Sometimes, a little change can go a long way. Walmart illustrated this perfectly when the megachain decided to switch to using more energy-efficient lightbulbs and cheaper floor wax. Those two simple substitutions have cut the company’s annual costs by $220 million. Of course, with thousands of stores nationwide, even the smallest savings will have a multiplying effect for a corporation like Walmart, but this lesson can still be applied by small-business owners looking to grow. As a business owner, it can be tempting to lose yourself in the big picture. Milestones like helping more clients, launching new marketing campaigns, and opening another location are the exciting investments that really get a CEO’s blood pumping. But beneath each of these major decisions, there are many minute changes that could save your company time and money. What standard operating procedure (SOP) needs to be made more efficient before you bring on a larger client load? Which social media site will give you the most bang for your marketing buck? How much more will you be spending on toilet paper with two locations? It’s tempting to overlook the minor details, but tackling these inefficiencies could save you more than you expect. If you aren’t one to pore over every expense report and crunch the numbers, you’re not alone. The good news is that most likely, there are members of your team with the perspective and knowledge to help you out. This is especially true when it comes to day-to-day operations. Employees are great at noticing redundancies in SOP, underutilized spaces in the office, and other areas where money may be wasted. Empowering your team to speak up when they notice these money-saving opportunities can do wonders for your bottom line. Saving a few hundred dollars per year on things like lighting and floor wax may not sound impressive, but that’s money you can put toward improving your employee retention, customer experiences, and marketing effectiveness. In today's competitive market, even the smallest changes can give you a vital edge. How Small Savings Can Make a Huge Difference GROWING YOUR BUSINESS? CHANGE THE LIGHTBULBS
DO SUCCESSFUL PEOPLE ENJOY A DIGITAL DETOX? 3 Entrepreneurs Share Their Secrets
Constant technology use can leave us feeling drained, so it’s good to do a digital detox by unplugging periodically. Digital detoxes have become very popular, but for most managers and business owners, cutting technology out of their lives isn’t just difficult — it can be irresponsible! You can’t throw your smartphone in the sea and expect to have a job next week. While completely quitting tech isn’t realistic, it is possible to enjoy the benefits of a digital detox while sticking to your responsibilities. Here’s how a few successful entrepreneurs manage this balancing act. Arianna Huffington puts her phone ‘to bed.’ HuffPost founder and Thrive Global CEO Arianna Huffington says the first part of her nightly routine is “escorting my phone out of the bedroom.” Huffington doesn’t allow digital devices in her bedroom and relies on an analog alarm clock. “Charging your phone away from your bed makes you more likely to wake up as fully charged as your phone,” she says. Erich Joiner has a hobby separate from his work. Running a content creation company that caters to big brands means Erich Joiner, founder and director at Tool of North America, is plugged in most of the time. To get away from the demands, he races cars on the weekend. During that time, Joiner puts his phone away in order to focus on the race. “While it takes a lot of focus, which can be strenuous, it also mentally cleanses, or 'digitally detoxes,' me during the weekend,” Joiner says. “By Monday, I can go into work with a clear mindset, ready to take on my week.”
Celia Francis tracks her online activity. Sometimes technology can help you cut down on
technology. Celia Francis, CEO of online marketplace Rated People, downloaded the app Moment to monitor how much time she spends on social media. This data helped her build healthier habits. “It helps you understand how you use your phone, establish usage goals, and disconnect at the right times,” Francis explains. “My phone is always off by 9 p.m. and isn’t switched back on until after the morning routine.” You don’t have to completely abandon technology to enjoy a successful digital detox. Instead, look for times when you can put your devices away and focus on something else. Even if it’s just for an hour before bed, you’ll reap the benefits.
2 | (410) 832-0000 | jwyatt@harrisonlawgroup.com
Published by The Newsletter Pro • www.newsletterpro.com
Made with FlippingBook Annual report