Mark Wardell's Top 10 Tips for Reducing Your Expenses

1. Reduce Overtime

Overtime is expensive, but a little preplanning of your work schedules will go a long way here. The feast or famine cycle that many businesses go through can drive costs up without a corresponding increase in sales. The trick is to keep a steady pace with your work, otherwise you find yourself needing to pay overtime simply to keep from missing your deadlines.

2. Create a budget

If you don’t have one, make one. It may seem like a time-consuming project but if your money is important to you, then the results will be more than worth the effort. Simply put, a budget is your most effective tool for setting and reaching your financial targets.

3. Nurture a cost saving culture

Everyone can and should take fiscal responsibility for their work. One way to do this is to involve everyone in the budget. A budget isn’t just a tool for Management. Make all your employees accountable for the line items that affect them. For example, an office administrator may be accountable for keeping your office supplies on target with your budget.

6 Examples of Effective Design for your Organizational structure

How does your business operate right now? Who does what? Who reports to whom? When the roles, responsibilities and relationships of people in your business are unclear, work will not be accomplished in a timely and accurate fashion. Many companies invest significant time and effort into designing a robust organizational structure.

Organizational structure gives form and shape to your business

Coordinating the work your people do and their working relationships to let people work cooperatively and efficiently toward a common goal.  Without forethought, as a business grows there is little flexibility and room for expansion.  A strong organization structure blends talent, strategy and resources facilitating easy decision making because everyone is aware of their role.

3 Guiding Principles to Effective Organizational Design

Where do you start?

Changing the organizational structure of your business can seem like a daunting task and naturally requires a great deal of thought. Before redesigning your organizational chart consider these guiding principles to help clarify your thinking.

1. Organize your business around positions, not around people.

The functions of your business are completed by the various positions in your organization. The people that fill these positions are vital but if you organize your business around their needs, you are not focusing on improving the functions of your business. How can you organize your business to ensure that positions and the people that fill them have a clear sense of their responsibility? Clarify what needs to be done and then create an organization chart to reflect the functions.

Tip: When you are working on your chart, imagine that you are starting with an entirely new staff.

2. Keep your organization as flat as possible

More agile decision making occurs when there are fewer layers of management and greater personal ownership of tasks. Too many layers can develop a “pass the buck” or “fiefdom” mentality where decisions that should be made quickly are over debated. Take a look at how to Supercharge your business with effective team development.

Tip: Assess whether you are receiving real value from each of your management positions.

3. No one should have more than one manager

Multiple managers for one position gets far too confusing when setting employee priorities. When multiple tasks must be completed for different departments of the company it is difficult to ask employees to juggle conflicting priorities.

Tip: If employees need to work in more than one department, assign one manager as the “primary” manager.

Prepare to Write

Keeping the functions of your business as the highest priority of your organizational structure will provide clarity to the roles and responsibilities of your people. To understand how employees work together take a look at 7 practical strategies for successful working relationships.

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“Wardell has helped me systemize my business so I can travel with my family often and live the life I’ve always dreamed of.”

— Brad Haima, Founder, Circle Graphics

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