Connecticut-based executive Mark Barra serves as the managing director of Global Financial Consulting, LLC. Possessing nearly three decades of experience, he has led various organizations through periods of growth, revitalization, and change. During this time, Mark Barra has helped businesses save upwards of $1 million a year by restructuring their operations.

One of the best ways businesses can save money without negatively impacting customers or staff salaries is by reducing operational costs. There are several ways companies can lower their operational costs:

Automate Business Functions
Thanks to regular technological advancements, businesses are capable of automating more and more business functions. By automating different functions, they can reduce the amount of time employees must spend on certain tasks, thus helping them become more efficient. Automation also reduces human error.

Buy Things in Bulk
Usually, the amount of products that businesses purchase will only increase in the future. Because of this, there isn’t really a downside to buying in bulk. Not only will this ensure companies have the things they need to continue operating, but it also helps them make purchases at lower prices, and usually with a bulk-buying discount applied to the final order.

Outsource Secondary Functions
In the long run, hiring a different business or consultant to perform certain business tasks saves companies money. Rather than hiring a full-time, in-house staff member, companies can instead seek part-time or hourly rated workers to complete technology-based tasks or functions related to communications or marketing.