Money makes the world go round. You may not be able to buy happiness or success but you do need to be financially sound in both your business and personal lives. Many leaders get overwhelmed when they have to reduce their spending at work or at home but it doesn't have to be so difficult. If you start trying to save dollars by saving pennies you will be on the right track.
In this first installment I will cover how to save money at work for your company. The second installment will be based on how to get started saving money at home. When we have our finances at home and work on the right track it makes life much less stressful.
With so many companies down sizing and working to reduce wasted expenditures having the ability to maintain or cut a budget is a valuable skill. When I took a position at a manufacturing facility running a Sanitation Department I was informed that my predecessors were all over their budget the first year they were in the position. It was also made very clear that I would break that trend.
This may come across as a stressful scenario but I made a conscious choice to not let it overwhelm me. Instead, I went to work. I evaluated how the department money was being spent and I asked a lot of questions. As I looked at the budget I didn't notice any glaring issues, so I looked harder. I came to the conclusion that I was looking at it from the wrong point of view. I was looking to save dollars instead of saving pennies. Once I changed this it made a huge impact.
I even dared to call up vendors of mine and ask where I could "trim the fat." This worked wonderfully. I was even able to get my chemical vendor to come in to my plant for a meeting which not only lead to my company saving money but also helped educate me on an important aspect of my new job.
If you have any number of employees and you're trying to cut spending my recommendation is that you get them on board. This at times can be difficult especially if your people have been in place for a long time. It's not always easy to do things differently. However, if you commit to making it important to you and you continuously display that to your staff a culture change CAN happen.
Don't allow yourself to be overwhelmed at work because you have to save your company money. Save the energy that you would waste by being overwhelmed and get to work solving the problem. As leaders this is what separates us. We solve problems instead of adding to them.
Until next time, own your legacy.....
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