There are countless measures a business can undergo to reduce costs, but one easy fix is often overlooked: the packaging. While businesses decide to cut labor costs or take extreme and imaginative measures to keep costs low, making a few minor changes to a product’s package can not only reduce costs but also improve its quality. Your company should consider the following ways to reduce costs while improving quality:
1. Package redesign
Whether you decide to make a couple changes or completely switch it up, redesigning your packaging can significantly reduce material costs. Even the slightest adjustments that reduce the about of materials used per unit can save you more over time. Some less drastic changes businesses have made to their packaging include removing labels and printing directly onto the package. Others have made slight adjustments to the shape of the packaging to reduce the amount of unnecessary materials.
2. Update your technology and equipment
Outdated equipment can slow down the packaging process or require more costly materials than newer technologies. Outdated equipment can also be less fuel efficient (resulting in high overhead costs) or break easily due to depreciation. To save yourself the costs of repair, fuel, damaged products, lost time, etc., invest in equipment that utilizes the newest and most innovative technologies. Newer technologies tend to be more efficient than outdated equipment, so they can package more products at a quicker, more cost-efficient rate. Although this may seem costly at first, new equipment will likely lower costs over time.
3. Eliminating waste with “safer” or reusable packaging
Another factor to consider when creating packaging for your product is transportation. Inefficiencies in packaging that is used for distribution can be costly. Changing how products are packaged during distribution can reduce the costs of damaged products while it is transported from one place to another. In addition, reusable packaging during distribution, such as reusable crates instead of cardboard boxes, will reduce costs in the supply chain over time.
Overall, making packaging a priority is a simple, creative way to reduce your business’s product costs as well as provide a better product for your customers. Consider redesign or adjusting the packaging or your product periodically, depending on your industry and the changes in your product. With the constant advancements in technology and innovation, you’ll eventually have to pay for your out-of-date products and packaging.
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