Tips to cut business costs should be the focus of many businesses with the Bank of England predicting a recession in Q4 of 2022.
Read on for key tips and how Alphatec’s software solutions will save you money.
Key tips to cut business costs
- Creating a plan
It pays to take time to take stock of where you are now and where you want to be and consider a roadmap as to how you want to get there. This plan will identify any additional costs and expenses and you can build these into your forecasting.
- Track expenses diligently
By tracking historic costs, you can identify ongoing costs. If these costs properly reflect the current rates, you can again, build this into your forecasting.
- Benchmark spending against your industry
Identify metrics appropriate to your business and comparable to other companies in your industry. If you’re seeing spending more (than the industry norm) in any categories, pinpoint this and undertake cost analysis and reduction.
- Manage variable costs
By looking at historic variable expenses, calculate what percentage of sales they represent. The result can provide a good indicator of potential future costs. This can again, be built into your forecasting.
- Get tough on fixed costs
Make sure you don’t become complacent about fixed costs, instead obtain new quotes regularly to make sure you’re not paying more than you should.
- Invest in technology
Modern SaaS software solutions are quick and simple to implement, data migration can be easily managed, they can be integrated into the existing cross-departmental product workflow, and they cost less than conventional applications. So, investing in new digital technology can help your business improve efficiency, increase productivity, and reduce costs.
- Encourage staff buy-in to a cost saving culture
Investing time to engage your employees and get them involved in cutting business costs is important and will cut costs as you will have more committed and happier staff with improved productivity.
How investing in Alphatec’s software solutions will help cut your business costs?
The aim of all Alphatec’s software solutions is to improve, streamline, and manage work processes better. Features of our software include task automation, workflow management, data entry shortcuts, notifications and reminders, time recording and task allocation, ‘at a glance’ work in progress and much more. These and other features will save you money.
More specifically however, here are some facts about how Alphatec’s software can cut your business costs,
- ClaimControl, our claims management software solution provided a 25% time saving result for one of our customers, which equated to a £77k annual cost saving.
- WASP, our Works Activity Scheduling Platform has allowed another of our customers to reduce their section 74 liability by over 80%.
- Timebox, our time management software solution enabled another of our customer’s “to cut unnecessary costs, drive profitability, make informed decisions and plan strategic change based on hard fact rather than ‘gut feel’”….all of which has helped “in our client negotiations on our remuneration expectations.”
- Task automation improves productivity and results in faster & more efficient processes. This is available with all software products.
- Alphatec’s different software solutions easily integrate with each other, but can also integrate externally with business intelligence solutions, the DVLA, Google Maps, the MOJ Portal and with your existing systems. All this software integration means that there is less likelihood of data silos which improves data sharing and cross departmental collaboration, and results in increased staff morale, and reduced costs.
- We can configure a bespoke e-FNOL for your organisation in our systems to auto-populate a record, whether it be a claims record, health and safety incident, case etc. This will reduce the cost of claims handling significantly.