Australian businesses are always looking for ways to minimize costs and increase revenues in order to maximize profits. There are obvious tactics that businesses can take such as ‘selling more of their products and services’ through sales drives. There’s also the route of cutting resources that are valuable to the business, such as staff or tools. There are other ways to improve your business’s profitability without having to cut costs that will hamper the business’s performance. This can be achieved by applying lighting strategies that will have a direct impact on the business’s operating costs and revenue earnings. Below are 4 ways these can be achieved.
Improved lighting boosts employee productivity.
Improved lighting in employees working conditions improves their morale, motivation and happiness at work. By improving the quality of the lighting in their working environment, your workers should respond positively to the change and be more productive.
Another factor to consider is how lighting in your business is impacting employees’ health? Flickering or low lights can cause health issues such as eye strains, fatigue and accidents that lead to injury. According to data from Probono, the average payout for sick employees is $304 per day. Considering employees can take an average of 8 sick days a year, that can cost your business $2432.
Energy efficient lighting will drastically reduce your business’s overhead costs.
Some of the operating costs of a business can eat up a sizeable chunk of the business’s profits and revenues. Electricity consumption from electrical goods and lighting is a major overhead cost that most businesses have had little or no control over. However, with businesses that have retrofitted their business premises with energy efficient LED lights have benefitted from reduced maintenance and energy consumption costs of up to 80% per annum. In fact, BMW Doncaster saved over $28,000 by making the upgrade.
Additionally, if businesses take advantage of their state’s subsidies (New South Wales offers the NSS and Victoria offers the VEET scheme), they will make more cost savings and increase profits.
Improvement in customer activity.
Some businesses wonder why they struggle, not realizing that the quality of their business’s lighting is turning customers away. Poor lighting might make it difficult for customers to view and assess products, as well as diminish their sense of comfort in your business’ premises. UK supermarket giant Marks & Spencer cited an uplift in sales after they initially upgraded their stores to use LED lights.