span>.<\/p>\n

Manage inventory strategically<\/h3>\n

It is important to think about strengthening your negotiations with your suppliers in order to cut your costs.<\/p>\n

\u201cBut companies rarely have the upper hand in this area,\u201d\u00a0says Trudeau<\/span>. \u201cNevertheless, they must ensure that they\u00a0have the right inventory in the right quantities<\/a>. Because there is a cost to keeping inventory. This represents\u00a0approximately 20 to 30%<\/span>\u00a0of the value of the inventory to hold what is not needed. You have to eliminate the superfluous.\u201d<\/p>\n

Know your profit margins<\/h3>\n

To determine how to cut costs, it is important to have a system that can tell you which products and services generate the best profit margins. You also need to know which business sectors are the most profitable.<\/p>\n

\u201cTypically, a company\u00a0has 10%<\/span>\u00a0of its customers\u00a0generating 200%<\/span>\u00a0of its profit,\u00a010% losing 100%<\/span>\u00a0of its profit, and\u00a080% essentially<\/span>\u00a0breaking even to\u00a0comprise 100%<\/span>\u00a0of its profits,\u201d\u00a0Trudeau says<\/span>. \u201cSince companies have finite capacity, it is crucial that they have the right information about the real costs of their activities to make informed choices.\u201d<\/p>\n

Invest in technology<\/h3>\n

Investing in technology, especially to automate production, can be an effective strategy for cutting costs. But first you have to make sure you know the objective behind it.<\/p>\n

\u201cFor example, automating\u00a0non-value-added<\/span>\u00a0tasks and tasks that are hazardous to employees can really help reduce\u00a0labour costs<\/a>\u00a0and health and safety costs,\u201d\u00a0says Trudeau<\/span>.<\/p>\n

Want to take it to the next level? Explore operations management software to increase the efficiency of your business.<\/p>\n<\/div>\n

Culled from BDC Newsletter.<\/strong><\/p>\n

 <\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

There are many ways to cut costs in your operations and increase\u00a0profitability\u2014find\u00a0out more 7-minute read Beyond simply finding more affordable suppliers, there are a host of strategies you can take as an entrepreneur to cut costs in your operations. 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