Business tips to reduce your costs

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Article by Wesley Virgin

No matter what you must sell, whether it is a product, service or information it is necessary to ensure that you operate your business by reducing costs. There are many ways to reduce costs in your business and save thousands of dollars a month.

Shop Around

Negotiate the best deals with vendors and wholesalers, when shopping around for the best and cheapest prices on quality items visit the large discount stores as their prices are usually cheaper as they buy in bulk and can afford to sell at cheaper prices.

Optimize Production

Ways to optimize production costs is to sell Justifyover packaging instead of recycling it. Use excess materials from production lines to create new products. If you are in a position where your business has unused space, consider renting it out.

Virtual Technology

Reduce your costs by using Google Drive and video conferencing and Skype and Zoom for meetings. These programs are all free to use and with Google Drive, you can use email, project management and even take online free courses.

Compare Insurance

It is a good idea to check your business insurance and policies, some may not be relevant, and you can cancel and save the monthly subscription. Update existing policies by checking other companies to see that you are getting the best deal.

Energy Efficient

Businesses are looking to save money and reduce costs everywhere and a good place to start is very obviously the lights and changing to LEDs which are energy efficient, cheaper and eco-friendly. These bulbs are long-lasting and do not need to be changed as often and are much cheaper to operate. A good investment to save energy, in the long run, is to install a sensor system that will control the electricity supply and reduce business costs.

About Wesley Virgin,

Wesley Virgin is a serial entrepreneur and author of several eBooks. As a former computer engineer and personal trainer. Wesley Virgin is a focused and innovative millionaire that is also the owner of WV Media and an army veteran

How to Improve the Company Culture

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An amazing company culture helps so much with the overall success of your company. Happy employees can aid as much as anything else to build that solid reputation you’re searching for. Javier Loya, CEO of OTC Global Holdings reminds us that, “Your company culture is an important aspect of your overall effectiveness in the marketplace.”

OTC Global Holdings in Houston, Texas, is the largest independent OTC commodity brokerage in the world and has been quite successful over the years.

Below are a few great tips for creating an amazing place to work:

Survey current employees about what they like and don’t like about your company

Think outside the box concerning some unique perks to attract the best candidates

Make sure your internet recruitment process is working at optimal levels

Maintain a positive, upbeat company culture

Fine tune your employee referral program

Utilize your company blog as a resource to build your brand and attract recruits

Make sure your marketing efforts include branding strategies and recruitment info

Try giving your employees a choice of which projects they want to work on. This can ensure that the workers are fully involved in each job they are assigned to. Once they are excited about the project, it will be more successful. This is easy way to create a stronger company culture.

Javier Loya grew up in El Paso, Texas and now lives in Houston, Texas with his wife and two daughters. He the founder and co-CEO of OTC Global Holdings, the largest independent OTC commodity brokerage in the world. He graduated from Columbia University in New York and is a minority owner of the Houston Texans football team.