7 Common Drains on a Company’s Resources

According to a recent article in The Business Journals, there are 7 common drains on a company’s resources. They said “A company’s resources can include time management, production, and even staffing.” IMS Barter has many solutions to turn your excess inventory or time into resource-saving, cost-saving alternatives!

Production Waste was the first are of concern addressed. They went on to suggest that you should evaluate your company’s measurement systems to create standards to get waste numbers reduced. But what if the product wasn’t necessarily unusable, just not quite exactly what the customer ordered, or you had an overstock of a once-popular item and didn’t meet your sales goals. This is a perfect opportunity to barter that excess product and get something for it, instead of nothing.

Warehouse Management is the second area identified as a drain on a company’s resources. Lack of space due to oversupply, or inefficient means to remove the product from the warehouse due to outdated technology or inefficient practice means a backlog of problems. Again, barter can help here! Sell your overstock through barter, and invest those earned trade dollars on newer technology or a marketing strategy to reduce overstock.

Double work in any company is definitely a drain on a company’s resources. The Business Journals described double work as two teams working on the same problem and coming up with the same results. Double work could also mean that you are paying someone to do a job that can be automated or outsourced. Review your processes, and determine what you should pay someone on your staff to do, and what can be outsourced. Outsourcing can come in at a considerably lower cost than a full time employee with a benefits package. Consider bookkeeping, payroll, shredding services, plant services, window cleaning and all the other projects or jobs that need to be done around your business (that can be bartered for!), and use your excess product or underutilized time to pay for it!

Inefficient time management. This is a tough one because often you don’t realize you’re wasting time until you’ve already wasted it. Are you having unnecessary meetings? Does your staff believe they need to get to work on time but then spend the first half an hour getting coffee and making their breakfast? Well, barter can’t help you with unnecessary meetings, that’s going to be on you. However, what if you installed a break room camera and monitored your employees break times. A time clock system that records when an employee enters and leaves a building? These are all items that can be bought and installed on trade.

The Business Journals called Too much too soon a drain on a company’s resources. Expanding and growing your company is an exciting time, but it can take a lot out of your team. Use your earned trade revenue to send your key employees to a day spa, use it for a corporate planning retreat, or hire additional short-term help to ensure you don’t lose your talent, credibility, or waste product.

Unnecessary expenditures is exactly what IMS is here to help any company with. In this article we’ve talked about several ways to use trade to offset expenses that included technology enhancements, marketing, bookkeeping, payroll, shredding services, plant services, window cleaning, monitoring equipment, time clock systems, and employee perks. This doesn’t even come close to all of the ways trade can save your company money. Do you own your building? You need a roof, parking lot, signage, siding, windows, concrete work, plumbing, electricians, drywall repair, landscaping, snow plowing. Don’t own your building? You still need printing, marketing, advertising, signage, and a whole long list of things that you currently are paying cash for. Have employees but can’t offer a comprehensive health and wellness package? Use a trade dentist, optometrist, chiropractor or walk-in clinic. Keep your cash and use your unsold inventory and un-booked time slots to pay for these things!

The final point The Business Journals called a common drain on resources is Talent Management. The article talked about having the “right people in the right seat on the bus”. IMS has employment agencies if you find you need to fill a position. However, what about keeping your current staff happy and motivated! Using your earned trade to give out employee bonuses, as part of your health and wellness package, or as a reward for a job well-done will ensure you keep the “right people in the right seat on the bus” for a long time coming.

There are so many ways any business can use trade to improve the quality and productivity of their company. Simply identify excess inventory or un-booked time slots and start trading those untapped resources through IMS Barter today!

Ref: The Business Journals article “7 common drains on a company’s resources”