Driving cost savings and productivity in the new financial year

With the end of financial year approaching, many businesses are inundated with tasks to bring the year to a close, ranging from complying with tax obligations to meeting sales targets. However, it can also be an ideal time for businesses to take stock and strategically prepare for a successful year ahead.

There is always pressure on businesses to reduce costs and be more efficient. By taking a strategic approach to planning for the new financial year, these businesses can make sure they are in the best position to do this in the right way.

There are also other considerations such as security and environmental responsibility that can’t be ignored. Add to that the rapidly-evolving workplace and it’s clear that businesses will face some new challenges next financial year.

Konica Minolta has identified five key considerations for businesses for the new financial year:

1. Prepare for the changing nature of work

Workplace interaction is changing fast, which means the workplace environment has to adapt to keep up. One thing that will remain key is the need to collaborate. Keeping collaboration levels up and nurturing a strong team are directly influenced by how businesses build their spaces. Increasingly-flexible ways of working not only offer greater opportunities for collaboration, but also for how businesses set up their workplaces.

2. Get the best new equipment

Having new and reliable equipment is essential in creating a productive business. The federal government will extend the write-off expenditure up to $20,000 for small businesses with a turnover of up to $10 million for another year, so businesses should consider the equipment they need for the new financial year.

3. Reduce print costs

Businesses should consider Optimised Print Services to reduce printing costs, free up capital, and eliminate the burden that comes with supporting and maintaining printing infrastructure. With a more comprehensive view of print usage, businesses can streamline workflows to ensure their print solution is as innovative and flexible as the business.

4. Digitise processes

Digitisation can make business processes simpler and drive productivity. Digitisation can improve search access to business-critical documents and reduce compliance risk by ensuring every file is stored electronically in its appropriate location. Businesses should consider document management solutions that include document capture to scan and convert printed materials into searchable and editable documents.

5. Adopt sustainable practices

Sustainable print policies create a point of difference for the business, and reduce paper waste, save energy, and cut down on CO2 emissions. Installing energy-saving devices and mandating sleep mode on electronic devices and lights after certain hours helps. Businesses should also review the entire supply chain to ensure all suppliers are providing ethically-sourced equipment and products.

Alan Kiloh, Finance Director, Konica Minolta

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