How To Cut Costs Without Affecting The Quality Of Your Product

You've got a great product and you're growing quickly. That's awesome! But if you don't manage your costs carefully, you'll find yourself in the red before you know it. So how can you keep your company afloat while still maintaining the quality of your offering? In this post, we'll explore some ideas for how to cut costs without losing sight of profitability as your business grows:

Focus on making sure that all sales calls actually relate to selling, not just relationship management

This is an important part of ensuring that you don't waste time and money. In fact, it's one of the main reasons why many companies fail to actually make a profit.

When you're tracking calls, there are two things to keep in mind:

First, make sure that all sales calls relate directly back to selling your product or service. If they don't, then there's no need for them at all! Your team should be laser-focused on making sure that their time spent talking with customers is truly productive and leads somewhere productive—for example, a meeting where they discuss a potential deal or an offer that can be made as part of an ongoing conversation with a client or customer (e.g., "We'll give you 15% off if we can close this deal by next week"). If your company isn't making enough money from each customer relationship because some people aren't spending enough time focusing on closing deals quickly and efficiently without getting distracted by calls unrelated to the sale itself (such as ones where someone just wants their friend hired), then those individuals may have been hired unnecessarily in the first place; thusly reducing overhead costs while still maintaining quality service levels is key here!

Aim to reduce or eliminate travel that is not absolutely required

When traveling, you're paying for all the things that go into getting from point A to point B. This includes airport fees, airline tickets, hotel rooms and food. It also includes the time you spend getting there and back—that is wasted on your essential job requirements.

The more often you travel, the more expensive these costs can be. Instead of traveling frequently, consider using video conferencing software like Skype instead. If telecommuting isn't an option for you or if it just doesn't work with how your business functions (for example, if a face-to-face meeting is required), consider expanding your remote worker pool so that people who must travel less often can take on some of those duties while their colleagues stay put in their offices or homes.

Ask yourself how you can use improvements in technology to support your primary activities without incurring too much expense

It’s important to remember that technology is just a tool. It allows us to be more efficient, but it doesn't make us better at what we do. Technology should always be chosen based on the specific needs of your business, not just because it sounds cool or is new. If you want to save money in 2018 without sacrificing quality, you need to make sure that your choice of technology aligns with those goals.

So how do you choose the right tools for your business? Here are some helpful tips:

• Consider all possible costs and benefits when making decisions about technology investments

• Make sure there is alignment between your budget and the cost-effectiveness of different solutions

Look for ways to help customers self-serve

You can also look for ways to help customers self-serve. Customers can be trained to help themselves by using your product, and they can also learn to help other customers by using your product. Either way, you'll save money on labor costs, and you'll get more value from the customer experience.

Use your data to figure out how you can help your customers save money using your product

You can use your data to find ways to help your customers save money, time, effort and resources.

Let's say you're a utility company. You can use your data to figure out how much of a customer's bill is spent on electricity versus natural gas. Then you can offer them more electricity plans if they have a high percentage of their usage that is electric-based, or vice versa.

Another example would be if you run an online e-commerce store that sells clothes and accessories for women. If most of the clothing items people buy from you are dresses, maybe it would make sense for you to create an email campaign that promotes dresses and other items related to them (like heels). That way when someone goes onto the website looking for something specific like "summer dresses" they'll see those promoted products first when they click through the email campaign!

Negotiate with suppliers and vendors to get better prices or delivery terms

Negotiating with vendors is a great way to cut costs without affecting the quality of your product. Don't be afraid to ask for a discount or better delivery terms, but make sure that you're getting what you need from them before asking for anything in return. Don't pay for features you don't need!

For example, if the vendor charges extra for installation, look at whether there's an option available that includes installation. Or maybe they have an option for expedited shipping that would get your product delivered sooner than expected? Ask about these things up front and see if there are any small changes that can be made without having an impact on their bottom line (but still benefit yours).

Don't lose track of the importance of profitability as you grow

As you grow, it's easy to get distracted by the day-to-day hustle and forget that your business is meant to make money. You can't forget that your ultimate goal is profitability—and if you do, then it could cost you more than just time.

As a business owner or manager, it's important to keep your eye on the big picture and make sure your team is focused on the right things. If you don't have a plan for profitability yet (or if no one on staff has been assigned this task), now might be a good time to think about implementing one.

Takeaway

There are many ways to cut costs without sacrificing quality, and they don’t have to be difficult or time-consuming. By focusing on sales calls and eliminating travel that doesn’t directly relate to selling your product or service, you can save money right away. Then look for ways technology can drive down costs without reducing quality by allowing customers self-service options and negotiating with suppliers for better prices or delivery terms. Remember that profitability is important as well; don’t lose track of this when trying to grow your business!