The construction industry in Australia has experienced many highs and lows in an ever-changing environment. The passing of the mining boom, concerns regarding a peak in the number of residential projects and a skilled labour shortage are just some of the challenges facing this key economic sector in 2017.
However, predictions indicate that growth and opportunities are present — and Australian businesses will need to find innovative ways to take advantage of them.
During these periods of uncertainty and transition, it also means that each dollar spent will need to create even more value, and cost savings – whether big or small – will be an important part of every decision.
So how can you create cost savings?
Implementing specialised continuous improvement programs and the “8 Wastes of Lean” are two ways that cost savings can be created in a changing landscape, and help businesses achieve more with less.
One of the key parts of Lean involves removing waste from processes. The “Eight Wastes” are one of the most well-known parts of Lean, describing both physical and non-tangible types of waste.
One of the eight is Inventory, identifying any stored materials or finished goods as waste.
Buying in bulk to achieve cost savings often means that businesses are taking up valuable storage space with excess stock, or goods are eventually left unsold or unused.
But now safety and industrial supplies company, Signet, has come up with a new and innovative pricing initiative that will help businesses eliminate this waste.
Brisbane-based Signet is working with customers, launching its new RedLine Savers pricing initiative at the start of this month, which is an industry first and offers discounts on a range of products, locked in at the lowest available price, where normally a bulk purchase would be required for a discount.
The selected products are everyday operational items, right across Signet’s range, meaning customers in all industries will benefit.
Small to medium businesses in particular will benefit from this initiative, as they can order in quantities which suit their own processes and storage capabilities. Smaller customers needing to rely heavily on strategic forecasting and just-in-time ordering will be no worse off than a larger customer who is able to purchase in bulk.
Jack Winson, Winson Group (Signet’s parent company) CEO, said he hopes to help all customers be more competitive in their businesses.
“This initiative takes a lot of the hassle out of the purchasing for our customers,” he said. “If they buy RedLine Savers from Signet, they know we have done the hard work for them.”
“They can be sure they are getting quality product at the best price – I think this really helps save time so customers can put effort into other parts of their businesses.”
As the construction industry in Australia continues to evolve, initiatives like Signet’s RedLine Savers will help Australian businesses stay ahead.
And as far as Signet is concerned, the local economy is worth investing in.
The business was also recently inducted into Family Business Australia’s Hall of Fame (QLD). This recognised the Winson Group’s achievements as a business, and its contributions to Australia’s economy, culture, and community.
For Australian businesses, cost savings are vital in maintaining a healthy bottom line and delivering projects on budget, and Signet’s RedLine Savers are a new and innovative way to achieve them. Despite all the challenges that come with a changing industry, it’s still possible to get ahead – and stay there.
For more information on Signet and the new RedLine Savers, visit signet.net.au/redline-savers.