Business First Family Business, Accounting, Finance, Investing, Marketing And Management
It is not always about how to make profit all the time, as many company managers tend to think. Many of them never pay attention to just how much money they could be losing for not trying to cut costs when possible. Some simple strategies can make a big difference in the end. One of the biggest budget eaters in such businesses is the product packaging. The more diverse products that you have, the higher the packaging costs are going to be. You should therefore be on the lookout for the smartest ways in which to cut packaging costs as elaborated in this article:
Outsourcing Packaging When You Operate In Small Scale
Think about it, many companies outsource some parts of their needs and so should you. When your business run in a small scale, you need not to really undergo all the hassles of packaging because that would mean creating a fully-fledged department for the same. Just outsource and that way, you even have someone to blame for any mistakes in the design! Seriously though, when you outsource, you take a whole load of burden off your shoulders and dump it on another company’s back. Why invest in large printing machinery when you can have another company do the job for you at considerably low cost
Order Your Packaging Items In Bulk To Save Money
Ever heard of quantity discount? This is where it applies perfectly for you. Order in the biggest bulk that you can afford since you are not planning to go out of business anytime sooner and so, you are just buying in advance what you will definitely need. Prices of packaging material like bubble wrap are most likely to go up than down in future. Therefore, when you buy in bulk, you will be saving yourself a lot of trouble. If you would like to enjoy better deals all the time, just work with one or a few specific suppliers a few times a year. If you can avoid it, do not change your suppliers whatsoever.
Redesign The Packaging To Reduce Wastage
Just imagine that whole lot of space left unused when your products are packaged. It means that you are using more material than you really should and that is one rabbit hole through which you are losing money. You should employ the latest design software to find a solution to your packaging needs. Redesign from scratch and you will see just how much packaging material that you have been wasting. This means lost money.
Automate Your Packaging Processes
How can you still be on manual packaging while the whole world is going on artificial intelligence? At least, you can fully automate your packaging processes for a more thorough, faster and more improved packaging product. The cost of automating will be high at the beginning but later one, you will be glad you did it when you realize the amount of money that it is going to save you.
Adopt Flexible Packaging
Flexible packaging is one of the newest kids on the blocks, the others being edible packaging. With flexible packaging, you will save so much money on storage costs since these packaging takes less space in the warehouse, costs less when shipping especially because it is very light. Flexible packaging also serves many purposes. For example, it can be recycled, it can carry nice marketing messages and so on. Customers love flexible packaging because of the long shelf life. If you are in food manufacturing, flexible packaging is most definitely the way for you to go.
Reconsider Color Management
Some packaging colors cost more than others and some cost less. Thus, you should meet with your printer to discuss the colors, to explore the color options that are good for your brand and are cheaper. At the same time, you do not want to make the unique packaging less attractive or less appealing. That is why you have to meet with the printer.
Eliminate All Wastage
There is a lot of wastage in packaging, which many people do not pay attention to. By noting where the wastage occurs most and cutting it out, you could save your company good money. One of the ways of removing wastage from packaging is redesigning your packaging afresh, using the latest design software. You will be surprised that so much was going to waste.
