Whether you manage a small, medium, or large business, wouldn’t it be helpful to pick up a few more strategies for maximizing profits, minimizing expenses, and making each day’s work more rewarding? In the digital age, managers in all industries are discovering new ways and reinventing some old ones to get their jobs done in the most efficient way possible. What are the most popular techniques modern managerial operatives use? In addition to a major trend toward more widespread use of outsourcing, there’s a huge push for sustainability, particularly in the transport industry.
Plus, companies of all sizes are learning how much they can save by moving out of traditional offices and opting for telecommuting for their entire workforce. Other business leaders are using short-term hiring freezes to slash the cost of daily operations. Others are taking advantage of the many no-cost and low-cost marketing tools available in the digital age. The following examples highlight a few of the smartest tactics today’s management teams are using to do their jobs more effectively.
Founders and managers tend to avoid outsourcing except as a last resort. Maybe it’s human nature at work and the desire to be in full control of an operation. Whatever the cause, it’s important to understand the difference between outsourcing and offshoring and then learn the art of hiring others (outsourcing) to perform essential tasks when the jobs are not within your area of expertise. The most frequent candidates for outsourcing are payroll, end-of-month bookkeeping, IT functions, tax planning, and advertising.
Making Fleets Sustainable
If you run a transport fleet, one of the wisest moves in the 2020s is to opt for a clean and sustainable alternative in the form of all-electric vehicles (EVs). Not only are EVs non-polluting, but they also have the advantage of being cheaper to operate than combustion versions of cars or trucks. Managers who want to slash operating costs throughout their fleets are discovering that electricity is clean, affordable, and profitable.
Saying Goodbye To Traditional Offices
There’s wisdom and money in the ability to adapt to the latest styles of doing business. One of the most profitable is getting out of the traditional office lease arrangement and opting for either shared space or a 100% telecommuting solution. No matter a company’s size, reducing rent expenses can be a game-changer and free up capital for other parts of the enterprise.
A Temporary Hiring Freeze
Putting a short-term freeze on hiring small business employees into place is a fast but not always desirable way to run a profitable operation. However, in troubled economic times, or when money is needed elsewhere, it can make sense to stop bringing new employees on board for a few months. Be sure to set a fixed time period for any freeze you consider.
Leveraging The Power Of Free Advertising
In the computer age, there are multiple ways to advertise and promote products at either very low costs or for free. How can owners take advantage of these tactics? For starters, use local online posting boards to get the word out about your company’s products and services. Then, open at least two social media accounts and leverage the power of those platforms to make announcements and attract attention to your business.
If you are currently renting costly office space, consider coworking. Rent out desks, private conference rooms, or offices to business-savvy renters. You can attract independent freelancers, startup companies, or entrepreneurs. This is a great way to offset real estate expenses, and potentially even gain new clients in the process. This is especially true if you’re a service based business. Certainly, consider coworking to become a more effective, successful, and proactive manager.
There are several smart tactics for today’s modern day managers. Consider outsourcing non-essential tasks and responsibilities. In addition, thinking about making your vehicle fleets sustainable, green, and environmentally friendly. There’s also clear benefits to ditching the traditional in-person office. Or, you can consider the advantages of corporate coworking offices. If you are incurring too many recruitment, training, and onboarding costs, think about taking a brief pause from hiring. At the same time, you can weigh out the added results of free advertising. Follow the points above to learn the smartest new tactics for modern day managers.