Our mission and passion is to ensure all individuals we coach, mentor and train add to the bottom line of their business. Take the time to consider the activities contained below.
I never make any assumption that people are up to speed with business speak, so much so we I created an always growing, business jargon buster as a handy reference tool to help you understand the curious language of management. I looked on Business Speak as a language on Google Translate and it isn't yet included!
The bottom line refers to the bottom line of a company balance sheet.
1. Understand how you can contribute
Each individual is a straight line cost to the business, unless they bring in revenue or add value. Consider the following calculation.
My Contribution (what I add)
My Salary (what I cost)
If the answer to this calculation is a negative figure we are a cost to the business, a positive means we are adding value. So think of ways you can personally contribute.
EXAMPLE 1 - A trainer of mine once suggested he become certified as a Microsoft Office trainer, so he could then train people internally, rather than send them externally. At the time we were training sending lots of people on Excel and PowerPoint courses at £100 per person. This adds up!
The certified training was'nt cheap, but it more than paid and we even were able to train other people in other departments too. If only we could have cross charged them we would have become a profit centre not a cost centre!
2. How can the team contribute?
In your next team meeting set the team a challenge of identifying ways in which they can add value back to the business. Focus on the things they have direct influence over, rather than those things that require high level policy decisions and sign off. Set a team target for this too.
EXAMPLE 2 - A team member proved it was possible to reduce the time it took to collect payment by suggesting emailing a pdf of the invoice to the client straight away. The company policy was to send if requested, or at the advisers discretion. In the end this example not only reduced the payment lead time, it also reduced postage costs as the business went to paperless bills.
3. Cost reduction ideas
Use a traditional suggestion box to get ideas from the team as to how to save money. Or create an email address for your team to use to email cost reduction ideas
eg . Have lunch with selected staff to get their ideas on reducing costs. Most important ACTION these ideas.
4. Increase your skills.
Find new ways of increasing your skills. Not necessarily on a training course, but perhaps with a mentor in your business. You become a much greater asset the more skills you have, and your business can market these.
5. Get greener.
Thinking about the environment is good for the planet and also your bottom-line! Ensure all team members are considering the amount of energy and supplies they use. Identify in the team how to reduce your impact on the environment, for more here's our tips on how to become greener and save money.
Whatever you do make sure your contribution is always higher than your cost. Imagine a rough estimate if you action each of these?