If you’re in an industry that’s horrendously competitive, you will need to be on top of your game to ensure success … and the crushing defeat of your rivals. To make sure you can come out on top, you will need to be brutal when it comes to maximising profit and minimising waste as in this instance, every little helps. Here’s how, whether you’re a multi-national conglomerate or an owner/director of an SME, some of the fundamental principles remain the same.

Office Thieves

This is so common place it hurts, but what probably hurts more is that most managers and CEOs are completely oblivious to the damage it is doing. The majority of staff won’t think twice about pinching a pen, or a small stack of post-it notes, but what happens if you have an office of 30 people all doing it every so often? What about if we go up to 40 people? 50 people? 60 people? See what I mean? It doesn’t sound a lot if you lose one pen, but if you could collect all the stuff that gets stolen (even when it’s seemingly completely harmlessly done by the employee) and count it up in terms of monetary waste for one year, it could make you cry.

Software Solutions

Software solutions is a wishy-washy term that means everything and nothing all at once, so let me explain what I mean by it. There are many types of software out there that can revolutionise your business and although you will have to splash the cash at first, you will see a massive increase in the efficiency of your business, which will lead to more profits and a constantly evolving company. If you haven’t heard of SAP yet (though you really should have), then get reading up on it.

SAP is a company that can help change your business from the ground up, but that’s not all. The success of SAP has led to a number of certified SAP companies that create software that is more tailored to specific areas, such as ecommerce; click here for more information on that. Migrating to the cloud is another great way you can change your entire business and although you will have to pay a hosting company, you will be able to save some money on a complicated IT infrastructure.

Utilise Free Software

So above are the software solutions that will help evolve your business, meaning you can make more profits (spend money to make money, am I right?) but you can also downgrade some softwares. There are hundreds of great softwares out there that are completely free and do almost as good a job as their expensive counterparts.

For example, don’t shell out on Microsoft Office, when many people use Google Documents and Sheets instead. If you’re shelling out hundreds of pounds on video conferencing software and expensive webcam technology, etc., why not just use Skype? Yes it won’t be as good as the proper conferencing software, but it will get the job done. If something isn’t absolutely vital to the success of your business, downgrade if you feel like it won’t have an overly negative effect on your profits.

Voilà, you should see an increase in profits and a decrease in wastes. It’s a simple as that … kind of.