By Ebenezer Mabinuola

In a world where resources are available in limited amount for many, it has become important to understand sound management and prevent wastage.

In this article, I have been able to put together 5 ways you can avoid wastage either as a business or as an individual.

1. Good planning- Planning is the bedrock of every successful enterprise or life.
A good plan works with figures. Your figures are extremely important.

For example, as a business, good planning allows you understand why you cannot have a staff overhead that eats deep into company's finance.

For an individual, good planning helps an individual navigate on what kind of things he/she can purchase based on income level.

2. Bulk purchase- Everytime you purchase in bulk, you are likely to save some money.
To prevent wastage, businesses and individual should learn to purchase items in bulk if they can especially if the items would be needed soon.

3. Leave below your means- When a business for instance, just starts out, they shouldn't focus much on aesthetics, unless they are into aesthetics-related business like interior decoration or real estate.

At the early stage, a business major goal ought to be offering good, quality services.

As such, a startup office space ought to be simple so as not to eat deep into company's finance.

For an individual, living in an apartment that takes about 3months of your annual salary may not be worth it after all. For some, it could be buying a vehicle at a time when they shouldn't.

If you don't learn to leave below your earnings, you would end up wasting a lot of resources when you could have saved them up or invested them.

4. Reduce unnecessary journeys/ travels- Some folks are very outgoing. They want to physically be at every business meeting. They want to physically attend every party or event.

The problem with this isn't with the events but the frequency at which one would have to go out for these events.

When you are seen in every single event or party, know that resources are being expended.

Sometimes, you need to check your itinery and take out events or meetings that can be held virtually.
That way, you save cost.

5. Sell or give out unused items- whenever you notice an item around you has been unused for a long Time-(12 months), it's a signal to either sell or give out the item.

This way, you can turn it in for some cash or help others benefit from it.


Kindly add yours, let's learn


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