As a business, you have to be incredibly wary of your overheads at all times. After all, if your overheads get out of control, you can quickly narrow your profits until your business no longer works. In this post, we take a look at simple ways that you can lower your manufacturing costs while keeping product standards high.
#1 Save on Design
Every penny that you save on design will improve your margin, so ask yourself: how much do I need to spend?
Any costs that you can save here are vital. So, rather than sticking with the same design company that you’ve always used, scour the market for better (and cheaper) alternatives. Every penny you save could be crucial. Spending less on design also doesn’t have to mean lowering the quality. Simple commission fewer designs to save some cash, but don’t lessen the quality of each.
#2 Focus Group Ideas
If you’re unsure how successful your ideas will be, focus group them with small groups of people. Focus grouping can help you learn exactly what it is that customers like about your product and what they don’t care for. Armed with this information, you can focus on the positives and ensure you’re not wasting money on things that aren’t being noticed.
Generally speaking, there are many positives to using focus groups, and many people will happily help for either a small amount of cash or vouchers to use at your company. If you want to learn more, you can also commission someone like YouGov to help.
#3 Automate the Process
If you can automate a process you can save countless hours. Anything from design to ordering to printing to labelling can be automated, so use technology to your advantage. An automated label can be printed to send a parcel in seconds, rather than hand writing one which can take minutes. Plus, professional printing can also look much better leading to a higher quality finish on your products and their delivery.
The adage is true, but sometimes you do have to spend money to make money, so invest in automation.
#4 Use Machinery Rather than Hands
Finally, consider investing in machinery such as lifting tables and load movers. This will allow you to cut staffing costs by allowing your staff members to get on with their jobs, rather than focus on product transportation.
Lifting tables, such as these available form Handling Equipment Online, will allow your staff members to transport your products not only quicker, but also in greater numbers, meaning you can increase the quantity of work that goes off the production line each day without lowering the quality. By increasing your daily output without increasing your costs, you’ll boost your profits in no time. Plus, you’ll save money by not preoccupying your staff with transportation, leaving them to do the jobs you pay them for.
Follow these 4 top tips and you’ll have no problems boosting your profits by lowering costs but keeping standards high.
