Saving Money = Asking Questions

With the recent economic challenges, one thing on everyone’s mind is how to save money. So how do we save money? One common strategy is to simply eliminate as many expenses as possible, which can be very effective, but often times forces us to compromise the quality or method which we make our product. A better strategy is to question. Rather than trying to accomplish the same tasks as before, but with fewer resources, ask employees and customers how to make the most of the processes, materials, products, and services you currently use. This more proactive approach is a great opportunity to save money without reducing the value of your products or services.

Converting a company into a money saving machine is usually not a task that just one person can handle. This is why a great place to start is to ask employees and customers where they see areas that could be improved. Some good ways to go about this are to conduct a survey targeted for feedback about processes that can be improved or to have an employee meeting to openly discuss challenging or wasteful processes. You might be surprised at how easy some of the changes can be. Also, letting everyone know that their opinions are valued creates a better working environment and promotes future ideas about how to save.

Finally, evaluate the goods, materials, and specific processes that you use to produce and ship your products. If your company doesn’t already, implement a process that will collect a broad variety of possible materials and production methods, which can then be narrowed down to the specific option that best suites your needs. Then, keep track of the investments you are making, and make sure your money is going into good investments rather than areas with little or no return.

When implemented properly, this lean process of asking questions and evaluating your processes is a great way to save money. While you’re at it you can create a better working environment without having to compromise the value of your products or services.