Sometimes, waste can be the most frustrating part of owning a business. You’re probably always looking for ways to save money and time while making positive changes to the environment.
In business, waste is referred to as ‘resources that are used but are not adding value to the bottom line’. So, the million-dollar question – just how do you reduce waste in your organisation? If you do this effectively, you may be able to offer a less expensive product or service (while maintaining the same quality), while helping aid the environment. Here are several ways you can do it.
First, identify waste. Look at your systems and processes and determine which inputs are necessary and add value to your output. If you find some that do not, see if you can eliminate those. You will be surprised at how big of an impact this will have on your bottom line.
Your organisation should be proactive in seeking better ways to do things. You need to review your systems and processes annually at least, so you have enough opportunity to reduce waste early on and avoid inefficiencies to creep in any further. Master this and have a huge competitive advantage – your costs will be lower, your customers happier, and your profits higher! Win-win for everyone!
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Look at how your supplies turn up. Can you use or return reusable containers to your suppliers? If your suppliers are not open to waste-reducing practices, you might want to consider switching. It makes business sense to reduce, reuse, and recycle. You can also look at your packaging – do your customers ask for plastic lids on their cups or extra bags
with their purchases? If not, reducing this will not only be good for the environment but for your bottom line too.
Once you start cutting down waste, make this clear through your signages, mailing lists and social media accounts to get your customers onboard. It would also be good to ask for customer ideas and feedback to show them you care about what they think. If you have time, you can even take your waste to recycling programs.
If you’re in the hospitality industry, don’t forget to apply the FIFO (First In, First Out) method in your kitchen, and come up with interesting dishes from spare ingredients!
Free up some time to improve your systems and processes! Reduce the time you spend on admin and use an accounting firm that can help you improve business efficiency and environmentally friendly practices. Sing out if you need assistance from our hospitality experts!
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