Do you feel that saving one dollar at a time is a very insignificant thing which will offer zero benefits? Well, why don’t you check out the current interest rates available in the market? How much will you save if you borrow one dollar less?
How much money will you save if you invest the one dollar and earn returns at a compounded rate for the next 12 months? You will realize that your savings multiply by at least 100% before you withdraw the money. In todayâ€™s recessionary times, can you afford to lose money to run others are going out of business because they do not have access to cash?
The emphasis on one dollar is not just a question of the amount. It is also a question of attitude. It will define the kind of organization you will build. If you are extravagant, your employees will have absolutely zero control on finances.
If you use your business as cash curve to meet all your unnecessary expenses, then your employees too will start behaving in the same manner. Requesting your employees to work at low wages because of the recession but ignoring basic saving options and opportunities will backfire.
The employees will realize that they are the ones who are sustaining the organization by trying to save costs. You will have to set the example and focusing on small amounts like even one dollar can make a huge difference.
Trying to save one dollar will require you to be very innovative and creative. In such a scenario, the emphasis on out of the box thinking will hold you in good state. You may not be a very creative person but your approach may encourage employees to be creative and innovative.
At the end of the day, you will end up saving more than one dollar simply because you have invested in the approach and have established the right environment and attitude in your organization.