Sean Teahan co-founder of Cash Doctors,Australia’s preferred short term lender, shares his insights on money matters. Founded in 2005 Cash Doctors has helped thousands of Australians with their fast cash loans but that’s just the short term solution. Cash Doctors also help people in the long run by providing budgeting tools, e-books and individually researched articles on money matters and financial tips. The aim is to assist people in achieving instant and long term financial freedom.
Although financial experts are saying that the end to the economic slump is near, companies and businesses are doing everything to stay afloat in these times of financial crisis. Business owners, company bosses, and even self-made entrepreneurs have set their eyes on the bottom line. But how about their employees? The top people of the business should also find out if their employees have the same unbending motivation to save their company money, especially in times of financial crisis.
The following are some things to remember to encourage employees to cut down company expenses. The first thing to do is to lead by example. Philosopher, physician, and humanitarian Albert Schweitzer once said, “Example is not the main thing in influencing others. It is the only thing!” A sound advice to the CEOs of companies: refrain from flying first class if they expect everyone else to fly coach or business class. Another thing to do to promote cost-cutting among employees is to offer incentives. Give a gift card or cash to employees for a percentage of the amount they would save for the company. The management can also facilitate the application for payday loans for the employees if need be.
To make cost-cutting fun for everyone, business bosses or company management could organize and sponsor a contest. Have employees think of and submit cost-cutting ideas for a given period of time. Then, at the end of the contest period, the bosses or management should reward the contest winners with a gift or even a special extra day off from work. The next good idea is to catch the employees who are already doing some cost-cutting on their own. When employees do something that is cost-effective, it is best to publically recognize their efforts and praise them for doing a great job beyond the call of duty. One other thing to motivate employees to cut down the company’s expenses is to involve them in the efforts. Give them a say in decisions concerning health insurance and other programs that affect them.
Here is one example of making cost-cutting work. When the printer starts acting up, don’t just throw away the whole thing in the basement or just make do until it conks out for good. Both would cost the company. So, before deciding which business equipment is worth saving or replacing or spends a whole instant payday loan on it, employees can be advised to check to see if the problem or malfunction can be easily fixed.
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