It is an odd question, but it is one that you are not asked enough. Let’s say you are walking down the street and you realize your money clip is missing. Thankfully your id and credit cards are all in your wallet, but you have lost about $400 (not including the value of your money clip). Are you upset? Of course you are! Question is, what are you upset about? Are you mad about losing the 6 or 7 sheets of green paper in that we define as currency? Probably not. You are most likely mad because you had made plans for that money to make your life better in some way.

Now here is another scenario; there is a hole in your pocket and you are continually losing about 2 dollars a day. You wear these pants every day (because apparently you don’t like to shop) and you never figure out that there is a hole. Does this cause the same reaction? I am sure many of you were upset but far less than in the first scenario. However, when you look at the numbers, you would lose $730 a year in the second scenario which is twice as much as that random large amount of money you dropped on your way to work in the first.

The negative reaction we have from quickly losing a large amount of money and slowly losing a small amount of money is human nature. We tend to notice large impacts and grow complacent to small losses. I argue, however, that we tend to lose more money on continual small losses because we ignore them. When we lose big, we tend to investigate and resolve the problem.

Why do we do this? Let’s go back to the scenarios listed above. Why did we not care about the pants having a hole in them? There are two reasons:

1.       People generally don’t pay attention to what they wear or use everyday

2.       Because we don’t think the money was enough to worry about it.

In many business scenarios, professionals let money go down the drain because they don’t understand or recognize there is a problem.  They simply let money filter out of their pockets because they figure the problem is not large enough to worry about. In the long run, some businesses let these scenarios get so bad that they end up losing hundreds of thousands of dollars! So please, for your business, go to a seamstress. Find an expert that can fix your issues and stop your from losing money. That way you can work confidently knowing that you are doing everything that you can for your company.

Limitless Technology ~ CRS

www.limitlesstechnology.com

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The answer to the question above is cost reduction! Every single company on earth is looking for ways to increase profits and reduce overhead. Being able to do one or the other will make you stand out above the rest.

Recently, Limitless Technology~CRS read the article “Be a Bottom-Line Contributor by Saving Your Company Money” written by a senior contributing author at Monster. In the article, the author tells several stories of employees coming up with excellent ideas that helped save their companies a great deal of money. Some of the ideas were:

1. An employee who invested in a bulk mailing machine to save their hospital a million dollars a year!
2. A process improvement change that led to radiation therapy being cheaper and quicker for the patient
3. A marketing agent buying discount chairs for her company as opposed to constantly renting expensive chairs.

Limitless Technology~CRS supports cost savings of all kinds, whether it is by internal or external resources. The examples above of cost savings are brilliant because they saved companies money by simply looking at an existing process and making it more cost efficient.

Companies need talent to look into current company processes and make sure the processes are up to date with new advancements and ways to save. For example, although the new radiation therapy process created in Example 2 saved the company a significant amount of money, the process can, most likely, be further improved once the company’s talent grows accustomed to the new process and notices ways to make it even better.

Being an innovator is a fantastic thing in a company, especially, in regards to cost savings and reducing bottom-lines. The question is how do you proceed if you have not found a process you believe you can modify to save money?

A very simple solution to this issue is to find a trustworthy, reliable, and recommended third party resource that focuses on cost reduction. These companies already have the skills necessary to generate savings. A special few are even able to find huge savings where you never expected, like saving hundreds of thousands of dollars on something as common as the company’s phone bills.

Limitless Technology ~ CRS would like to know: Do you think it is important to save the company you work for money? Leave your comment below!