Handling Costs During Hard Economic Times
During economic booms, such as those witnessed during the last few years, many businesses focused on increasing sales while their operations lagged behind. Operational aspects such as inventory control, portion sizing, reducing turnover, improving employee retention, and training are all import details of hospitality and retail businesses that can be swept under the rug in good times.
Jim Sullivan, the chief executive of Sullivision.com recently penned “In hard times, control costs instead of hiding your inefficiencies by just pumping up volume” at Nation’s Restaurant News. Although his article is meant for restaurants, it is also applicable to retailers, hotels, and other similar businesses. Jim covers a number of issues, including one aspect of running a business that is often forgotten in the day to day operations:
Remember, all money is not created equal: $100 in sales is $100 less taxes and expenses; $100 in savings is $100. Here are some fiscal fundamentals to review and execute with your team in both tough times and boom times.
Now is an excellent time to revisit your business’s operational procedures, making them be more efficient and cost conscience – immediately improving profit at your business. A variety of tools, including TimeForge, are designed to improve cost controls at your business – producing schedules in minutes instead of not hours.
Can you build a schedule in less than 10 minutes? How many thousands of dollars do you spend making schedules every year? Did you know that TimeForge can minimize costs and increase profits through effective employee scheduling at your restaurant, pizzeria, hotel, club, bar, or retail business. Sign up today for a free trial!