By Gina Manis-Anderson
Too many companies limit their operating costs while growing profits. I challenge them to step away from this knee-jerk reaction of cutting something for a short-term gain. There are many examples of companies that use “outside-the-box” approaches to increase the value of their brand, improve their employee morale, and expand their social responsibility. Google, Zappos, Nike and others see the value of creative strategic initiatives, which have helped drive up profits. They’re thriving because they’ve found their "secret sauce.”
Often companies miss the opportunity to find their secret sauce because they don't see there's value in considering new and creative solutions. They feel there’s not enough time and resources to pursue more innovative ways of doing business.
Find your secret sauce in three forms of “capital.” First is financial capital. You can stop wasteful corporate spending by reclaiming your financial capital through implementing better spend management and cost containment strategies. Second is human capital. Explore ways to invest in your #1 asset, your human capital, by introducing a wellness program or hiring executive coaches who can help transcend your business into a thriving enterprise with employees who are actually happy and performance will flourish. The third I call social capital. If you haven’t implemented a corporate social responsibility program (CSR), implement one by researching local charities and non-profit organizations with which to affiliate yourself. If you’re already doing that, donate excess inventory or other usable goods to organizations that will help distribute it to those in need.
By reclaiming your precious financial capital and reinvesting it in your human and social capital, you’ll not only flourish, but you’ll find your secret sauce!
Gina Manis-Anderson, CEO and founder of Savii Group, inspires clients to embrace new thinking when it comes to spend management and reclaiming financial capital. Helping companies implement new cost containment strategies is only the beginning of the journey to going from good to great! Learn more at www.saviigroup.com.
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